Harbor Credit Breaks Down Auto Loans (and How Auto Loan Applications Are Approved)
by Colin Ayres
Nowadays, obtaining auto loans online has never been easier. Typically, you'll come across forms that are not only short, but simple too. If you're spending more than five or ten minutes filling in field after field, you're probably just wasting your time. Instead, it should take just a few minutes to submit the necessary information. Most lenders, especially the most qualified, will contact you within a matter of days, sometimes hours, to discuss your auto loan options. The same lenders will also have bad credit car loan options as well. So, whether you are a prime or sub-prime candidate, it shouldn't be too difficult to find a lender that can help.
Car loans work like this: First, you trade in your car for an agreed amount. Next, you make a down payment. And the difference between the sum of those and the price of your new automobile is the amount you will need to borrow for your car loan. Here's the oversimplified mathematical formula:
[(Total Price of Car) - (Down Payment + Trade-in Value)] = Auto Loan Amount
With car loans, the Annual Percentage Rate, or APR is very important. Your monthly payments are a function of the interest rate and the length of the car loan. APR is designed to help you understand the car loan's entire cost, create a level playing field for lenders, and prevent them from advertising low rates and then hiding fees. The better your credit is, the lower the APR on your car loan will be.
Many car loans offer 60- or 72-Month loan periods, for smaller payments each month. Though lower payments may seem easier to manage, the interest paid over the financed period means you pay more, increasing the total cost of your car loan.
To better prepare for the car loan process, use an auto loan calculator - you'll find them on major lending websites - to estimate your payments based on a car's price, length of the car loan and interest rate. By testing different auto loan scenarios, you'll better understand what you are capable of handling.
If you're financing a used car loan, lenders may only approve it for a model up to 5 years old. The used car loans process is more restricted because much older cars are harder to resell. Some banks charge at least 2% higher APR on used car loans, than they do for new car loans. Though, many online auto loan providers today, offer better rates.
Whether it's a new or used car, however, applying for a bad credit car loan can be intimidating. But there are car loans for people with bad credit. Believe it or not, you can control interest rates by understanding your finances, your credit report, and all related costs. If a bad credit car loan is what you are looking for, request your credit report. This way you'll not only understand where you stand financially, but you can also fix blemishes to improve your rating and APR.
While the amount borrowed and interest rate are important parts of auto loans, look at other factors too. Your auto loan term and the fees you pay for credit checks are crucial. Fees and interest shouldn't exceed the total cost of the car.
If, in the end, you're not comfortable with the terms of any auto loan, consider leasing. This is a great alternative to auto loans, especially if you're battling with bad credit.
To increase your chances of being approved for an auto loan, do the following:
* Fix your credit report - Correct mistakes and "charge offs" * Pay attention to your credit score - Know what APR you deserve * Close old accounts - Credit scores can suffer with them * Understand the process of car loans - Be prepared * Utilize an auto loan calculator - Test different APR scenarios
How Applications for Auto Loans Are Approved
Applications for auto loans are approved (or disapproved) through a standardized process that involves a lender closely reviewing a list of an individual's financial statistics to gauge their eligibility.
The following are those key factors. So before you apply for an auto loan, have a look at what lenders look at.
Income Your gross monthly income should be about $2000 per month or more.
Debt-to-Income Ratio It must be less than 50%. Calculate this ratio by dividing the sum of your total debt (e.g. car payments, credit card balances and unsecured loans; exclude mortgage or property debt) by the sum of your total income.
Credit Reports A credit report must exist in your name and all information on the auto loan application must match it. Remember to complete all fields on the auto loan application accurately - with proper format and no typos. Most applications for auto loans are approved or declined automatically based on entered data.
FICO You must have a FICO credit score (Fair Isaac) of 540 or greater (sub prime), 600+ (near prime), and 680+ (prime lender). If you don't know your credit score, you should get a copy of your credit report.
Loan Amount A new or used auto loan is typically between $5,000 and $50,000, depending on the length of the auto loan period. If you need a car loan for less than $5000, it's wise to get a credit card, instead of approaching a lender.
Employment History Steady employment is preferable for an auto loan. If you're self-employed, proof of two years minimum employment history must be provided with tax returns.
Collateral Any vehicle that is offered is generally no more than seven model years old (as of January 1st of that year).
Vehicle Type The lending process is compounded if the automobile is a sports car, motorcycle, collector vehicle, hot rod, or similar type car. Some lenders are also particular with other vehicles such as SUVs and trucks.
State-by-State Some states have auto loan restrictions. As a result, some lenders do not offer all services therein.
Other Considerations * Complete all fields on the loan application accurately with proper format and no typos. * Be sure you work with the most trusted car loan lenders. Do your research by reading thorough reviews of only the most qualified companies. * Apply for a car loan online. It is secure and fast.
The right loan can mean the difference between wasting money and saving money. Once you get started, you'll be one step closer to your new car!
Sunday, April 12, 2009
Overlooked Benefits Of Refinancing Car Loans
Overlooked Benefits Of Refinancing Car Loans
by Max Pain
Hearing about refinancing mortgages is common, but you may not have thought about refinancing your car loan when interest rates drop. Refinancing an auto loan can be a good idea for several reasons, and it is easier than refinancing a mortgage.
Refinancing could save thousands of dollars over the life of the loan, even if you received a decent rate. Anyone who didn't get a car loan below 3% APR should consider refinancing. More than likely, however, your APR was much higher than that.
If you had a few dings on your credit report when you bought a car, the lender may have quoted you 20% to 25% APR. Despite what you might think, you aren't stuck at this rate. Once you have held the loan for about 6 months and paid on time, lenders are more willing to take a chance on you. You can also change a few things to raise your credit score in that period.
Let's say you received a loan for $16,500 for 60 months at 21% APR. If you refinance at 7% APR, your monthly payments will drop from about $446 to $330. Those savings over the life of the loan totals about $6,945. As you can see, refinancing is key.
Refinancing will not only save you money, but it can also be the only way to help get you out of debt. If you are paying 25% APR, there is no way you will ever be able to get out of debt while making these payments. Since you pay most of the interest early in the life of the loan, the earlier you refinance the better, and the more money you will save
One of the differences between car loans and mortgages is that lenders will not refinance car loans that they originally loaned. You will have to find a different lender to refinance your loan. You can find lenders at banks, credit unions, or even online that will refinance an auto loan. Remember to shop around for rates for refinancing to get the best deal. It usually only takes 5 to 10 minutes to fill out an application, and there is generally not any risk involved in applying for a refinance.
by Max Pain
Hearing about refinancing mortgages is common, but you may not have thought about refinancing your car loan when interest rates drop. Refinancing an auto loan can be a good idea for several reasons, and it is easier than refinancing a mortgage.
Refinancing could save thousands of dollars over the life of the loan, even if you received a decent rate. Anyone who didn't get a car loan below 3% APR should consider refinancing. More than likely, however, your APR was much higher than that.
If you had a few dings on your credit report when you bought a car, the lender may have quoted you 20% to 25% APR. Despite what you might think, you aren't stuck at this rate. Once you have held the loan for about 6 months and paid on time, lenders are more willing to take a chance on you. You can also change a few things to raise your credit score in that period.
Let's say you received a loan for $16,500 for 60 months at 21% APR. If you refinance at 7% APR, your monthly payments will drop from about $446 to $330. Those savings over the life of the loan totals about $6,945. As you can see, refinancing is key.
Refinancing will not only save you money, but it can also be the only way to help get you out of debt. If you are paying 25% APR, there is no way you will ever be able to get out of debt while making these payments. Since you pay most of the interest early in the life of the loan, the earlier you refinance the better, and the more money you will save
One of the differences between car loans and mortgages is that lenders will not refinance car loans that they originally loaned. You will have to find a different lender to refinance your loan. You can find lenders at banks, credit unions, or even online that will refinance an auto loan. Remember to shop around for rates for refinancing to get the best deal. It usually only takes 5 to 10 minutes to fill out an application, and there is generally not any risk involved in applying for a refinance.
How To Avail Car Loans
How To Avail Car Loans
by John Gorman
Car loans are the second biggest category of loan taken by individuals. Car loans are good news for those who wish to have a car, but their budget doesn't allow buying one.
Credit
There are local car credit centers near you for fast, hassle free service. You are not alone if you have bad credit. These lenders and certified new and used car dealers focus on bad credit. Also, the rates and terms of an unsecured loan usually vary depending on your personal circumstances, so a lender's advertised rate may not be the one they ultimately offer you, especially if you fall into the category of having poor or adverse credit rating. As mentioned previously, lenders consider your personal circumstances, such as your credit rating, as a major factor when determining the rate for your unsecured loan. Because of these variables, it's important to do plenty of research to find the best deal for you especially if you have a bad credit history as loan quotes can vary wildly. Get fast approval for new and used bad credit car loans. Get low or zero down payment programs even with bad credit. Your ability to obtain finance and the interest rate you will be charged is determined to a large extent by your credit history. Lenders look at your credit report when determining the rate of interest they will charge. For tenants options are more limited and generally speaking if you have a bad credit history expect to pay high interest on any credit as lenders will see you as a higher risk.
Bad
No credit or bad credit; auto loans programs are available for all auto loan products. Please remember if you have any of the following you can get approved: bad credit, bankruptcy, no credit, poor credit, or repossession. High risk auto loan programs and bad credit auto loans can help you rebuild credit and are readily available with a low rate and easy qualification. All credit situations whether bad credit, poor credit, slow credit or no credit get the opportunity they are waiting for. Please be sure to read the Bad Credit Car Loan agreement fully and carefully before making any agreement. No matter where you live there are bad credit auto loans programs available nationwide.
You can drive the car of your dreams today with a car loan tailored to fit your needs. Don't spend your valuable time, or waste your cash on expensive gas when you have already found the best place to find new and used car loans. By spending just two more minutes at your computer, you can quickly apply for your car loan online.
by John Gorman
Car loans are the second biggest category of loan taken by individuals. Car loans are good news for those who wish to have a car, but their budget doesn't allow buying one.
Credit
There are local car credit centers near you for fast, hassle free service. You are not alone if you have bad credit. These lenders and certified new and used car dealers focus on bad credit. Also, the rates and terms of an unsecured loan usually vary depending on your personal circumstances, so a lender's advertised rate may not be the one they ultimately offer you, especially if you fall into the category of having poor or adverse credit rating. As mentioned previously, lenders consider your personal circumstances, such as your credit rating, as a major factor when determining the rate for your unsecured loan. Because of these variables, it's important to do plenty of research to find the best deal for you especially if you have a bad credit history as loan quotes can vary wildly. Get fast approval for new and used bad credit car loans. Get low or zero down payment programs even with bad credit. Your ability to obtain finance and the interest rate you will be charged is determined to a large extent by your credit history. Lenders look at your credit report when determining the rate of interest they will charge. For tenants options are more limited and generally speaking if you have a bad credit history expect to pay high interest on any credit as lenders will see you as a higher risk.
Bad
No credit or bad credit; auto loans programs are available for all auto loan products. Please remember if you have any of the following you can get approved: bad credit, bankruptcy, no credit, poor credit, or repossession. High risk auto loan programs and bad credit auto loans can help you rebuild credit and are readily available with a low rate and easy qualification. All credit situations whether bad credit, poor credit, slow credit or no credit get the opportunity they are waiting for. Please be sure to read the Bad Credit Car Loan agreement fully and carefully before making any agreement. No matter where you live there are bad credit auto loans programs available nationwide.
You can drive the car of your dreams today with a car loan tailored to fit your needs. Don't spend your valuable time, or waste your cash on expensive gas when you have already found the best place to find new and used car loans. By spending just two more minutes at your computer, you can quickly apply for your car loan online.
Choosing The Best Car Loans
Choosing The Best Car Loans
by John Gorman
Car loans are provided and approved by one of our nationally certified new or used car dealers. Car loans are a lot easier to obtain at this time. Competitive interest rates and low payments on car loans are offers that you just can't refuse, especially if your credit is less than perfect. There is no need to leave your home or office when all that is required of you is just a few minutes of your time to apply for car loans.
Finance
Whether you're looking for something classic or brand spanking new, a low rate loan is a competitive alternative to car finance. Land Rover has announced a new scheme to help offset emissions for owners of its vehicles, which are made much more affordable by taking a car loan or car finance. The government has launched a new rankings system to help drivers find the cleanest car enabling motorists to cut their fuel use and car costs, particularly when also taking car finance. Luxury auto maker Porsche has unveiled the first details of its eagerly awaited Cayenne Hybrid, an impressive vehicle that will no doubt be a popular choice to buy with car finance. Drivers looking to cut their carbon emissions have received the welcome news that Mercedes Benz is planning new amendments to all its cars, reports Auto Week, putting environmental motoring in reach of all - particularly with car finance. Given that you've probably already got quite a lot of credit and debts, and so there is a good chance another personal loan would be turned down by one of the regular banks is now the time to turn to a specialist car finance package. If so, are they really just for those who can't get finance elsewhere. So the answer is, you might want to use a finance company either if you have very little money and are therefore forced into using one or you have loads of money which enables you to make choices about everything in your lifestyle.
Purchase
Most loans for the purchase of a car are considered unsecured. Used car loans are specifically designed by loans companies to provide used car buyers with a competitive finance arrangement through which to purchase a used car. There are many loans companies out there offering loans for used car purchases, so it makes sense to shop around to get the best loans deals for buying a used car. It is important to take into account other financial commitments too, including other loans, when calculating the loans amount that you can comfortably borrow to purchase a used car. When negotiating the price of a used car with a trader, they may accept your lower offer providing that you take up one of their loans to finance the used car purchase.
You can apply and receive car loans from the privacy of your own home today. A brief browse round the internet soon reveals that these loans are a lot cheaper on the apr than the specialist car finance companies, with rates for personal or car loans ranging from 5.
by John Gorman
Car loans are provided and approved by one of our nationally certified new or used car dealers. Car loans are a lot easier to obtain at this time. Competitive interest rates and low payments on car loans are offers that you just can't refuse, especially if your credit is less than perfect. There is no need to leave your home or office when all that is required of you is just a few minutes of your time to apply for car loans.
Finance
Whether you're looking for something classic or brand spanking new, a low rate loan is a competitive alternative to car finance. Land Rover has announced a new scheme to help offset emissions for owners of its vehicles, which are made much more affordable by taking a car loan or car finance. The government has launched a new rankings system to help drivers find the cleanest car enabling motorists to cut their fuel use and car costs, particularly when also taking car finance. Luxury auto maker Porsche has unveiled the first details of its eagerly awaited Cayenne Hybrid, an impressive vehicle that will no doubt be a popular choice to buy with car finance. Drivers looking to cut their carbon emissions have received the welcome news that Mercedes Benz is planning new amendments to all its cars, reports Auto Week, putting environmental motoring in reach of all - particularly with car finance. Given that you've probably already got quite a lot of credit and debts, and so there is a good chance another personal loan would be turned down by one of the regular banks is now the time to turn to a specialist car finance package. If so, are they really just for those who can't get finance elsewhere. So the answer is, you might want to use a finance company either if you have very little money and are therefore forced into using one or you have loads of money which enables you to make choices about everything in your lifestyle.
Purchase
Most loans for the purchase of a car are considered unsecured. Used car loans are specifically designed by loans companies to provide used car buyers with a competitive finance arrangement through which to purchase a used car. There are many loans companies out there offering loans for used car purchases, so it makes sense to shop around to get the best loans deals for buying a used car. It is important to take into account other financial commitments too, including other loans, when calculating the loans amount that you can comfortably borrow to purchase a used car. When negotiating the price of a used car with a trader, they may accept your lower offer providing that you take up one of their loans to finance the used car purchase.
You can apply and receive car loans from the privacy of your own home today. A brief browse round the internet soon reveals that these loans are a lot cheaper on the apr than the specialist car finance companies, with rates for personal or car loans ranging from 5.
Auto Loan Tips To Keep In Mind When You Buy Your Next Automobile
Auto Loan Tips To Keep In Mind When You Buy Your Next Automobile
by Craig Thornburrow
Buying an automobile is a very exciting thing to do. Even if you are not a real car buff it can be a fun time until you get to he part about financing your purchase. Getting an auto loan can be stressful and confusing. In this article we will look at a couple of things you should keep in mind if you decide to finance your new car.
The first thing you want to consider is the length of the loan. Do you want to have a sixty month, or longer loan, or do you you want to pay it off now. If you do financing for sixty months, or longer, you will pay more in interest to the lender.
If you pay off your loan as soon as possible they will not be making as much interest. You want to choose an affordable payment, yet pay it off quicker if you can.
A lot of people will do sixty or seventy two month payments now because it is a lower interest rate and a lower monthly payment. Then they will pay double payments in months when they can to pay it off quicker.
If you should have bad credit the new or used car you buy will cost more in interest because you are going to pay a higher rate. So again, if you can pay it off sooner you will save more money.
Let's look at this example of what interest can do to you and the total amount of money your car will end up costing you.
- You buy a car for thirty thousand dollars
- Your payments are $450 a month for 84 months
- Your total payments would be $37,800
- You will have paid over $7,000 in interest on your auto loan.
You have to be very careful when buying a car because with that comes the car loan, and you have to know which kind of a loan will go best for you. Just because they offer a low rate to get you into the showroom does not mean that is the rate you will get. For many people the interest rate will end up higher when it is time to sign the papers.
In summary there is more to buying a car than the make and model. Your auto loan will play a big role in determining what you can afford. It can also affect your financial future.
You want to negotiate the best deal up front when you have some leverage as a new buyer. Your current credit situation will partly determine the interest rate of your auto loan which in turn will affect you payment.
by Craig Thornburrow
Buying an automobile is a very exciting thing to do. Even if you are not a real car buff it can be a fun time until you get to he part about financing your purchase. Getting an auto loan can be stressful and confusing. In this article we will look at a couple of things you should keep in mind if you decide to finance your new car.
The first thing you want to consider is the length of the loan. Do you want to have a sixty month, or longer loan, or do you you want to pay it off now. If you do financing for sixty months, or longer, you will pay more in interest to the lender.
If you pay off your loan as soon as possible they will not be making as much interest. You want to choose an affordable payment, yet pay it off quicker if you can.
A lot of people will do sixty or seventy two month payments now because it is a lower interest rate and a lower monthly payment. Then they will pay double payments in months when they can to pay it off quicker.
If you should have bad credit the new or used car you buy will cost more in interest because you are going to pay a higher rate. So again, if you can pay it off sooner you will save more money.
Let's look at this example of what interest can do to you and the total amount of money your car will end up costing you.
- You buy a car for thirty thousand dollars
- Your payments are $450 a month for 84 months
- Your total payments would be $37,800
- You will have paid over $7,000 in interest on your auto loan.
You have to be very careful when buying a car because with that comes the car loan, and you have to know which kind of a loan will go best for you. Just because they offer a low rate to get you into the showroom does not mean that is the rate you will get. For many people the interest rate will end up higher when it is time to sign the papers.
In summary there is more to buying a car than the make and model. Your auto loan will play a big role in determining what you can afford. It can also affect your financial future.
You want to negotiate the best deal up front when you have some leverage as a new buyer. Your current credit situation will partly determine the interest rate of your auto loan which in turn will affect you payment.
Thursday, April 9, 2009
Tips for Auto Refinancing
Tips for Auto Refinancing
by Dale Peterson
Everyone deserves a second chance. Whether you're struggling to rebuild your credit or just struggling to make a huge monthly car payment, auto refinancing can save you thousands of dollars and help you start fresh.
What is auto refinance?
While record numbers of people are refinancing their homes, many have never thought of refinancing their car. Car refinance is a lot like home refinance. You pay off your current car loan with a refinancing loan from a different lender offering lower APR. You can shop around for the best lenders and lowest APR at online sites like myAutoLoan.com.
Why refinance your car?
Refinancing at a lower APR decreases your car payments and can even help you pay off your car loan sooner. Plus, you'll likely save thousands of dollars in interest. Just by decreasing your car loan interest rate by 1 percent, you can save $1,000 on the total cost of your car over the life of your car loan.
Who should refinance?
If you've had bad credit and currently have a car loan with high APR, it is crucial that you refinance at a lower APR. Sadly, many individuals with bad credit don't even try to refinance because they've been convinced that they can't get a lower interest rate with their credit score. The truth is, even with bad credit, you can usually refinance at a lower APR, which will help you pay off your debt faster. That alone will go a long way to improving your credit score.
How to refinance your car
Here are few tips to help you get started and find the best rate quickly, so you can start paying less!
* Know the value and loan pay off for your vehicle before you begin. Contact your current lender for help with these questions.
* Be sure and have accurate vehicle information, including make, model and VIN number.
* Look online. Many online lenders actually have better rates than some banks and credit unions. There are also sites that let you search for and compare loans in order to make sure you're getting the best rates.
by Dale Peterson
Everyone deserves a second chance. Whether you're struggling to rebuild your credit or just struggling to make a huge monthly car payment, auto refinancing can save you thousands of dollars and help you start fresh.
What is auto refinance?
While record numbers of people are refinancing their homes, many have never thought of refinancing their car. Car refinance is a lot like home refinance. You pay off your current car loan with a refinancing loan from a different lender offering lower APR. You can shop around for the best lenders and lowest APR at online sites like myAutoLoan.com.
Why refinance your car?
Refinancing at a lower APR decreases your car payments and can even help you pay off your car loan sooner. Plus, you'll likely save thousands of dollars in interest. Just by decreasing your car loan interest rate by 1 percent, you can save $1,000 on the total cost of your car over the life of your car loan.
Who should refinance?
If you've had bad credit and currently have a car loan with high APR, it is crucial that you refinance at a lower APR. Sadly, many individuals with bad credit don't even try to refinance because they've been convinced that they can't get a lower interest rate with their credit score. The truth is, even with bad credit, you can usually refinance at a lower APR, which will help you pay off your debt faster. That alone will go a long way to improving your credit score.
How to refinance your car
Here are few tips to help you get started and find the best rate quickly, so you can start paying less!
* Know the value and loan pay off for your vehicle before you begin. Contact your current lender for help with these questions.
* Be sure and have accurate vehicle information, including make, model and VIN number.
* Look online. Many online lenders actually have better rates than some banks and credit unions. There are also sites that let you search for and compare loans in order to make sure you're getting the best rates.
Auto Loan - How To Drive A Hard Bargain
Auto Loan - How To Drive A Hard Bargain
by Ronn Jones
Taking an auto loan these days are not much of a matter. However, even in case of an easily available auto loan, one can end up paying a lot more than he should have. So bargaining becomes essential as usually is the case for many other things. A complete control of the bargaining process needs to be in the hands of the buyer. Here are a few tips to handle the bargaining process confidently:
Get pre-approved.
Avoid hassles over financing and focus on prices and rebates by getting your loan pre-approved.
* Tell the loan counselor the type of vehicle you want and the amount you want to borrow. Remember that tax, title and tags will add to the price, so factor those costs in.
* When your loan is approved, you'll probably get a "not to exceed" draft that you can use just like cash when you go car shopping. The draft is good for up to 60 days.
Before taking the loan or going in for the bargain a complete knowledge of the auto loan terms is a must. This will help you understand all the statements and offers clearly and remove any tricky and hidden costs from your bargain.
Negotiate the purchase price
The "sticker price," otherwise known as the Manufacturer's Suggested Retail Price (MSRP), is not what the dealer paid for the car. Ask to see the invoice price--the cost to the dealer when the car is delivered to the lot. The final cost to the dealer is normally even less than the invoice amounting. That's because the dealer gets rebates from the manufacturer of 2% to 3% of the invoice price. Never negotiate down from the MSRP. Always negotiate up from the invoice price. Dealer options--extended warranties; undercoating, rust proofing, upholstery and paint protection; insurance; add-ons; and fees for tags, title and taxes--all add to the price. They're high-profit items for the dealer, and their prices are negotiable. Most new cars today don't need undercoating or rust proofing. Extra warranty insurance is usually less expensive if bought from an insurance company rather than the dealer. If at any time you feel pressured, hurried or confused--leave.
Get it in writing
Make your final offer and state that the price includes all of the agreed-upon items. Get it in writing. Now ask if there are any rebates in effect. After you and the salesperson have agreed on the price, only then should you mention your trade-in.
The trade-in: Do it last
* Determine the real wholesale value of your car in advance. The "Book Price" is an average for trade-in and resale values.
* Clean up your car; drive it to three or four used car dealers; ask them what they'll pay you for it. Check average figures in the National Automobile Dealers Association (NADA) Official Used Car Guide.
* Don't talk trade-in when you are negotiating the purchase price of the new car. Only after you've reached an agreement on price should you ask the dealer what he'll give you for your trade.
These factors not only help to have complete control over the auto loan bargain but also makes the entire process smooth and free of any misunderstandings.
by Ronn Jones
Taking an auto loan these days are not much of a matter. However, even in case of an easily available auto loan, one can end up paying a lot more than he should have. So bargaining becomes essential as usually is the case for many other things. A complete control of the bargaining process needs to be in the hands of the buyer. Here are a few tips to handle the bargaining process confidently:
Get pre-approved.
Avoid hassles over financing and focus on prices and rebates by getting your loan pre-approved.
* Tell the loan counselor the type of vehicle you want and the amount you want to borrow. Remember that tax, title and tags will add to the price, so factor those costs in.
* When your loan is approved, you'll probably get a "not to exceed" draft that you can use just like cash when you go car shopping. The draft is good for up to 60 days.
Before taking the loan or going in for the bargain a complete knowledge of the auto loan terms is a must. This will help you understand all the statements and offers clearly and remove any tricky and hidden costs from your bargain.
Negotiate the purchase price
The "sticker price," otherwise known as the Manufacturer's Suggested Retail Price (MSRP), is not what the dealer paid for the car. Ask to see the invoice price--the cost to the dealer when the car is delivered to the lot. The final cost to the dealer is normally even less than the invoice amounting. That's because the dealer gets rebates from the manufacturer of 2% to 3% of the invoice price. Never negotiate down from the MSRP. Always negotiate up from the invoice price. Dealer options--extended warranties; undercoating, rust proofing, upholstery and paint protection; insurance; add-ons; and fees for tags, title and taxes--all add to the price. They're high-profit items for the dealer, and their prices are negotiable. Most new cars today don't need undercoating or rust proofing. Extra warranty insurance is usually less expensive if bought from an insurance company rather than the dealer. If at any time you feel pressured, hurried or confused--leave.
Get it in writing
Make your final offer and state that the price includes all of the agreed-upon items. Get it in writing. Now ask if there are any rebates in effect. After you and the salesperson have agreed on the price, only then should you mention your trade-in.
The trade-in: Do it last
* Determine the real wholesale value of your car in advance. The "Book Price" is an average for trade-in and resale values.
* Clean up your car; drive it to three or four used car dealers; ask them what they'll pay you for it. Check average figures in the National Automobile Dealers Association (NADA) Official Used Car Guide.
* Don't talk trade-in when you are negotiating the purchase price of the new car. Only after you've reached an agreement on price should you ask the dealer what he'll give you for your trade.
These factors not only help to have complete control over the auto loan bargain but also makes the entire process smooth and free of any misunderstandings.
Getting an Auto Loan
Getting an Auto Loan
by Jeff Simpson
Before you try to get an auto loan for a car you want to purchase, there are nine questions that you should ask your lender. These are probably the most important questions you will have to ask in order to know what kind of auto loan you are getting, and to make sure you are getting a good deal. After you ask your auto loan questions, if there is anything that is confusing or doesn't seem "just right" to you, you are better off walking away and thinking about before committing to any auto loan that may leave you with regrets later on.
What interest rate am I really paying for this auto loan? The annual percentage rate (APR) is the best way to know what your auto loan will cost you over the next 3 to 6 years. It is the actual interest rate you pay annually on the unpaid balance of your auto loan. This rate will depend mostly on your credit score and credit history.
Are there any penalties on my auto loan? Find out if paying off the loan early will earn you any penalties or extra charges that will occur.
What is the actual price that I'm paying for the auto? This means that you need to know the exact price, down to the last penny that your auto loan is costing you.
What is the total amount that is being financed through the auto loan?
What is the exact amount of each payment if I get an auto loan?
What is the actual dollar amount I am paying just in interest for the auto loan?
What is the total number of payments on the auto loan?
Is there financing from a third party? When at a dealership, they may sometimes tell you that they were unable to get you approved at the auto loan rate they quoted you, but they were able to find a lender to cover the auto loans with bad credit at a higher payment. This is a trap that many people fall into. Know who the lender is before you agree to any auto loan.
What do I need to know about credit insurance? Your lender may require or offer credit insurance. You need to find out if they offer auto loans with bad credit and what it will cost you.
by Jeff Simpson
Before you try to get an auto loan for a car you want to purchase, there are nine questions that you should ask your lender. These are probably the most important questions you will have to ask in order to know what kind of auto loan you are getting, and to make sure you are getting a good deal. After you ask your auto loan questions, if there is anything that is confusing or doesn't seem "just right" to you, you are better off walking away and thinking about before committing to any auto loan that may leave you with regrets later on.
What interest rate am I really paying for this auto loan? The annual percentage rate (APR) is the best way to know what your auto loan will cost you over the next 3 to 6 years. It is the actual interest rate you pay annually on the unpaid balance of your auto loan. This rate will depend mostly on your credit score and credit history.
Are there any penalties on my auto loan? Find out if paying off the loan early will earn you any penalties or extra charges that will occur.
What is the actual price that I'm paying for the auto? This means that you need to know the exact price, down to the last penny that your auto loan is costing you.
What is the total amount that is being financed through the auto loan?
What is the exact amount of each payment if I get an auto loan?
What is the actual dollar amount I am paying just in interest for the auto loan?
What is the total number of payments on the auto loan?
Is there financing from a third party? When at a dealership, they may sometimes tell you that they were unable to get you approved at the auto loan rate they quoted you, but they were able to find a lender to cover the auto loans with bad credit at a higher payment. This is a trap that many people fall into. Know who the lender is before you agree to any auto loan.
What do I need to know about credit insurance? Your lender may require or offer credit insurance. You need to find out if they offer auto loans with bad credit and what it will cost you.
Auto Loan - Bad Credit Auto Loan - Consumer Auto Loan
Auto Loan - Bad Credit Auto Loan - Consumer Auto Loan
by Kamal patel
Are you interested in cooking? Do you love to make fun, new dishes for your family and friends? Do you love the praise and accolades you receive from them? Would you like to have more options to "wow" them with? Why not find some more great cooking recipes!
You can find cooking recipes in a limitless number of places. Some of the most common places you can find them are the internet,the bookstore, the grocery store, and many health food stores. But you can find cooking recipes in special gift shops and in some unexpected places as well. If you want to find cooking recipes right this very moment, you can do so with just a simple internet search! You will find more recipes than you may ever know what to do with! What a wonderful treat and gift for the avid cooking lover!
Cooking recipes are great to collect because you never know when you might want to whip up a special dish for a special occasion. You might even want to throw a party that is centered on exchanging cooking recipes! You could have each invitee bring one of their favorite dishes along with the recipe, or you could come up with some other unique ideas! Make finding cooking recipes fun, interesting and new. Make it a weekly or monthly get together that everyone plans for. Start your own club, the creative possibilities are endless!
Or if you like to have your recipes in a neat, already bound book, cookbooks are great purchases. Many already come with colorful pictures giving you an idea even before you attempt a meal as to what it should look like when it is done. Sometimes when you find a recipe without a picture, you are not entirely sure if it looks like it should when it's completed. Picture cookbooks will be of a great assistance in this respect.
Or maybe throughout the years you have created enough cooking recipes on your own and want to create a cookbook your own! What a wonderful endeavor. Or maybe you have a favorite chef that you follow religiously and you would like to purchase all his or her cookbooks so that you can have their great recipes on hand. You can fill your walls with great cooking recipes and your meals with new, savory dishes every meal!
Maybe you feel a little intimidated by cooking on your own. You have never cooked before or maybe very little. Cooking televisions shows, classes, DVDs, etc. are available for people just like you! You can learn to cook from the comfort of your home or with a room full of people wanting to learn just like you!
by Kamal patel
Are you interested in cooking? Do you love to make fun, new dishes for your family and friends? Do you love the praise and accolades you receive from them? Would you like to have more options to "wow" them with? Why not find some more great cooking recipes!
You can find cooking recipes in a limitless number of places. Some of the most common places you can find them are the internet,
Publish Post
Cooking recipes are great to collect because you never know when you might want to whip up a special dish for a special occasion. You might even want to throw a party that is centered on exchanging cooking recipes! You could have each invitee bring one of their favorite dishes along with the recipe, or you could come up with some other unique ideas! Make finding cooking recipes fun, interesting and new. Make it a weekly or monthly get together that everyone plans for. Start your own club, the creative possibilities are endless!
Or if you like to have your recipes in a neat, already bound book, cookbooks are great purchases. Many already come with colorful pictures giving you an idea even before you attempt a meal as to what it should look like when it is done. Sometimes when you find a recipe without a picture, you are not entirely sure if it looks like it should when it's completed. Picture cookbooks will be of a great assistance in this respect.
Or maybe throughout the years you have created enough cooking recipes on your own and want to create a cookbook your own! What a wonderful endeavor. Or maybe you have a favorite chef that you follow religiously and you would like to purchase all his or her cookbooks so that you can have their great recipes on hand. You can fill your walls with great cooking recipes and your meals with new, savory dishes every meal!
Maybe you feel a little intimidated by cooking on your own. You have never cooked before or maybe very little. Cooking televisions shows, classes, DVDs, etc. are available for people just like you! You can learn to cook from the comfort of your home or with a room full of people wanting to learn just like you!
Is It Time To Refinance Your Auto Loan?
Is It Time To Refinance Your Auto Loan?
by Gregg Pennington
With interest rates near all time lows for the last several years, many people have been refinancing their mortgages, lowering their mortgage interest rates and monthly payments. It is also possible to save a lot of money by refinancing your auto loan.
Auto loans carry much shorter payoff schedules than do home loans, so it is to your advantage to refinance your car loan as early as possible, before a good deal of the original loan has already been repaid. If you are already several years into making payments on a car, the savings will not be as great.
When you refinance an auto loan, you will pay off the existing loan completely and enter into a new loan agreement, which will ideally carry a lower interest rate than the original loan. If your refinance loan has a payoff time longer than what was left of your original car loan, and your interest rate is equal to or lower than your previous interest rate, you will in turn have lower monthly payments. You may opt to take the interest savings from the new loan and apply it toward the principal, thereby reducing your payoff time.
Before you apply for an auto refinance loan, you should determine your credit score. To qualify for a refinance loan, you do not have to have perfect credit, but your FICO score should be at least 550 or higher to qualify for a competitive interest rate.
The next thing to look at is the interest rate on your current auto loan. You want to make sure you will be able to get a lower interest rate when you refinance. If you find you can't get a lower interest rate than you already have, it may not be worth it to refinance, unless you are satisfied to simply extend your payoff time to get lower monthly payments. In contrast, if you are able to knock down your interest rate by several percentage points, you could save thousands of dollars during repayment.
When refinancing a car loan, you will need to know the exact amount needed to pay off your original loan. While some companies offer an auto equity loan with cash back, most traditional lenders will only loan enough money to cover the payoff cost of the vehicle. In either case, you will need to know the payoff balance of your existing loan.
Another benefit of auto loan refinancing is that in most cases you will be able to skip a payment. Because you are entering a completely new financial agreement, there will be some time involved in paying off your original loan and receiving a payment schedule for the refinance loan. This will allow you to effectively skip a monthly payment.
Finally, compare several lenders and get a feel for what kind of interest rate you are likely to get on an auto refinance loan. Rates and terms will vary from lender to lender. Before getting your car loan quotes, collect all necessary personal information, including address and phone number, time with your current employer and salary level, residence history, and contact information. Doing your homework ahead of time will insure that you get the best possible interest rate for your auto loan refinance.
by Gregg Pennington
With interest rates near all time lows for the last several years, many people have been refinancing their mortgages, lowering their mortgage interest rates and monthly payments. It is also possible to save a lot of money by refinancing your auto loan.
Auto loans carry much shorter payoff schedules than do home loans, so it is to your advantage to refinance your car loan as early as possible, before a good deal of the original loan has already been repaid. If you are already several years into making payments on a car, the savings will not be as great.
When you refinance an auto loan, you will pay off the existing loan completely and enter into a new loan agreement, which will ideally carry a lower interest rate than the original loan. If your refinance loan has a payoff time longer than what was left of your original car loan, and your interest rate is equal to or lower than your previous interest rate, you will in turn have lower monthly payments. You may opt to take the interest savings from the new loan and apply it toward the principal, thereby reducing your payoff time.
Before you apply for an auto refinance loan, you should determine your credit score. To qualify for a refinance loan, you do not have to have perfect credit, but your FICO score should be at least 550 or higher to qualify for a competitive interest rate.
The next thing to look at is the interest rate on your current auto loan. You want to make sure you will be able to get a lower interest rate when you refinance. If you find you can't get a lower interest rate than you already have, it may not be worth it to refinance, unless you are satisfied to simply extend your payoff time to get lower monthly payments. In contrast, if you are able to knock down your interest rate by several percentage points, you could save thousands of dollars during repayment.
When refinancing a car loan, you will need to know the exact amount needed to pay off your original loan. While some companies offer an auto equity loan with cash back, most traditional lenders will only loan enough money to cover the payoff cost of the vehicle. In either case, you will need to know the payoff balance of your existing loan.
Another benefit of auto loan refinancing is that in most cases you will be able to skip a payment. Because you are entering a completely new financial agreement, there will be some time involved in paying off your original loan and receiving a payment schedule for the refinance loan. This will allow you to effectively skip a monthly payment.
Finally, compare several lenders and get a feel for what kind of interest rate you are likely to get on an auto refinance loan. Rates and terms will vary from lender to lender. Before getting your car loan quotes, collect all necessary personal information, including address and phone number, time with your current employer and salary level, residence history, and contact information. Doing your homework ahead of time will insure that you get the best possible interest rate for your auto loan refinance.
Tuesday, April 7, 2009
An Insight into Auto Loan
An Insight into Auto Loan
by Prerna Joneja
With expansion in the field of technology and automobile industry every year variety of latest models of vehicles are introduced in markets throughout the globe to attract new customers. There has been an innovative development in the production of cars and so has the need arisen to obtain quick money to finance it. The most suitable and simple way of getting a dream car is by applying for an auto loan.
In today's world having a car or any vehicle has become a necessity for everyone. If a person is planning to buy a car and is short of money or if a person is planning to buy a car on installments the best option is to take auto loan.
The first step of getting a good auto loan is talking and discussing with lenders. The terms of the loan should be well understood by the borrower and he has to make sure that he agrees to them. There can be various points which a person does not like in the terms of the loan, so they should be known to the lenders and should be worked upon.
Various ways to secure an auto loan are:
* Banks/Financial institutions: Now a day nationalized banks and financial institutions provide their customers a wide range of auto loans containing various terms in compliance with their demand. Any person can borrow up to 125% of the assessed value of car. Such loans are generally available for a term of 3-5 years but the term of the loan can be extended up to 6 years if the value of the car goes beyond a certain limit. Generally bank or financial institution grants the loan only after checking the financial position of any individual.
* Online lenders: In order to secure an auto loan a person can browse through relevant websites and compare rates with different schemes with a lender only with few mouse clicks. Such lenders starts the process of granting loans immediately through mails and one finds the best deal knocking his door within minutes at his doorstep.
Various types of auto loans:
* Bad credit loans: Generally a person intending to buy any vehicle must have a good credit score. But, such loans are offered to people with bad credit on a higher rate of interest. One must be smart enough to negotiate a best deal with a suitable lender.
* Unsecured auto loans: This type of loans can be obtained easily without placing any security against the vehicle. Here there is no fear of losing an asset but it carries a higher rate of interest as compared to secured loans.
* Secured loans: Secured auto loans are the loans that are secured by the assets on the car/vehicle that is being purchased. It gives the much needed security to the lender on the lent out money. As the full loan payment with the interest is over the loan amount becomes zero. The main thing is that the person should be regular in paying his installments.
Getting auto loans today should not be a difficult thing to do. Auto loans are available for people of all different credit backgrounds and with different options. It is not hard for buyers to get an auto loan that works for them.
They should be able to find something that fits their budget so that they do not have to end up paying outrageous interest and fees. There are auto loans that are perfect for almost anyone. All it takes to find them is a little hard work. Secure your loan an easy way and take your dreams for a long drive.
by Prerna Joneja
With expansion in the field of technology and automobile industry every year variety of latest models of vehicles are introduced in markets throughout the globe to attract new customers. There has been an innovative development in the production of cars and so has the need arisen to obtain quick money to finance it. The most suitable and simple way of getting a dream car is by applying for an auto loan.
In today's world having a car or any vehicle has become a necessity for everyone. If a person is planning to buy a car and is short of money or if a person is planning to buy a car on installments the best option is to take auto loan.
The first step of getting a good auto loan is talking and discussing with lenders. The terms of the loan should be well understood by the borrower and he has to make sure that he agrees to them. There can be various points which a person does not like in the terms of the loan, so they should be known to the lenders and should be worked upon.
Various ways to secure an auto loan are:
* Banks/Financial institutions: Now a day nationalized banks and financial institutions provide their customers a wide range of auto loans containing various terms in compliance with their demand. Any person can borrow up to 125% of the assessed value of car. Such loans are generally available for a term of 3-5 years but the term of the loan can be extended up to 6 years if the value of the car goes beyond a certain limit. Generally bank or financial institution grants the loan only after checking the financial position of any individual.
* Online lenders: In order to secure an auto loan a person can browse through relevant websites and compare rates with different schemes with a lender only with few mouse clicks. Such lenders starts the process of granting loans immediately through mails and one finds the best deal knocking his door within minutes at his doorstep.
Various types of auto loans:
* Bad credit loans: Generally a person intending to buy any vehicle must have a good credit score. But, such loans are offered to people with bad credit on a higher rate of interest. One must be smart enough to negotiate a best deal with a suitable lender.
* Unsecured auto loans: This type of loans can be obtained easily without placing any security against the vehicle. Here there is no fear of losing an asset but it carries a higher rate of interest as compared to secured loans.
* Secured loans: Secured auto loans are the loans that are secured by the assets on the car/vehicle that is being purchased. It gives the much needed security to the lender on the lent out money. As the full loan payment with the interest is over the loan amount becomes zero. The main thing is that the person should be regular in paying his installments.
Getting auto loans today should not be a difficult thing to do. Auto loans are available for people of all different credit backgrounds and with different options. It is not hard for buyers to get an auto loan that works for them.
They should be able to find something that fits their budget so that they do not have to end up paying outrageous interest and fees. There are auto loans that are perfect for almost anyone. All it takes to find them is a little hard work. Secure your loan an easy way and take your dreams for a long drive.
Avoiding Long Auto Loans
Avoiding Long Auto Loans
by john sims
Do you really know how long is too long when applying for a new auto loan? According to many studies, the answer to that is no. Too many buyers nowadays are looking for the longest auto loan possible, without looking at all that it entails. The average auto loan is now around 70 months, which is up from the standard 60 months just a few years ago. There have even been reports on 9 year loans taken out for the higher price vehicle. The trend of getting a longer auto loan for a more expensive car is one that is more than a little troubling.
Quite simply, the longer you take a loan out, the more interest you pay. Therefore if you buy a $30,000 vehicle, which is about the U.S. average, and you take an auto loan for 7 years you are paying approximately $38,000 for that car and that is only if you have excellent credit. The worse your credit, the more you are going to pay. By changing a 7 year loan to a 4 year loan, it will save you almost 50% in interest!
Not only will you be saving money on your auto loan, but you will also be helping the value of the car considering most people won't keep their car more than 3 to 5 years. That means you may be what is called "upside down" on your car loan with no down payment. Being upside down means that you will owe more than it is worth. That makes it harder to trade it in, and will cause you higher auto loan payments not only for the car you are in now, but the cars in the future. Next to buying a home, an no down payment car loan is one of the most expensive purchases you will make, so make sure you are doing the right thing for your investment and your future.
by john sims
Do you really know how long is too long when applying for a new auto loan? According to many studies, the answer to that is no. Too many buyers nowadays are looking for the longest auto loan possible, without looking at all that it entails. The average auto loan is now around 70 months, which is up from the standard 60 months just a few years ago. There have even been reports on 9 year loans taken out for the higher price vehicle. The trend of getting a longer auto loan for a more expensive car is one that is more than a little troubling.
Quite simply, the longer you take a loan out, the more interest you pay. Therefore if you buy a $30,000 vehicle, which is about the U.S. average, and you take an auto loan for 7 years you are paying approximately $38,000 for that car and that is only if you have excellent credit. The worse your credit, the more you are going to pay. By changing a 7 year loan to a 4 year loan, it will save you almost 50% in interest!
Not only will you be saving money on your auto loan, but you will also be helping the value of the car considering most people won't keep their car more than 3 to 5 years. That means you may be what is called "upside down" on your car loan with no down payment. Being upside down means that you will owe more than it is worth. That makes it harder to trade it in, and will cause you higher auto loan payments not only for the car you are in now, but the cars in the future. Next to buying a home, an no down payment car loan is one of the most expensive purchases you will make, so make sure you are doing the right thing for your investment and your future.
A Guide to Bad Credit Car Loans
A Guide to Bad Credit Car Loans
by Sean Peter's
Most people believe that when trying to secure a car loan when you have a bad credit rating is not possible. This is far from the real facts. Obtaining an auto loan when you have a bad credit may seem difficult to most people but this article is here to show you that is in fact a possibility. In the last few years, the bad credit car loan business has grown leaps and bounds. The reasoning behind the sudden climb in the bad credit industry is there is a large number of borrowers that have a bad credit history. Because of this, there are now many financial lending firms who specialize in car loan programs for people with bad credit.
Usually there is one of two types of financial lenders who offer bad credit car loans. They are your sub-prime car loan lender and hard money lenders. It should be known that bad credit car loans to carry a higher risk to both these types of financial lenders. In return they usually charge a higher rate of interest on your interest rate. These lenders will assess your credit rating and then match your requirements with tight fitted car loan proposal. Also, with the technology of today, most lending institutes transact all applications online which makes your process both quick and convenient.
The interest rate on bad credit car loans are typically on the higher end which means you will be paying a large amount of interest rate on the car loan.
This higher rate may be avoided using simple tips. Here are a couple of tips for you to avoid the higher interest rate and improve your credit rating:
- Acquire a copy of your credit report - Keep all current accounts up to date - Pay all of your bills on time - Do not take more than one loan at a time.
Financing a car with a bad credit does two things: 1) It allows you to purchase a new or used vehicle 2) It helps to rebuild your credit history.
Most people know that if you have a bad credit rating you, you will not be able to obtain a very low interest rate on your new or used car loan. On the other hand, you are able to receive a car loan with a reasonably good rate. The best way available for you to obtain the lowest interest rates is first done by comparison shopping. When you look at the offers you receive on the auto loan, do a comparison with the APR which will identify the greatest benefit for you.
It is in your best interests to shop around and avoid the first person you spoke to about your bad credit car loan finance needs.
by Sean Peter's
Most people believe that when trying to secure a car loan when you have a bad credit rating is not possible. This is far from the real facts. Obtaining an auto loan when you have a bad credit may seem difficult to most people but this article is here to show you that is in fact a possibility. In the last few years, the bad credit car loan business has grown leaps and bounds. The reasoning behind the sudden climb in the bad credit industry is there is a large number of borrowers that have a bad credit history. Because of this, there are now many financial lending firms who specialize in car loan programs for people with bad credit.
Usually there is one of two types of financial lenders who offer bad credit car loans. They are your sub-prime car loan lender and hard money lenders. It should be known that bad credit car loans to carry a higher risk to both these types of financial lenders. In return they usually charge a higher rate of interest on your interest rate. These lenders will assess your credit rating and then match your requirements with tight fitted car loan proposal. Also, with the technology of today, most lending institutes transact all applications online which makes your process both quick and convenient.
The interest rate on bad credit car loans are typically on the higher end which means you will be paying a large amount of interest rate on the car loan.
This higher rate may be avoided using simple tips. Here are a couple of tips for you to avoid the higher interest rate and improve your credit rating:
- Acquire a copy of your credit report - Keep all current accounts up to date - Pay all of your bills on time - Do not take more than one loan at a time.
Financing a car with a bad credit does two things: 1) It allows you to purchase a new or used vehicle 2) It helps to rebuild your credit history.
Most people know that if you have a bad credit rating you, you will not be able to obtain a very low interest rate on your new or used car loan. On the other hand, you are able to receive a car loan with a reasonably good rate. The best way available for you to obtain the lowest interest rates is first done by comparison shopping. When you look at the offers you receive on the auto loan, do a comparison with the APR which will identify the greatest benefit for you.
It is in your best interests to shop around and avoid the first person you spoke to about your bad credit car loan finance needs.
Secured auto loans: buy your dream car with money at low rate
Secured auto loans: buy your dream car with money at low rate
by Simon Peyton
Does your heart start beating faster whenever you hear or see a sports car zooming past you? If you too wish to purchase a sports car but lack the funds for it, then you may acquire help and fulfill your desire. Secured auto loans are the way to borrow money which offers you low rate of interest and you can buy the sports car you have been wishing for so long.
Secured auto loans help the borrowers in buying any car that they want. It can be a station wagon or an Aston Martin. The purpose of the car also depends upon the borrower, whether he wants to use it for personal purpose or wants to put it to commercial usage.
Secured auto loans help the borrower in purchasing a car of his choice. He is given the requisite amount so that he is able to make a lump sum payment for the deal. However there are certain things to be taken care of while getting the loan amount and making the deal. The borrower should apply for the loan only after thorough researching about the cost of the car. Especially in case of a used car, he should find the market price of the car and then apply for the loan.
Once the loan is approved and money is transferred, only then the borrower should approach the dealer. Car financing is also available for purchase, but that is usually charged a higher rate of interest and the condition binding on the borrower is that he will have to avail the car financing from the car dealer only.
Using secured auto loans, the borrower can avail lower rates of interest. Since collateral will have to be attached to the loan, which may be a house or the car of the borrower, the lender offers them a lower rate of interest. This way he can comfortably pay off the loan in given term of 5-7 years.
With all these benefits, it is very easy for the borrower now, to buy his dream car and fulfill his own and his family's wishes.
by Simon Peyton
Does your heart start beating faster whenever you hear or see a sports car zooming past you? If you too wish to purchase a sports car but lack the funds for it, then you may acquire help and fulfill your desire. Secured auto loans are the way to borrow money which offers you low rate of interest and you can buy the sports car you have been wishing for so long.
Secured auto loans help the borrowers in buying any car that they want. It can be a station wagon or an Aston Martin. The purpose of the car also depends upon the borrower, whether he wants to use it for personal purpose or wants to put it to commercial usage.
Secured auto loans help the borrower in purchasing a car of his choice. He is given the requisite amount so that he is able to make a lump sum payment for the deal. However there are certain things to be taken care of while getting the loan amount and making the deal. The borrower should apply for the loan only after thorough researching about the cost of the car. Especially in case of a used car, he should find the market price of the car and then apply for the loan.
Once the loan is approved and money is transferred, only then the borrower should approach the dealer. Car financing is also available for purchase, but that is usually charged a higher rate of interest and the condition binding on the borrower is that he will have to avail the car financing from the car dealer only.
Using secured auto loans, the borrower can avail lower rates of interest. Since collateral will have to be attached to the loan, which may be a house or the car of the borrower, the lender offers them a lower rate of interest. This way he can comfortably pay off the loan in given term of 5-7 years.
With all these benefits, it is very easy for the borrower now, to buy his dream car and fulfill his own and his family's wishes.
Classic Car Loans - buy dream car of past era
Classic Car Loans - buy dream car of past era
by Kevin Clark
Are you an enthusiast for cars that once ruled roads and are now popular as classic car? Do you want to own one such car and live your dream of driving or simply have a collection of these cars? Well, it requires huge money as these classic car come at a price that may not be affordable though your pocket. However you can own these cars through classic car loans.
Any regular auto loan provider will not give you a loan for buying a classic car. You shall have to search for an especially designed loan for classic car. Such lenders can be located on internet in plenty. Classic car loans are especial loans for buying old classic car of last one hundred years. But you should be well verse in the loan before you apply for it.
First of all you should note that classic car loan depends on good health of the car. A lender will not give you loan if the classic car is not in good condition. This is because the loan amount is approved against the very classic car you are buying. For cutting risks, the lender wants to ensure that the car is in a fine condition and will recover the loan in case of a payment default. Classic car loans usually carry higher interest rate. But on comparing the lenders, a loan with competitive rate is possible.
Also note that usually classic car loans are provided to good credit history people as huge amount is at stake. However there are lenders who provide classic car loans to bad credit people as well on certain condition. Your repaying capacity should be excellent, for instance. So check your credit report for any inaccuracies and know your credit score before applying for the loan. Make efforts to improve credit score and then apply for the loan.
You are also required to make 10 to 20 percent as down payment. So be prepared for the down payment. Ensure that you have made an extensive comparison of different classic car loans lenders for individual interest rates and other conditions.
by Kevin Clark
Are you an enthusiast for cars that once ruled roads and are now popular as classic car? Do you want to own one such car and live your dream of driving or simply have a collection of these cars? Well, it requires huge money as these classic car come at a price that may not be affordable though your pocket. However you can own these cars through classic car loans.
Any regular auto loan provider will not give you a loan for buying a classic car. You shall have to search for an especially designed loan for classic car. Such lenders can be located on internet in plenty. Classic car loans are especial loans for buying old classic car of last one hundred years. But you should be well verse in the loan before you apply for it.
First of all you should note that classic car loan depends on good health of the car. A lender will not give you loan if the classic car is not in good condition. This is because the loan amount is approved against the very classic car you are buying. For cutting risks, the lender wants to ensure that the car is in a fine condition and will recover the loan in case of a payment default. Classic car loans usually carry higher interest rate. But on comparing the lenders, a loan with competitive rate is possible.
Also note that usually classic car loans are provided to good credit history people as huge amount is at stake. However there are lenders who provide classic car loans to bad credit people as well on certain condition. Your repaying capacity should be excellent, for instance. So check your credit report for any inaccuracies and know your credit score before applying for the loan. Make efforts to improve credit score and then apply for the loan.
You are also required to make 10 to 20 percent as down payment. So be prepared for the down payment. Ensure that you have made an extensive comparison of different classic car loans lenders for individual interest rates and other conditions.
Wednesday, April 1, 2009
The Convenience Of An Online Car Loan Calculator
The Convenience Of An Online Car Loan Calculator
by apurva
With the proliferation of Internet facilities in the recent past, the use of online car loan calculator has also become very popular. It incorporates a simple process as all that you have to do is to click a few buttons on your computer and the wonderful world of the Internet manifests itself in various forms. You'll be able to find various websites of online auto loan finance lenders who offer car loans. Most of these lenders also provide free online car loan calculator, which makes it very easy to find out what it will cost to take car loans and the amount of money needed to set aside every month in order to service a loan.
How An Online Car Loan Calculator Can Help You
Most people have to take a loan if they wish to buy a car, whether a new one or a pre-owned one as they do not have spare liquid funds for this purpose. Even if they have the funds, they prefer to keep the money for unforeseen emergencies that might crop up at any time. However, if you take car loans, you have to make regular monthly payments to the lender in order to pay back the loan. Moreover, the total cost of taking the loan will be much higher than the value of the car since the element of interest and the finance charges of the lender will also come into play. This is where an online car loan calculator can prove to be very useful. It can tell you exactly what your monthly payment will be, based on the amount of loan that you might be taking from the lender, the interest rate that he would be applying to the loan and the time period for repaying the loan.
Auto loan rates play a big part in determining the total cost of the loan and the amount of the monthly payment. Each lender will have his rates and as such during your search for convenient car loans, you'll find that the online car loan calculator will provide useful information at every stage. It will help you by working out the various parameters and making it clear as to which lender's offer would be most suitable to you.
The most important aspect of financing car loans is the interest rate and consequently the amount of the monthly payment. Before finalizing any car loan you have to make sure that you'll be able to repay the car loan as per the agreed schedule, taking into consideration your monthly income and other subsistence expenses. An online car loan calculator will work out various options that might be suitable for you and based on these calculations you can decide the amount of loan that you wish to take and the time period for which you wish to take the loan.
The online car loan calculator will also help you in deciding whether you wish to go in for a new car or a pre-used one and whether it would be better for you to buy a car or lease one.
by apurva
With the proliferation of Internet facilities in the recent past, the use of online car loan calculator has also become very popular. It incorporates a simple process as all that you have to do is to click a few buttons on your computer and the wonderful world of the Internet manifests itself in various forms. You'll be able to find various websites of online auto loan finance lenders who offer car loans. Most of these lenders also provide free online car loan calculator, which makes it very easy to find out what it will cost to take car loans and the amount of money needed to set aside every month in order to service a loan.
How An Online Car Loan Calculator Can Help You
Most people have to take a loan if they wish to buy a car, whether a new one or a pre-owned one as they do not have spare liquid funds for this purpose. Even if they have the funds, they prefer to keep the money for unforeseen emergencies that might crop up at any time. However, if you take car loans, you have to make regular monthly payments to the lender in order to pay back the loan. Moreover, the total cost of taking the loan will be much higher than the value of the car since the element of interest and the finance charges of the lender will also come into play. This is where an online car loan calculator can prove to be very useful. It can tell you exactly what your monthly payment will be, based on the amount of loan that you might be taking from the lender, the interest rate that he would be applying to the loan and the time period for repaying the loan.
Auto loan rates play a big part in determining the total cost of the loan and the amount of the monthly payment. Each lender will have his rates and as such during your search for convenient car loans, you'll find that the online car loan calculator will provide useful information at every stage. It will help you by working out the various parameters and making it clear as to which lender's offer would be most suitable to you.
The most important aspect of financing car loans is the interest rate and consequently the amount of the monthly payment. Before finalizing any car loan you have to make sure that you'll be able to repay the car loan as per the agreed schedule, taking into consideration your monthly income and other subsistence expenses. An online car loan calculator will work out various options that might be suitable for you and based on these calculations you can decide the amount of loan that you wish to take and the time period for which you wish to take the loan.
The online car loan calculator will also help you in deciding whether you wish to go in for a new car or a pre-used one and whether it would be better for you to buy a car or lease one.
How To Get Quotes Fo Bad Credit Auto Loans
How To Get Quotes Fo Bad Credit Auto Loans
by Christopher Wright
The basic necessities. Food, water, shelter, and a Mercedes Benz. OK, maybe not a Benz, but you do need a vehicle to get back and forth with. Only one problem...bad credit. Or is it really a problem. Today's lenders are very aggressive in their lending practices, so there just maybe hope yet.
One of the first things to understand about bad credit auto loans, has to deal with your credit file and score. At what stage is your bad credit status? Past bad credit is better than present bad credit. Present bad credit demonstrates that you're having problems with your cash flow. It means that maybe you're not a responsible applicant. If your bad credit is from the past, you'll have a better stance when getting your auto loan quotes.
There are several things that you should be aware of when applying for a bad credit auto loan. You may be required to place a larger amount of cash down payment compared to someone with A+ credit. Also, expect your interest rate to be higher. Don't fret though, all is not lost.
You can improve your chances of getting a better interest rate with a lower down payment with the use of a co-signer. This helps reduce the lending institutions risk. An example of this situation, is when parents cosign a car loan for their children. One other advantage for you, the borrower, is the advances in technology. The Internet has changed the way many businesses are operated and the car loan financing industry is no different. You can use the Internet to obtain multiple quotes online. Many people like this option, as it gives them a sense of control. This also reduces the intimidation factor some people feel when requesting funding from a loan officer in person.
by Christopher Wright
The basic necessities. Food, water, shelter, and a Mercedes Benz. OK, maybe not a Benz, but you do need a vehicle to get back and forth with. Only one problem...bad credit. Or is it really a problem. Today's lenders are very aggressive in their lending practices, so there just maybe hope yet.
One of the first things to understand about bad credit auto loans, has to deal with your credit file and score. At what stage is your bad credit status? Past bad credit is better than present bad credit. Present bad credit demonstrates that you're having problems with your cash flow. It means that maybe you're not a responsible applicant. If your bad credit is from the past, you'll have a better stance when getting your auto loan quotes.
There are several things that you should be aware of when applying for a bad credit auto loan. You may be required to place a larger amount of cash down payment compared to someone with A+ credit. Also, expect your interest rate to be higher. Don't fret though, all is not lost.
You can improve your chances of getting a better interest rate with a lower down payment with the use of a co-signer. This helps reduce the lending institutions risk. An example of this situation, is when parents cosign a car loan for their children. One other advantage for you, the borrower, is the advances in technology. The Internet has changed the way many businesses are operated and the car loan financing industry is no different. You can use the Internet to obtain multiple quotes online. Many people like this option, as it gives them a sense of control. This also reduces the intimidation factor some people feel when requesting funding from a loan officer in person.
Car Loan UK - A Car Within Your Reach
Car Loan UK - A Car Within Your Reach
by apurva
Car loan UK helps to release the tension of the prospective buyers who have plans to take a cheap car loan. Car loans UK provides the best car loans interest rate for car loans. If you are looking for a used car in UK, then you must do a market survey on the price of the car, the dealers in the market, the interest charged on car loans etc., before purchasing it from any company or individual. On the other hand, if you are going to purchase a new car then you must check your credit rating. A high rating of 680 or a 5star rating can get you are car delivery right at your doorstep, on your terms and conditions. In any case, you must try to find out your credit rating at the earliest to secure a good deal before you enter the market.
Online Car Loan UK
In UK, there is a booming online car loans market. In fact, the process of finalizing a car loan on the Internet is quite simple and convenient. You simply fill an application online from the comfort of your living room and get a reply within a few hours. All the data and replies to your queries are available online. An online search will yield numerous lenders who are willing to offer you competitive terms for car loans UK. Moreover, the disposal of application on the net is very quick and you get your check within a few days. Millions of Britons apply for car loans every year. If you want to get cheap car loan UK, then you must try to get as much information as possible on the car dealers and their terms. If you do not have good credit even then you can secure a cheap interest rate (APR), by opting for a secured loan. In this case, you will have to run the risk involved in pledging your car. However, if your repayments are on time you need not to worry at all. You can still enjoy the privileges of good credit on your bad credit auto loan.
Choose the car and loan that best suits your pocket, and which allows you to pay off the loan in the minimum period. Finally, always pick a loan that has the flexibility of repayment even if you miss an installment. This way you can be free of worry, even if you miss a payment. If you are unable to get a car loan UK right now, then you should try to improve your credit score by paying your previous debts, limiting credit inquiries and paying your future payments on time. In due course, you will get the deal of your choice.
by apurva
Car loan UK helps to release the tension of the prospective buyers who have plans to take a cheap car loan. Car loans UK provides the best car loans interest rate for car loans. If you are looking for a used car in UK, then you must do a market survey on the price of the car, the dealers in the market, the interest charged on car loans etc., before purchasing it from any company or individual. On the other hand, if you are going to purchase a new car then you must check your credit rating. A high rating of 680 or a 5star rating can get you are car delivery right at your doorstep, on your terms and conditions. In any case, you must try to find out your credit rating at the earliest to secure a good deal before you enter the market.
Online Car Loan UK
In UK, there is a booming online car loans market. In fact, the process of finalizing a car loan on the Internet is quite simple and convenient. You simply fill an application online from the comfort of your living room and get a reply within a few hours. All the data and replies to your queries are available online. An online search will yield numerous lenders who are willing to offer you competitive terms for car loans UK. Moreover, the disposal of application on the net is very quick and you get your check within a few days. Millions of Britons apply for car loans every year. If you want to get cheap car loan UK, then you must try to get as much information as possible on the car dealers and their terms. If you do not have good credit even then you can secure a cheap interest rate (APR), by opting for a secured loan. In this case, you will have to run the risk involved in pledging your car. However, if your repayments are on time you need not to worry at all. You can still enjoy the privileges of good credit on your bad credit auto loan.
Choose the car and loan that best suits your pocket, and which allows you to pay off the loan in the minimum period. Finally, always pick a loan that has the flexibility of repayment even if you miss an installment. This way you can be free of worry, even if you miss a payment. If you are unable to get a car loan UK right now, then you should try to improve your credit score by paying your previous debts, limiting credit inquiries and paying your future payments on time. In due course, you will get the deal of your choice.
Low Car Loans - You Reap As You Sow
Low Car Loans - You Reap As You Sow
by apurva
Look no further. Low interest car loans or low car loans are here to puff away all your blues in the wind. All human beings have the same aspirations. Each one of us has nearly the same desires. Everybody wants a good home, a good car and a good job, which fulfills all the needs. Once we have that, we aspire to possess better things than all that we already have and envy the ones who are above us, in one way or the other. The car market is no different. The car zooming past us always looks better than the one we are driving. The gleaming angles of shiny, suave cars in the showroom bewitch us even more. It is hard to resist, and we more often than not pull away that hand from the purse, as we know that these mean machines are beyond our reach. Now, you do not have to sulk in despair any more. You can always take a low car loan to fulfill your desires.
Do Some Hard Work In The Market
If you are new to the market, you should understand that the car loans market is very competitive. It rewards the ones with good credit and thrives on the blood that it sucks from the ones with poor credit. One thing is sure, whether you have good credit or bad credit, the difference for you will only be in the terms of the low car loan. Let us review both the credit situations.
Good Credit Is A Prerequisite
Individuals with good credit, have the world at their feet. You can get low rate of interest, as low as 6%. The duration will be at your convenience. You can secure an unsecured loan i.e. you do not have to pledge any collateral to cover the cost of your low interest car loan. You can also get an online car loan, which is very convenient and quick to obtain. To receive all these facilities and more, your credit should be above 680. Therefore, go to the credit company today, to find out your credit rating, if you have not done so already.
Poor Credit Could Increase The Rates
Poor credit invites higher auto loan rates. The rates for bad credit auto loans are sometimes, as high as 18%. In most cases, you will only get a secured loan. This means that you will have to pledge your car to the lender company and run the risk of losing it, if you default in repayment. Try to bargain a lot and get a longer duration of repayment if you foresee any hardships for yourself, in future. It is advisable for individuals with poor credit to seek car loans on the Internet. There are several car-lending companies vying with each other to get hold of new customers. You can capitalize on the prevailing situation, use the online car loan calculator to find the rate and deal that suits you the best, and get a low car loan.
by apurva
Look no further. Low interest car loans or low car loans are here to puff away all your blues in the wind. All human beings have the same aspirations. Each one of us has nearly the same desires. Everybody wants a good home, a good car and a good job, which fulfills all the needs. Once we have that, we aspire to possess better things than all that we already have and envy the ones who are above us, in one way or the other. The car market is no different. The car zooming past us always looks better than the one we are driving. The gleaming angles of shiny, suave cars in the showroom bewitch us even more. It is hard to resist, and we more often than not pull away that hand from the purse, as we know that these mean machines are beyond our reach. Now, you do not have to sulk in despair any more. You can always take a low car loan to fulfill your desires.
Do Some Hard Work In The Market
If you are new to the market, you should understand that the car loans market is very competitive. It rewards the ones with good credit and thrives on the blood that it sucks from the ones with poor credit. One thing is sure, whether you have good credit or bad credit, the difference for you will only be in the terms of the low car loan. Let us review both the credit situations.
Good Credit Is A Prerequisite
Individuals with good credit, have the world at their feet. You can get low rate of interest, as low as 6%. The duration will be at your convenience. You can secure an unsecured loan i.e. you do not have to pledge any collateral to cover the cost of your low interest car loan. You can also get an online car loan, which is very convenient and quick to obtain. To receive all these facilities and more, your credit should be above 680. Therefore, go to the credit company today, to find out your credit rating, if you have not done so already.
Poor Credit Could Increase The Rates
Poor credit invites higher auto loan rates. The rates for bad credit auto loans are sometimes, as high as 18%. In most cases, you will only get a secured loan. This means that you will have to pledge your car to the lender company and run the risk of losing it, if you default in repayment. Try to bargain a lot and get a longer duration of repayment if you foresee any hardships for yourself, in future. It is advisable for individuals with poor credit to seek car loans on the Internet. There are several car-lending companies vying with each other to get hold of new customers. You can capitalize on the prevailing situation, use the online car loan calculator to find the rate and deal that suits you the best, and get a low car loan.
How To Apply For A Bad Credit Car Loan.
How To Apply For A Bad Credit Car Loan.
by Noel Clarke
There are not many people in this world who do not get excited by the prospect of buying a new car. This excitement can sometimes be deflated by the whole finance thing. If your credit history is not so good, or basically non existent, then you may need to find a bad credit car loan.
Second to real estate, buying a motor vehicle is probably the biggest financial commitment many people will get to make, and obtaining auto finance, is just part of the process.
Let face it , we all need a reliable car to get around, and most of us would rather drive a nice new or late car than an old bomb.
Unfortunately, flash cars cost more, and this means that for a lot of people, a bad credit auto loan will be required.
For those of us who have not built up a solid credit history, or have a poor credit history, it can prove difficult to obtain car finance.
This however is not the time to quit, because bad credit finance can be found, either as a bad credit car loan, or a bad credit personal loan.
Before applying for bad credit finance, it is a good idea to first try the bank or financial business that you normally deal with. Before contacting your bank, take some time to prepare your case in writing.
When applying for bad credit loan, include information about the vehicle you intend to purchase, such as make, model, year, mileage and most importantly price.
Make sure to find out how much the repayments are likely to be, and what strategies you have in place to meet those repayments.
When approaching your bank or financial institution for a bad credit auto loan, make an effort to look presentable, and act and behave in a professional manner. Remember, first impressions count.
Another point to bear in mind, is that quite often the bank will be more inclined to grant you bad credit finance on a newer vehicle, due to it having more value if the bank should need to repossess it.
If the situation should come up where your bank will not give you a bad credit loan, do not give up yet. There are a few more options available. Some of the bigger city auto dealers offer their own bad credit car loans, and there are also other businesses which will provide you with either a bad credit auto loan, or a bad credit personal loan.
When considering bad credit financing, it is advisable to shop around and do your homework, because the interest rates offered can vary quite significantly between the various lenders.
The internet, is as always a great place to look for information, and auto finance is no exception. Once you have searched for and found a few organizations offering bad credit car loans, it is quite easy to submit an application online.
Things to keep in mind when buying a car include. Make sure the car is mechanically sound, and if you know a mechanic, get him to check it out. Also keep other costs such as insurance and registration in mind.
But most importantly, enjoy the pride and freedom that owning your own car creates.
by Noel Clarke
There are not many people in this world who do not get excited by the prospect of buying a new car. This excitement can sometimes be deflated by the whole finance thing. If your credit history is not so good, or basically non existent, then you may need to find a bad credit car loan.
Second to real estate, buying a motor vehicle is probably the biggest financial commitment many people will get to make, and obtaining auto finance, is just part of the process.
Let face it , we all need a reliable car to get around, and most of us would rather drive a nice new or late car than an old bomb.
Unfortunately, flash cars cost more, and this means that for a lot of people, a bad credit auto loan will be required.
For those of us who have not built up a solid credit history, or have a poor credit history, it can prove difficult to obtain car finance.
This however is not the time to quit, because bad credit finance can be found, either as a bad credit car loan, or a bad credit personal loan.
Before applying for bad credit finance, it is a good idea to first try the bank or financial business that you normally deal with. Before contacting your bank, take some time to prepare your case in writing.
When applying for bad credit loan, include information about the vehicle you intend to purchase, such as make, model, year, mileage and most importantly price.
Make sure to find out how much the repayments are likely to be, and what strategies you have in place to meet those repayments.
When approaching your bank or financial institution for a bad credit auto loan, make an effort to look presentable, and act and behave in a professional manner. Remember, first impressions count.
Another point to bear in mind, is that quite often the bank will be more inclined to grant you bad credit finance on a newer vehicle, due to it having more value if the bank should need to repossess it.
If the situation should come up where your bank will not give you a bad credit loan, do not give up yet. There are a few more options available. Some of the bigger city auto dealers offer their own bad credit car loans, and there are also other businesses which will provide you with either a bad credit auto loan, or a bad credit personal loan.
When considering bad credit financing, it is advisable to shop around and do your homework, because the interest rates offered can vary quite significantly between the various lenders.
The internet, is as always a great place to look for information, and auto finance is no exception. Once you have searched for and found a few organizations offering bad credit car loans, it is quite easy to submit an application online.
Things to keep in mind when buying a car include. Make sure the car is mechanically sound, and if you know a mechanic, get him to check it out. Also keep other costs such as insurance and registration in mind.
But most importantly, enjoy the pride and freedom that owning your own car creates.
Tuesday, March 24, 2009
Auto Loan and New Car Buying
Auto Loan and New Car Buying
by Alevoor Rajagopal
Shopping for a new car isn't a cake walk if count the stress, hassles and the big expense involved. Barring buying a house, new car purchase is without a doubt the big ticket purchase perhaps everyone of us make. Buying a new car, however, is not a straight forward activity, especially if you are buying for the first time.
When you set off, you must be clear in your mind whether you need to go for an auto loan or whether you can pay from your savings. If you decide to go for car loan, there are many options before you and one of which is having the finance arranged through the dealers which they do from their regular bankers. However, if you have time and patience, it is a good idea to explore the possibility of arranging finance from one of your known credit unions as they are known to be cheaper than banks. In any case, what you must keep in mind is that all these charges are an additional cost you.
Before signing on the dotted line make sure that you have read and understood their terms conditions and all surprising charges entirely. If you think you need a clarification, take a friend's advice. It is important to understand that having signed on the paper you are bound by their terms which is final. A hasty step, on your part, can be an expensive move than buying a new car itself. Buying a new car and car loan are all about patience, perseverance, preparation and some nerve wracking hard bargaining. The whole process of buying a new car can only be compared to buying a home for all the grind both of them possess. Your new car buying can be a pleasurable experience only if you are calculative to shop smartly and have time to do it.
New Car Loan - Critical Points to Mind Judging a car loan, given the myriad of lenders and products, can be equally hard as judging a car itself. A new car financier will always extend loans to buying a new car. However, when negotiating with them, remember not to focus too much on the monthly payment, which the lenders always push you towards. It is prudent to remember that new cars devalue faster while you will still be paying the same monthly amount.
Many car finance deals fall apart midway not just because of your difficulty to understand but also because of lenders. Your focus must be to escape, if posible charges as you identify them. The standard discount will be about 7-10% which, as a routine, they will be happy to give away. If the lender requires credit insurance; you must add this also into the cost of the credit. Never forget to include the overheads as some of them are inevitable. Online car finance lenders have lower operating budgets as opposed to banks and credit unions which you can explore.
All said and done, the unparalleled advantage of buying new cars is the current technology, warranty and the standard safety features. Paying for a brand new car is not at all a wrong decision only because of high price tags, depreciation and interest rates. If you are confident of buying a new car in all the comforts and full awareness of implications, you can drive away proudly.
by Alevoor Rajagopal
Shopping for a new car isn't a cake walk if count the stress, hassles and the big expense involved. Barring buying a house, new car purchase is without a doubt the big ticket purchase perhaps everyone of us make. Buying a new car, however, is not a straight forward activity, especially if you are buying for the first time.
When you set off, you must be clear in your mind whether you need to go for an auto loan or whether you can pay from your savings. If you decide to go for car loan, there are many options before you and one of which is having the finance arranged through the dealers which they do from their regular bankers. However, if you have time and patience, it is a good idea to explore the possibility of arranging finance from one of your known credit unions as they are known to be cheaper than banks. In any case, what you must keep in mind is that all these charges are an additional cost you.
Before signing on the dotted line make sure that you have read and understood their terms conditions and all surprising charges entirely. If you think you need a clarification, take a friend's advice. It is important to understand that having signed on the paper you are bound by their terms which is final. A hasty step, on your part, can be an expensive move than buying a new car itself. Buying a new car and car loan are all about patience, perseverance, preparation and some nerve wracking hard bargaining. The whole process of buying a new car can only be compared to buying a home for all the grind both of them possess. Your new car buying can be a pleasurable experience only if you are calculative to shop smartly and have time to do it.
New Car Loan - Critical Points to Mind Judging a car loan, given the myriad of lenders and products, can be equally hard as judging a car itself. A new car financier will always extend loans to buying a new car. However, when negotiating with them, remember not to focus too much on the monthly payment, which the lenders always push you towards. It is prudent to remember that new cars devalue faster while you will still be paying the same monthly amount.
Many car finance deals fall apart midway not just because of your difficulty to understand but also because of lenders. Your focus must be to escape, if posible charges as you identify them. The standard discount will be about 7-10% which, as a routine, they will be happy to give away. If the lender requires credit insurance; you must add this also into the cost of the credit. Never forget to include the overheads as some of them are inevitable. Online car finance lenders have lower operating budgets as opposed to banks and credit unions which you can explore.
All said and done, the unparalleled advantage of buying new cars is the current technology, warranty and the standard safety features. Paying for a brand new car is not at all a wrong decision only because of high price tags, depreciation and interest rates. If you are confident of buying a new car in all the comforts and full awareness of implications, you can drive away proudly.
Refinance Car Loans: Avail maximum benefits and flexibility.
Refinance Car Loans: Avail maximum benefits and flexibility.
by Alan Jordan
The financial market is abuzz with lenders who are offering car loans at competitive rates. Gone are the days where a borrower has to pay high rate of interest on the existing car loan. If you are a borrower paying high rate of interest and want to avoid such a situation, do not hesitate to opt for a refinance car loan.
Refinance Car Loans gives you the option to change the lender for better rates of interest and efficient loan management. At present it is the easiest way to avoid paying high rate of interest on your existing car loan. If you are having a tough time to repay the bigger installments of your existing car loan, then it will be a better option if you go for refinance car loan. Refinance car loan assist you in extending the loan period and converts the bigger monthly installments to smaller installments. The installments will depend on your repaying capacity.
There are several factors that are needed to be looked upon before applying for a refinance car loan. For instance, you must remember to compare the prevailing market value of your car to that of your outstanding loan amount with your lender. The loan amount you will be approved will be equal to the present value of your car. The refinance car loan provider may also look that the car is in your name. You cannot avail a refinance car loan in others name other than the original borrower.
Before approving refinance car loan, the loan provider will verify the borrower's monthly income and job stability. The borrower must have a monthly income of more than £1500. The borrower must be more than 18 years of age. The car against which you are availing the loan must not be more than 7 years old.
Refinance car loan is available to you whenever you may think to change the repayment period or the installment of each month. Refinance car loan is a better way to save a lot of money that you were earlier paying for your auto loan.
by Alan Jordan
The financial market is abuzz with lenders who are offering car loans at competitive rates. Gone are the days where a borrower has to pay high rate of interest on the existing car loan. If you are a borrower paying high rate of interest and want to avoid such a situation, do not hesitate to opt for a refinance car loan.
Refinance Car Loans gives you the option to change the lender for better rates of interest and efficient loan management. At present it is the easiest way to avoid paying high rate of interest on your existing car loan. If you are having a tough time to repay the bigger installments of your existing car loan, then it will be a better option if you go for refinance car loan. Refinance car loan assist you in extending the loan period and converts the bigger monthly installments to smaller installments. The installments will depend on your repaying capacity.
There are several factors that are needed to be looked upon before applying for a refinance car loan. For instance, you must remember to compare the prevailing market value of your car to that of your outstanding loan amount with your lender. The loan amount you will be approved will be equal to the present value of your car. The refinance car loan provider may also look that the car is in your name. You cannot avail a refinance car loan in others name other than the original borrower.
Before approving refinance car loan, the loan provider will verify the borrower's monthly income and job stability. The borrower must have a monthly income of more than £1500. The borrower must be more than 18 years of age. The car against which you are availing the loan must not be more than 7 years old.
Refinance car loan is available to you whenever you may think to change the repayment period or the installment of each month. Refinance car loan is a better way to save a lot of money that you were earlier paying for your auto loan.
How to Reduce Auto Loan Rates
How to Reduce Auto Loan Rates
by Alexander Anderson
Getting an auto loan is not as difficult process, as finding a suitable loan rate for you. This is the issue you should care about, before taking a loan. It is a good idea to perform some researches online as it will be really helpful to arrange the best offer for your auto loan.
However, if you still have to pay much for your auto loan, there can be found several ways in order to reduce expenses related to repayment of your auto loan.
To start with, make sure that you state out every detail and feature clearly when taking a loan. It is very important, because this step will enable you to lower the chance of your chosen company or bank, charging you high rates. Make all details accessible for them, so that not to leave them any single item to qualify for a discount.
Another way is changing your loan. You can shop around and compare auto loan rates offered by different companies. If the other company offers better premiums, then you can refinance your loan, as refinancing is the best way for those willing to reduce the monthly payments. Lower interest rates will save you a significant amount of money.
To reduce your auto loan rates and charges, it is important to arrange your loan payments just on time. It must be a really effective way for reducing your rates, if you begin paying half of your monthly amount bi weekly. This way you will find that, you covered the whole year's payments in 11 months; this method will sufficiently decrease your loan amount and interests.
Another way to reduce your interest payments is to pay off a larger amount of your payments straight away. Even the smallest additional payment will make a big deal in reducing your loan rates. The larger amount you will pay immediately, the sooner you will pay off your loan and the more money you will save.
Besides these options using a credit card may be useful for your aim. If you find a credit card that will have 0% offers for half a year, then you can take advantage of it, by paying off part of your loans. It is also good way to reduce your rates and to save money.
The last, but not the least option is taking secured loans for your car or auto. It may be more risky, but commonly they have lower rates. Refinancing to a secured loan will certainly reduce your loan rates. But, when doing so you should be assured that you can afford the payments, otherwise you will loss your car.
Now you can decide which of these steps to follow. As a minimum, following one of them will reduce your auto loan rates, and will save you money. Therefore, it is your choice.
WFS auto loans are covered in more detail at our web site. Find out more about auto loans.
by Alexander Anderson
Getting an auto loan is not as difficult process, as finding a suitable loan rate for you. This is the issue you should care about, before taking a loan. It is a good idea to perform some researches online as it will be really helpful to arrange the best offer for your auto loan.
However, if you still have to pay much for your auto loan, there can be found several ways in order to reduce expenses related to repayment of your auto loan.
To start with, make sure that you state out every detail and feature clearly when taking a loan. It is very important, because this step will enable you to lower the chance of your chosen company or bank, charging you high rates. Make all details accessible for them, so that not to leave them any single item to qualify for a discount.
Another way is changing your loan. You can shop around and compare auto loan rates offered by different companies. If the other company offers better premiums, then you can refinance your loan, as refinancing is the best way for those willing to reduce the monthly payments. Lower interest rates will save you a significant amount of money.
To reduce your auto loan rates and charges, it is important to arrange your loan payments just on time. It must be a really effective way for reducing your rates, if you begin paying half of your monthly amount bi weekly. This way you will find that, you covered the whole year's payments in 11 months; this method will sufficiently decrease your loan amount and interests.
Another way to reduce your interest payments is to pay off a larger amount of your payments straight away. Even the smallest additional payment will make a big deal in reducing your loan rates. The larger amount you will pay immediately, the sooner you will pay off your loan and the more money you will save.
Besides these options using a credit card may be useful for your aim. If you find a credit card that will have 0% offers for half a year, then you can take advantage of it, by paying off part of your loans. It is also good way to reduce your rates and to save money.
The last, but not the least option is taking secured loans for your car or auto. It may be more risky, but commonly they have lower rates. Refinancing to a secured loan will certainly reduce your loan rates. But, when doing so you should be assured that you can afford the payments, otherwise you will loss your car.
Now you can decide which of these steps to follow. As a minimum, following one of them will reduce your auto loan rates, and will save you money. Therefore, it is your choice.
WFS auto loans are covered in more detail at our web site. Find out more about auto loans.
5 Tips for Bad Credit Car Loan
5 Tips for Bad Credit Car Loan
by Ronn Jones
In recent times, owning a car has become more of a need than a luxury. It has become essential to have a car to maintain the daily rush in today's world. However, the expense involved with purchasing a car is not a very small one. It is true that several loan plans or finance schemes have been introduced to help individuals fulfill their need of purchase. But that does not solve the issue. As a loan history is often checked before the finance takes place. Especially it becomes even more difficult for an individual to get a loan for purchasing a car if he does not have a credit history and worse if he has a bad credit history.
However, this does not necessarily mean that a person with a bad credit will never be able to acquire a finance scheme to help him own a car. There are certain things that have to be kept in mind in order to get the bad credit car loan.
First of all, one should be well aware of his credit score before proceeding for the loan. It is obvious that without proper information on the credit score an individual will not be able to judge how to proceed. So it is better to free credit report from each of the major bureaus once a year.
One should be well aware of the interest rate and prepare a budget in advance. The interest rates for bad credit car loan often vary from 12% to 18%. An estimate of the loan interest rate and monthly net income would often drive the repayment. Hence this has to be carefully considered to understand the amount that could be borrowed. There are several auto loan calculators available. This program could be used to prepare an estimated budget. However, the results may vary. In case it does, it is better to review the loan materials like the auto loan amount; loan rate; the loan fees and the taxes and fees.
There are several credit unions available nowadays. These credit unions can be joined automatically by virtue of an individual's workplace, school etc. Sometimes these credit unions can also be joined by paying a small fee. As most of these credit unions operate as non-profits, they offer some of the most competitive rates available.
One very important thing would be to know how to work and negotiate with used car dealers. Used car dealers play an important role in bad credit car loan. While many of the larger lenders have consumer-direct lending groups, the vast majority of auto loans in the U.S. are originated through dealerships. These dealers often know lenders; they are experienced in preparing loan applications; they have cars for sale and most importantly they can provide alternatives. While negotiating with them, one should always be ready with the Finance and Insurance office.
And finally, last but not the least, it is always better to get loan quotes in advance. This would provide a lead time and also help to foresee and prepare well for the bad credit car loan.
by Ronn Jones
In recent times, owning a car has become more of a need than a luxury. It has become essential to have a car to maintain the daily rush in today's world. However, the expense involved with purchasing a car is not a very small one. It is true that several loan plans or finance schemes have been introduced to help individuals fulfill their need of purchase. But that does not solve the issue. As a loan history is often checked before the finance takes place. Especially it becomes even more difficult for an individual to get a loan for purchasing a car if he does not have a credit history and worse if he has a bad credit history.
However, this does not necessarily mean that a person with a bad credit will never be able to acquire a finance scheme to help him own a car. There are certain things that have to be kept in mind in order to get the bad credit car loan.
First of all, one should be well aware of his credit score before proceeding for the loan. It is obvious that without proper information on the credit score an individual will not be able to judge how to proceed. So it is better to free credit report from each of the major bureaus once a year.
One should be well aware of the interest rate and prepare a budget in advance. The interest rates for bad credit car loan often vary from 12% to 18%. An estimate of the loan interest rate and monthly net income would often drive the repayment. Hence this has to be carefully considered to understand the amount that could be borrowed. There are several auto loan calculators available. This program could be used to prepare an estimated budget. However, the results may vary. In case it does, it is better to review the loan materials like the auto loan amount; loan rate; the loan fees and the taxes and fees.
There are several credit unions available nowadays. These credit unions can be joined automatically by virtue of an individual's workplace, school etc. Sometimes these credit unions can also be joined by paying a small fee. As most of these credit unions operate as non-profits, they offer some of the most competitive rates available.
One very important thing would be to know how to work and negotiate with used car dealers. Used car dealers play an important role in bad credit car loan. While many of the larger lenders have consumer-direct lending groups, the vast majority of auto loans in the U.S. are originated through dealerships. These dealers often know lenders; they are experienced in preparing loan applications; they have cars for sale and most importantly they can provide alternatives. While negotiating with them, one should always be ready with the Finance and Insurance office.
And finally, last but not the least, it is always better to get loan quotes in advance. This would provide a lead time and also help to foresee and prepare well for the bad credit car loan.
Used Car Auto Loans: A Car Is Ready For You
Used Car Auto Loans: A Car Is Ready For You
by Gary Grobowski
If you do not have the sufficient funds to buy a new car, then do not be desperate and consider the used car auto loans. The used car auto loans is the another path or option for you to realize the dream of having a car of your own, which is easily accessible. If you have made up your mind to approach a lender and now looking for an affordable finance, then following few strategies can help you a lot to make the deal rational and easily reimburse it. Following are the few steps mentioned below:
*Evaluate the value of the car
*Estimate the amount required as loan
*Borrow amount that you can payback easily in installments
The used car auto loans are formatted in a very deliberate manner and grant favor to the bad credit holders. So, it is indeed good news for persons who are having bad credit like CCJs, defaults, arrears, bankruptcy or any bad accredit tags that they can also now be a car owner and can have a car which they are longing for. The bad credit holders are offered the same proposals and can go for any option secured and unsecured according to their choice and ability.
Though in the market, obtaining loans for car with the help of used car auto loans is easy, but applicants should be savvy in cases of rate of interest because it has an effect on the monthly repayments. However, to get a marginal rate in not a tough task, as it demands a little bit of effort from applicant's part. Applicants should collect and compare the quotes of used car auto loans proffered by different lenders.
Approving and obtaining the loan of used car auto loans is a simple and straight forward, which makes it intelligible for common minds. It can be approached through conventional or online method by furnishing the details of credit and personal profile in an elusive manner. If you are not thorough with any point or in cases need more information then you can use the homepages of the loan or can call the customer care centre without any hesitation. So, used car auto loans have made it possible to materialize the dream of having a car for the common category of persons.
by Gary Grobowski
If you do not have the sufficient funds to buy a new car, then do not be desperate and consider the used car auto loans. The used car auto loans is the another path or option for you to realize the dream of having a car of your own, which is easily accessible. If you have made up your mind to approach a lender and now looking for an affordable finance, then following few strategies can help you a lot to make the deal rational and easily reimburse it. Following are the few steps mentioned below:
*Evaluate the value of the car
*Estimate the amount required as loan
*Borrow amount that you can payback easily in installments
The used car auto loans are formatted in a very deliberate manner and grant favor to the bad credit holders. So, it is indeed good news for persons who are having bad credit like CCJs, defaults, arrears, bankruptcy or any bad accredit tags that they can also now be a car owner and can have a car which they are longing for. The bad credit holders are offered the same proposals and can go for any option secured and unsecured according to their choice and ability.
Though in the market, obtaining loans for car with the help of used car auto loans is easy, but applicants should be savvy in cases of rate of interest because it has an effect on the monthly repayments. However, to get a marginal rate in not a tough task, as it demands a little bit of effort from applicant's part. Applicants should collect and compare the quotes of used car auto loans proffered by different lenders.
Approving and obtaining the loan of used car auto loans is a simple and straight forward, which makes it intelligible for common minds. It can be approached through conventional or online method by furnishing the details of credit and personal profile in an elusive manner. If you are not thorough with any point or in cases need more information then you can use the homepages of the loan or can call the customer care centre without any hesitation. So, used car auto loans have made it possible to materialize the dream of having a car for the common category of persons.
Sunday, March 22, 2009
What Is A Preapproved Auto Loan
What Is A Preapproved Auto Loan?
by Joseph Kenny
When you want to go and look for a good deal on a car, you want to go and get a preapproved auto loan. These auto loans will save you some time and money, partly because the auto dealer will be glad to see you already have the cash on hand. Here is what you need to know about a preapproved auto loan.
A preapproved auto loan is very similar to being preapproved for a house. It shows the seller that you are serious. This makes them more serious about giving you some good savings up front. It also tells them that you are looking for a deal - right now. They know that if they do not deliver something that interests you quickly, then you will be out the door - and your money will be gone, too.
Going to your lender first allows you to know in advance just how much of an auto loan you can get. This will cut down your time in searching for a car because you will know what you have to work with in the way of cash from the start. After you fill out the application for a preapproved auto loan, the lender provides you with a blank check up to a certain credit limit. With that check in your pocket, you are free to look for the car of your choice.
You will also be given a limited time to spend the preapproved auto loan check. This check is usually good for only a few days. You do not even have to use the check at all. You are under no obligation to do so, and usually no charges will apply until you actually sign the check and use it to purchase your car.
You save money by knowing exactly what charges apply up front. Sometimes, when you deal with dealer financing, you may find that you get stuck with an unsatisfactory deal and higher interest rates than you wanted. But with a preapproved auto loan - if you do not like the rates - just do not use the check.
Before you sign the check, though, it would be a real good idea to find out the value of the car you are thinking about buying. That is, at least if you want to be sure that you really are getting a great deal. By going online, you can quickly determine the value and asking price of your car - anywhere. You may even find that you can get a better deal at another dealer in town. Then, you could even go back to the first dealer, where you saw the car, and see if they will match the price or come down even more. Having a preapproved auto loan check in your pocket will help you get a great deal - but you need to be informed as to the value of the car you want.
One more thing, before you go to any lender for your preapproved auto loan, remember that lenders are like auto dealers. Each one has their own set prices and rates, but by shopping around, you can find that better interest rate and terms. Also, don't forget to check your credit report first, and look for any mistakes and correct them before you apply. This will help you get the best interest rates possible.
by Joseph Kenny
When you want to go and look for a good deal on a car, you want to go and get a preapproved auto loan. These auto loans will save you some time and money, partly because the auto dealer will be glad to see you already have the cash on hand. Here is what you need to know about a preapproved auto loan.
A preapproved auto loan is very similar to being preapproved for a house. It shows the seller that you are serious. This makes them more serious about giving you some good savings up front. It also tells them that you are looking for a deal - right now. They know that if they do not deliver something that interests you quickly, then you will be out the door - and your money will be gone, too.
Going to your lender first allows you to know in advance just how much of an auto loan you can get. This will cut down your time in searching for a car because you will know what you have to work with in the way of cash from the start. After you fill out the application for a preapproved auto loan, the lender provides you with a blank check up to a certain credit limit. With that check in your pocket, you are free to look for the car of your choice.
You will also be given a limited time to spend the preapproved auto loan check. This check is usually good for only a few days. You do not even have to use the check at all. You are under no obligation to do so, and usually no charges will apply until you actually sign the check and use it to purchase your car.
You save money by knowing exactly what charges apply up front. Sometimes, when you deal with dealer financing, you may find that you get stuck with an unsatisfactory deal and higher interest rates than you wanted. But with a preapproved auto loan - if you do not like the rates - just do not use the check.
Before you sign the check, though, it would be a real good idea to find out the value of the car you are thinking about buying. That is, at least if you want to be sure that you really are getting a great deal. By going online, you can quickly determine the value and asking price of your car - anywhere. You may even find that you can get a better deal at another dealer in town. Then, you could even go back to the first dealer, where you saw the car, and see if they will match the price or come down even more. Having a preapproved auto loan check in your pocket will help you get a great deal - but you need to be informed as to the value of the car you want.
One more thing, before you go to any lender for your preapproved auto loan, remember that lenders are like auto dealers. Each one has their own set prices and rates, but by shopping around, you can find that better interest rate and terms. Also, don't forget to check your credit report first, and look for any mistakes and correct them before you apply. This will help you get the best interest rates possible.
Finding Your Best Options For Car Loan Refinancing
Finding Your Best Options For Car Loan Refinancing
by Jon Arnold
Car loan refinancing is becoming more and more popular. Many people never think about refinancing their car. But when taking a look at this information, you may change your mind. Car loan refinancing can save a bunch of money!
You want to keep in mind that when you refinance your car loan, you want to do it early on. The best time to refinance your car would be about 2 or 3 months after you signed your car loan. Many people with bad credit, for example, do not think that they can refinance their car. But it will save big money. You may have a high interest rate car loan around 20% interest and you may think that you cannot qualify for a car loan refinancing. But this is not true. This could make a big difference in your payments and the interest that you can save here.
The money that you can save when making your payments after refinancing your loan can help you to pay off your car faster!
You may be someone who has already a pretty decent rate. But don't be fooled. You can still save more money when refinancing your loan. Even a 1% difference spells out some big money depending on the amount you owe. Remember however to do this early on so that you can really save some money.
When going online you can find different lenders who are offering their services in assisting you to get a car loan refinancing. You want to make sure to fill out the questionnaire correctly. This will help the new lender in finding your original loan.
Before you go ahead with a car loan refinancing you need to check on the value that your car has at his time. This is important since the lender is making sure that the amount you still owe on your vehicle is in line with the current value of your car. But you do not need an appraisal like you would when taking out a mortgage.
If the value of your car is less than the amount you currently owe, you do not need to apply for a car loan refinancing.
On the other hand, if the value of your car is in line with the loan amount, you can save money right from the start. There are lenders that once you are approved for your loan, will give you up to 60 days before making your first payment. This gives you room to spend your money on something else or just simply save it!
Car loan refinancing is really a smart way to do business when buying a car. Unless you have almost perfect credit and a 0% - 3% auto loan interest rate, you really should be making some financial adjustments here. You want to find some great options for a car loan refinancing!
So do not waste time and money by sitting back and waiting. What are you waiting for? Just go online and in a matter of a few seconds the needed information is right at your finger tips. You will find all that you need to know about car loan refinancing. It's so easy and simple!
by Jon Arnold
Car loan refinancing is becoming more and more popular. Many people never think about refinancing their car. But when taking a look at this information, you may change your mind. Car loan refinancing can save a bunch of money!
You want to keep in mind that when you refinance your car loan, you want to do it early on. The best time to refinance your car would be about 2 or 3 months after you signed your car loan. Many people with bad credit, for example, do not think that they can refinance their car. But it will save big money. You may have a high interest rate car loan around 20% interest and you may think that you cannot qualify for a car loan refinancing. But this is not true. This could make a big difference in your payments and the interest that you can save here.
The money that you can save when making your payments after refinancing your loan can help you to pay off your car faster!
You may be someone who has already a pretty decent rate. But don't be fooled. You can still save more money when refinancing your loan. Even a 1% difference spells out some big money depending on the amount you owe. Remember however to do this early on so that you can really save some money.
When going online you can find different lenders who are offering their services in assisting you to get a car loan refinancing. You want to make sure to fill out the questionnaire correctly. This will help the new lender in finding your original loan.
Before you go ahead with a car loan refinancing you need to check on the value that your car has at his time. This is important since the lender is making sure that the amount you still owe on your vehicle is in line with the current value of your car. But you do not need an appraisal like you would when taking out a mortgage.
If the value of your car is less than the amount you currently owe, you do not need to apply for a car loan refinancing.
On the other hand, if the value of your car is in line with the loan amount, you can save money right from the start. There are lenders that once you are approved for your loan, will give you up to 60 days before making your first payment. This gives you room to spend your money on something else or just simply save it!
Car loan refinancing is really a smart way to do business when buying a car. Unless you have almost perfect credit and a 0% - 3% auto loan interest rate, you really should be making some financial adjustments here. You want to find some great options for a car loan refinancing!
So do not waste time and money by sitting back and waiting. What are you waiting for? Just go online and in a matter of a few seconds the needed information is right at your finger tips. You will find all that you need to know about car loan refinancing. It's so easy and simple!
Prepare Your Credit To Be Able To Get Auto Loan
Prepare Your Credit To Be Able To Get Auto Loan
by Jon Arnold
Whether you are in the market to buy a brand new car or a used bar, having a good credit score will not only make a difference in what you can buy, but it can also definitely save you big money.
Due to the steady rising prices and loss of jobs, many people live on credit and some are having a hard time managing their money. Often, credit scores are less than desirable. So what can you do when you are need to take out an auto loan?
You can get an auto loan even with bad credit. But you are not able to buy what you really want and the interest rates are likely to be sky high. So before going ahead with your purchase, you want to prepare to get the best possible deal for yourself.
You may take a look at your credit ratings by the 3 major reporting companies, Equifax, Trans Union and Experian. Most people are not aware that their credit report is not always accurate. Make sure that your credit reports are accurate and up to date!
Department store credit accounts can lower your credit ratings also. Lenders look at the amount of your credit accounts that you may have. For example you may owe $ 50 here and $180 there and you may owe another $120 on another store credit card. This may give the impression that you have open credit accounts scattered all around and that you may have a spending problem. So here is what you want to do. Take the smallest credit card and pay it off. And then pay off the next one and so on. In a short amount of time, your credit scores will go up and you will have a better way to keep your finances under control.
You really need to start a program like this now before you get an auto loan. You can prepare for this ahead of time and get a better interest rate.
A down payment for a car can also help in making things easier and less expensive. Make yourself a goal of saving every month and do not touch it, regardless of what emergency might come up. (A sale on designer purses is not an emergency!) Save this money for a nice down payment on your next auto loan. The amount you need to finance for your auto loan will be less, and the size of the down payment can sometimes influence the interest rate for that auto loan.
This can also help when you negotiate with the car dealer. Never pay the sticker price! You always want to ask for a price reduction! The auto market is highly competitive, and the dealership realizes that if they do not give you the best deal, you can and should go to a different dealership.
You may want to consider going online to get pre-approved for the auto loan you are seeking. You do not need to specify which car or which dealership, you simply get approved for a certain dollar amount. Now with that information in hand, you have a strong negotiating tool to use with the dealership, because now he knows you are serious and getting financed is not an issue that he needs to worry about for you. Our web site allows you to get a quote for the best pricing possible, regardless of what the dealer tells you.
You may have already an auto loan with a high interest rate or you are in the process of getting one, so what can you do now? Paying some extra money along with your required payment will save you time and quite a bit of money in interest.
by Jon Arnold
Whether you are in the market to buy a brand new car or a used bar, having a good credit score will not only make a difference in what you can buy, but it can also definitely save you big money.
Due to the steady rising prices and loss of jobs, many people live on credit and some are having a hard time managing their money. Often, credit scores are less than desirable. So what can you do when you are need to take out an auto loan?
You can get an auto loan even with bad credit. But you are not able to buy what you really want and the interest rates are likely to be sky high. So before going ahead with your purchase, you want to prepare to get the best possible deal for yourself.
You may take a look at your credit ratings by the 3 major reporting companies, Equifax, Trans Union and Experian. Most people are not aware that their credit report is not always accurate. Make sure that your credit reports are accurate and up to date!
Department store credit accounts can lower your credit ratings also. Lenders look at the amount of your credit accounts that you may have. For example you may owe $ 50 here and $180 there and you may owe another $120 on another store credit card. This may give the impression that you have open credit accounts scattered all around and that you may have a spending problem. So here is what you want to do. Take the smallest credit card and pay it off. And then pay off the next one and so on. In a short amount of time, your credit scores will go up and you will have a better way to keep your finances under control.
You really need to start a program like this now before you get an auto loan. You can prepare for this ahead of time and get a better interest rate.
A down payment for a car can also help in making things easier and less expensive. Make yourself a goal of saving every month and do not touch it, regardless of what emergency might come up. (A sale on designer purses is not an emergency!) Save this money for a nice down payment on your next auto loan. The amount you need to finance for your auto loan will be less, and the size of the down payment can sometimes influence the interest rate for that auto loan.
This can also help when you negotiate with the car dealer. Never pay the sticker price! You always want to ask for a price reduction! The auto market is highly competitive, and the dealership realizes that if they do not give you the best deal, you can and should go to a different dealership.
You may want to consider going online to get pre-approved for the auto loan you are seeking. You do not need to specify which car or which dealership, you simply get approved for a certain dollar amount. Now with that information in hand, you have a strong negotiating tool to use with the dealership, because now he knows you are serious and getting financed is not an issue that he needs to worry about for you. Our web site allows you to get a quote for the best pricing possible, regardless of what the dealer tells you.
You may have already an auto loan with a high interest rate or you are in the process of getting one, so what can you do now? Paying some extra money along with your required payment will save you time and quite a bit of money in interest.
All About Getting A Bad Credit Car Loan
All About Getting A Bad Credit Car Loan
by Noel Clarke
For most people the idea of buying a new car is an exciting one. You have done the legwork and found the car of our dreams. But if you are one of the many people with a bad or weak credit history, you may need a bad credit car loan.
The fact is buying a car for most people is one of the biggest purchases they will ever make. Owning a car is kind of like a right of passage for a lot of people, and definitely a sign of coming of age for most teenagers.
Having a reliable form of transport is essential for most of us to go about our daily business, and most people would agree that owning a modern and reliable vehicle is preferable to driving an old banger.
Unfortunately, flash cars cost more, and this means that for a lot of people, a bad credit auto loan will be required.
The problem is that if you have a poor credit history, or have not had time to establish a good credit record, then its going to feel like the whole financial system has it in for you.
This however is not the time to quit, because bad credit finance can be found, either as a bad credit car loan, or a bad credit personal loan.
The first choice is always to contact the bank you normally do business with, and always take a bit of time to prepare your case in writing before contacting your bank for an appointment.
Part of your application for a bad credit loan should contain information about the vehicle you intend to purchase, this should include the year , make , odometer reading and price.
Also do a bit of research on repayment schedules, so that you have some idea of what the down payment and repayments are going to be, and how you intend to meet those repayments.
On the subject of approaching your bank, it is a good idea to look respectable, wear some nice clothes and do your hair and in the case of men have a shave before going. Remember the old saying about "first impressions".
Strange as it may seem,it is sometimes easier to get a bad credit car loan on a more expensive vehicle rather than a cheaper one. The banks probably figure that the more expensive vehicle will have more value should they have to repossess it.
In the situation where your bank refuses you a bad credit auto loan, do not despair. There are other lending businesses out there who will provide bad credit car or personal loans, and even some of the bigger car dealerships provide their own car finance.
Before grabbing the first bad credit loan available, it is a good idea to do some research on the various lending businesses out there. If you take the time to do this, you will be surprised at the range of interest rates on offer.
The internet, is as always a great place to look for information, and auto finance is no exception. Once you have searched for and found a few organizations offering bad credit car loans, it is quite easy to submit an application online.
Things to keep in mind when buying a car include. Make sure the car is mechanically sound, and if you know a mechanic, get him to check it out. Also keep other costs such as insurance and registration in mind.
Do the research, get the loan and get the car.
by Noel Clarke
For most people the idea of buying a new car is an exciting one. You have done the legwork and found the car of our dreams. But if you are one of the many people with a bad or weak credit history, you may need a bad credit car loan.
The fact is buying a car for most people is one of the biggest purchases they will ever make. Owning a car is kind of like a right of passage for a lot of people, and definitely a sign of coming of age for most teenagers.
Having a reliable form of transport is essential for most of us to go about our daily business, and most people would agree that owning a modern and reliable vehicle is preferable to driving an old banger.
Unfortunately, flash cars cost more, and this means that for a lot of people, a bad credit auto loan will be required.
The problem is that if you have a poor credit history, or have not had time to establish a good credit record, then its going to feel like the whole financial system has it in for you.
This however is not the time to quit, because bad credit finance can be found, either as a bad credit car loan, or a bad credit personal loan.
The first choice is always to contact the bank you normally do business with, and always take a bit of time to prepare your case in writing before contacting your bank for an appointment.
Part of your application for a bad credit loan should contain information about the vehicle you intend to purchase, this should include the year , make , odometer reading and price.
Also do a bit of research on repayment schedules, so that you have some idea of what the down payment and repayments are going to be, and how you intend to meet those repayments.
On the subject of approaching your bank, it is a good idea to look respectable, wear some nice clothes and do your hair and in the case of men have a shave before going. Remember the old saying about "first impressions".
Strange as it may seem,it is sometimes easier to get a bad credit car loan on a more expensive vehicle rather than a cheaper one. The banks probably figure that the more expensive vehicle will have more value should they have to repossess it.
In the situation where your bank refuses you a bad credit auto loan, do not despair. There are other lending businesses out there who will provide bad credit car or personal loans, and even some of the bigger car dealerships provide their own car finance.
Before grabbing the first bad credit loan available, it is a good idea to do some research on the various lending businesses out there. If you take the time to do this, you will be surprised at the range of interest rates on offer.
The internet, is as always a great place to look for information, and auto finance is no exception. Once you have searched for and found a few organizations offering bad credit car loans, it is quite easy to submit an application online.
Things to keep in mind when buying a car include. Make sure the car is mechanically sound, and if you know a mechanic, get him to check it out. Also keep other costs such as insurance and registration in mind.
Do the research, get the loan and get the car.
Used Car Loan,Best Option
Used Car Loan - What Is Your Best Option?
by Glen Crawford
Purchasing a used vehicle in cold cash is the ideal set up since it will not entail used car loan interest rates to be paid by the buyer on top of the car's value. However, there are people who barely have enough cash but are willing to settle on a used car loan just to own a used car. A used car loan may be obtained from different institutions.
If you are looking for a used car loan but don't know where to start then these tips might help:
For the less experienced buyer, a used car loan offered by some dealers appears to be very attractive, in terms of low interest finance, no deposit and even cash-back terms available. However, upon further examination, the details look far less acceptable. Expect to pay high interest rates for your loan. Long repayment terms are often non-negotiable; it means higher overall cost of the purchase for your used car. When you add to it the fact, that even the asking price is raised for the high risk applicants, the whole idea of obtaining a used car loan, while having a low credit score, is highly questionable. One thing needs to be mentioned though; banks are not willing to lend money for buying vehicles that are not new.
One of the ways to source a used car loan is through the dedicated finance companies. Their lending policies are more liberal than those of the banks. Still, they will require that the correct value of the car is submitted, as it is the loan's collateral. No need to be suspicious. This process is actually beneficial to the purchaser. It helps to preserve the integrity of the deal; in simple terms, prevents you from overpaying the vendor. Regardless who's the lender, your used car loan will have to be based on a deposit; usually 20% of the purchase price. This gives the lender a safety margin, should the loan default, and car had to be repossessed.
Studies also show that getting a used car loan from financial institutions is not really highly recommended considering that most of these companies increase interest rates by five percent. It usually happens when certain used car loan dealerships offer promotions and attractive benefits and advantages. This should make any buyer wary enough to investigate, compare, and check all the other used car auto financing institutions and find out which among them offers the lowest.
As mentioned earlier, you've virtually two sources available for a loan to buy a used car. The first one: banks and credit unions lend rather reluctantly for used cars. The value is usually the problem here, and they expect you to have a high credit score. The second: finance companies and lending co-ops have less restrictive rules, but will charge you a much higher interest: 5-10% above of the bank. The solution: improve your credit score, and ask the bank again.
Be warned that a standard used car loan will not cover all your purchase expenses. There are registration fee and insurance premiums to be paid as well. Make sure, that you've the monies needed. As one of the options, you can include these expenses in the amount of the loan, although it's not advisable, as it will drive your repayment amount higher.
The procedure of securing a used car loan is not always straightforward, and often involves some verbal agreements, done in informal talks. Beware, whatever happens later may cause you a severe financial problems. You must insist that all negotiations leading to a specific loan agreement are well documented. The Consumer Code puts certain obligations on the lenders, but the borrower should also do his/her part of the due diligence.
When you've your used car loan granted, your purchase can be finalized swiftly. Don't forget about finalizing all matters related to your car insurance and registration. Later on, when your credit score improves, shop around for a cheaper used car loan. You may be surprised how much money you will be able to save over the life of the loan, just by refinancing it on a lower interest rate.
Borrowers who were not able to get 0 percent to 3 percent car loan from car manufacturers can actually get a refinanced used car loan. One good tip for a buyer to consider is by looking at the auto refinancing interest rates offered by some sites which may offer at least one percent less interest than the current used car loan interest rate. This should be done as soon as one bought a used car through a car loan. One may use the calculators on these sites for one to determine the percent of savings one can get if he refinances his car loan. This has been the strategy of most buyers to get big savings.
by Glen Crawford
Purchasing a used vehicle in cold cash is the ideal set up since it will not entail used car loan interest rates to be paid by the buyer on top of the car's value. However, there are people who barely have enough cash but are willing to settle on a used car loan just to own a used car. A used car loan may be obtained from different institutions.
If you are looking for a used car loan but don't know where to start then these tips might help:
For the less experienced buyer, a used car loan offered by some dealers appears to be very attractive, in terms of low interest finance, no deposit and even cash-back terms available. However, upon further examination, the details look far less acceptable. Expect to pay high interest rates for your loan. Long repayment terms are often non-negotiable; it means higher overall cost of the purchase for your used car. When you add to it the fact, that even the asking price is raised for the high risk applicants, the whole idea of obtaining a used car loan, while having a low credit score, is highly questionable. One thing needs to be mentioned though; banks are not willing to lend money for buying vehicles that are not new.
One of the ways to source a used car loan is through the dedicated finance companies. Their lending policies are more liberal than those of the banks. Still, they will require that the correct value of the car is submitted, as it is the loan's collateral. No need to be suspicious. This process is actually beneficial to the purchaser. It helps to preserve the integrity of the deal; in simple terms, prevents you from overpaying the vendor. Regardless who's the lender, your used car loan will have to be based on a deposit; usually 20% of the purchase price. This gives the lender a safety margin, should the loan default, and car had to be repossessed.
Studies also show that getting a used car loan from financial institutions is not really highly recommended considering that most of these companies increase interest rates by five percent. It usually happens when certain used car loan dealerships offer promotions and attractive benefits and advantages. This should make any buyer wary enough to investigate, compare, and check all the other used car auto financing institutions and find out which among them offers the lowest.
As mentioned earlier, you've virtually two sources available for a loan to buy a used car. The first one: banks and credit unions lend rather reluctantly for used cars. The value is usually the problem here, and they expect you to have a high credit score. The second: finance companies and lending co-ops have less restrictive rules, but will charge you a much higher interest: 5-10% above of the bank. The solution: improve your credit score, and ask the bank again.
Be warned that a standard used car loan will not cover all your purchase expenses. There are registration fee and insurance premiums to be paid as well. Make sure, that you've the monies needed. As one of the options, you can include these expenses in the amount of the loan, although it's not advisable, as it will drive your repayment amount higher.
The procedure of securing a used car loan is not always straightforward, and often involves some verbal agreements, done in informal talks. Beware, whatever happens later may cause you a severe financial problems. You must insist that all negotiations leading to a specific loan agreement are well documented. The Consumer Code puts certain obligations on the lenders, but the borrower should also do his/her part of the due diligence.
When you've your used car loan granted, your purchase can be finalized swiftly. Don't forget about finalizing all matters related to your car insurance and registration. Later on, when your credit score improves, shop around for a cheaper used car loan. You may be surprised how much money you will be able to save over the life of the loan, just by refinancing it on a lower interest rate.
Borrowers who were not able to get 0 percent to 3 percent car loan from car manufacturers can actually get a refinanced used car loan. One good tip for a buyer to consider is by looking at the auto refinancing interest rates offered by some sites which may offer at least one percent less interest than the current used car loan interest rate. This should be done as soon as one bought a used car through a car loan. One may use the calculators on these sites for one to determine the percent of savings one can get if he refinances his car loan. This has been the strategy of most buyers to get big savings.
Saturday, March 21, 2009
Improve Your Credit With An Auto Loan
Improve Your Credit With An Auto Loan
by Gregg Pennington
If you plan on financing your next vehicle, you should take some time to shop for car loan quotes. Naturally you want to get the best possible interest rate, since auto loan interest rates are closely tied to your credit rating and credit score. Although you will need an excellent credit scored to get the best auto loan rates, most people are still able to secure some kind of auto financing. Free quotes are widely available online, and by comparing a number of quotes, you will get an idea of what to expect.
The first step in shopping for a car loan is to order a free copy of your credit report. If you find erroneous items on the credit report, you should get them removed before financing a vehicle. Once you review your credit report and learn your credit score, you will have some idea of the interest rate you can expect to pay.
If you find that your credit is poor, there are steps you can take to improve your credit score. Close accounts that you use rarely or never, because having too many open credit accounts can adversely affect your credit score. Avoid having accounts maxed out, and try not to make any late payments before applying for your auto loan.
Be aware that an excessive number of inquiries into your credit can have an adverse effect on your credit score. However, some inquiries count toward your FICO score and others don't. If you authorize a lender to check your credit before applying for a loan or other type of credit, it will affect your FICO score. If you request a copy of your own credit report, or a business requests a copy of your report before performing a service or offering merchandise, it will not count against your credit score. Likewise, inquiries by a potential employer will not affect your FICO score.
There are a few steps you can take to improve your credit score before you apply for an auto loan:
- Close credit accounts which you seldom use, as having too many accounts may lower your credit score.
- Try to keep balances paid down as much as possible. A number of maxed out accounts could be viewed as a sign of the potential inability of an applicant to be able to make the payments.
- Obtain a copy of your credit report and check it for errors. Many people find inaccuracies on their credit reports that have lowered their credit score. You have the right to have corrections made to any inaccurate items on your credit report.
Once you have confirmed that your credit report contains only accurate information, you should build a history of timely payments, lowering your debt to income ratio and decreasing your total amount of debt. Increasing your credit score takes time, since negative items can remain on your credit report for seven years, and ten in the case of bankruptcy. Fortunately, older items are less important than your recent credit activity.
Now that you have the foundation for improving your credit in place, you are ready to begin shopping for auto loan quotes. Getting online quotes is a quick and efficient way to test the waters and see what kind of rates and terms you will be able to procure. Obviously you want the best car loan rates possible, but you should also be aware of the terms offered and the length of the loan. If lower monthly payments are your goal, you may greatly extend the time it takes to pay off the loan.
Don't overlook banks and credit unions where you already do business as sources of auto loan financing. They may offer you significantly lower interest rates and give you more flexibility in the repayment terms of your car loan. Don't eliminate dealer financing as an option when purchasing a vehicle; just be aware that car dealers often add extra points in exchange for a lower interest rate, or charge more for the vehicle itself.
Unless you are able to pay off your loan early, it will usually take several years to repay. Making timely auto loan payments will help increase your credit score, which will allow you to get a less expensive loan the next time you purchase a vehicle. In fact, demonstrating responsibility with an auto loan is one of the best ways to improve your credit.
by Gregg Pennington
If you plan on financing your next vehicle, you should take some time to shop for car loan quotes. Naturally you want to get the best possible interest rate, since auto loan interest rates are closely tied to your credit rating and credit score. Although you will need an excellent credit scored to get the best auto loan rates, most people are still able to secure some kind of auto financing. Free quotes are widely available online, and by comparing a number of quotes, you will get an idea of what to expect.
The first step in shopping for a car loan is to order a free copy of your credit report. If you find erroneous items on the credit report, you should get them removed before financing a vehicle. Once you review your credit report and learn your credit score, you will have some idea of the interest rate you can expect to pay.
If you find that your credit is poor, there are steps you can take to improve your credit score. Close accounts that you use rarely or never, because having too many open credit accounts can adversely affect your credit score. Avoid having accounts maxed out, and try not to make any late payments before applying for your auto loan.
Be aware that an excessive number of inquiries into your credit can have an adverse effect on your credit score. However, some inquiries count toward your FICO score and others don't. If you authorize a lender to check your credit before applying for a loan or other type of credit, it will affect your FICO score. If you request a copy of your own credit report, or a business requests a copy of your report before performing a service or offering merchandise, it will not count against your credit score. Likewise, inquiries by a potential employer will not affect your FICO score.
There are a few steps you can take to improve your credit score before you apply for an auto loan:
- Close credit accounts which you seldom use, as having too many accounts may lower your credit score.
- Try to keep balances paid down as much as possible. A number of maxed out accounts could be viewed as a sign of the potential inability of an applicant to be able to make the payments.
- Obtain a copy of your credit report and check it for errors. Many people find inaccuracies on their credit reports that have lowered their credit score. You have the right to have corrections made to any inaccurate items on your credit report.
Once you have confirmed that your credit report contains only accurate information, you should build a history of timely payments, lowering your debt to income ratio and decreasing your total amount of debt. Increasing your credit score takes time, since negative items can remain on your credit report for seven years, and ten in the case of bankruptcy. Fortunately, older items are less important than your recent credit activity.
Now that you have the foundation for improving your credit in place, you are ready to begin shopping for auto loan quotes. Getting online quotes is a quick and efficient way to test the waters and see what kind of rates and terms you will be able to procure. Obviously you want the best car loan rates possible, but you should also be aware of the terms offered and the length of the loan. If lower monthly payments are your goal, you may greatly extend the time it takes to pay off the loan.
Don't overlook banks and credit unions where you already do business as sources of auto loan financing. They may offer you significantly lower interest rates and give you more flexibility in the repayment terms of your car loan. Don't eliminate dealer financing as an option when purchasing a vehicle; just be aware that car dealers often add extra points in exchange for a lower interest rate, or charge more for the vehicle itself.
Unless you are able to pay off your loan early, it will usually take several years to repay. Making timely auto loan payments will help increase your credit score, which will allow you to get a less expensive loan the next time you purchase a vehicle. In fact, demonstrating responsibility with an auto loan is one of the best ways to improve your credit.
My Bad Credit Car Loan
My Bad Credit Car Loan
by Noel Clarke
There are not many people in this world who do not get excited by the prospect of buying a new car. This excitement can sometimes be deflated by the whole finance thing. If your credit history is not so good, or basically non existent, then you may need to find a bad credit car loan.
The fact is buying a car for most people is one of the biggest purchases they will ever make. Owning a car is kind of like a right of passage for a lot of people, and definitely a sign of "coming of age" for most teenagers. Let face it , we all need a reliable car to get around, and most of us would rather drive a nice new or late car than an old bomb. But nice new or late model cars are obviously a lot more expensive than old cars, and that means that most of us will require some sort of finance. The problem is that if you have a poor credit history, or have not had time to establish a good credit record, then its going to feel like the whole financial system has it in for you. Unfortunately banks and most financial or lending businesses do not look favorably on people with no or bad credit history's.
But before you decide to give up, bad credit finance is available, be it a bad credit personal loan, or in the case of buying a car, a bad credit auto loan.
The first choice is always to contact the bank you normally do business with, and always take a bit of time to prepare your case in writing before contacting your bank for an appointment. Make sure you have all the facts about the vehicle you would like to purchase, such as price , model, year , mileage etc. Also do a bit of research on repayment schedules, so that you have some idea of what the down payment and repayments are going to be, and how you intend to meet those repayments. On the subject of approaching your bank, it is a good idea to look respectable, wear some nice clothes and do your hair and in the case of men have a shave before going. Remember the old saying about "first impressions". Another point to bear in mind, is that quite often the bank will be more inclined to grant you bad credit finance on a newer vehicle, due to it having more value if the bank should need to repossess it.
If your bank turns you down, it is not the end of the line.
There are lenders out there who specialize in bad credit finance, and who will be able to furnish you with a bad credit car loan. The fact is , some of the bigger motor car dealers would be willing to give you a bad cedit auto loan. When considering bad credit financing, it is advisable to shop around and do your homework, because the interest rates offered can vary quite significantly between the various lenders. A good starting point for researching the various bad credit financing institutions is of course the internet. By using the search engines like Google, Yahoo etc, you will find many lending businesses where you can submit aloan application. From there it is a fairly simple matter of filling out and submitting an application form.
When buying a car, some things to keep in mind may include. If you are planning to buy a used car, get a friendly mechanic to give it a once over. Keep in mind additional costs such as insurance, registration etc. And most importantly, to enjoy the pride and freedom that owning your own car creates.
by Noel Clarke
There are not many people in this world who do not get excited by the prospect of buying a new car. This excitement can sometimes be deflated by the whole finance thing. If your credit history is not so good, or basically non existent, then you may need to find a bad credit car loan.
The fact is buying a car for most people is one of the biggest purchases they will ever make. Owning a car is kind of like a right of passage for a lot of people, and definitely a sign of "coming of age" for most teenagers. Let face it , we all need a reliable car to get around, and most of us would rather drive a nice new or late car than an old bomb. But nice new or late model cars are obviously a lot more expensive than old cars, and that means that most of us will require some sort of finance. The problem is that if you have a poor credit history, or have not had time to establish a good credit record, then its going to feel like the whole financial system has it in for you. Unfortunately banks and most financial or lending businesses do not look favorably on people with no or bad credit history's.
But before you decide to give up, bad credit finance is available, be it a bad credit personal loan, or in the case of buying a car, a bad credit auto loan.
The first choice is always to contact the bank you normally do business with, and always take a bit of time to prepare your case in writing before contacting your bank for an appointment. Make sure you have all the facts about the vehicle you would like to purchase, such as price , model, year , mileage etc. Also do a bit of research on repayment schedules, so that you have some idea of what the down payment and repayments are going to be, and how you intend to meet those repayments. On the subject of approaching your bank, it is a good idea to look respectable, wear some nice clothes and do your hair and in the case of men have a shave before going. Remember the old saying about "first impressions". Another point to bear in mind, is that quite often the bank will be more inclined to grant you bad credit finance on a newer vehicle, due to it having more value if the bank should need to repossess it.
If your bank turns you down, it is not the end of the line.
There are lenders out there who specialize in bad credit finance, and who will be able to furnish you with a bad credit car loan. The fact is , some of the bigger motor car dealers would be willing to give you a bad cedit auto loan. When considering bad credit financing, it is advisable to shop around and do your homework, because the interest rates offered can vary quite significantly between the various lenders. A good starting point for researching the various bad credit financing institutions is of course the internet. By using the search engines like Google, Yahoo etc, you will find many lending businesses where you can submit aloan application. From there it is a fairly simple matter of filling out and submitting an application form.
When buying a car, some things to keep in mind may include. If you are planning to buy a used car, get a friendly mechanic to give it a once over. Keep in mind additional costs such as insurance, registration etc. And most importantly, to enjoy the pride and freedom that owning your own car creates.
Things To Avoid When Getting Your New Car And Auto Loan
Things To Avoid When Getting Your New Car And Auto Loan
by Joseph Kenny
Buying that new car at the dealers can often be filled with a number of mistakes that tip off the car salesman as to the ignorance of the buyer. He or she will often then proceed to take advantage of unsuspecting customers (victims). By being informed, though, as to things that should be avoided, you can come away knowing that you got the deal on your car loan that you wanted. Here are some things you want to avoid.
1. Dressing Up For Car Shopping
If you come into the car dealership with a lot of fancy clothes, jewelry and gold, you really can forget about being offered a good deal. They certainly will look for clues as to what kind of deals to offer their clients, and will gear the deal to what they perceive the people can afford. Also, if you drive in with a Porsche - expect to pay a higher price than others on your next car.
2. Buying At End Of Season
Every year, when it comes time for the new cars to arrive, all the older models are reduced in order to make room for the new ones. Sometimes, however, the dealer may not advertise the reduced prices in order to see if there is someone who will walk in and buy it at the original price. Sure enough, there often will be somebody who has not done some homework and found out that the same model was reduced $6,000 a month earlier. Or, possibly, worse yet, he or she could have bought the new model for just $1,000 more.
3. Show Too Much Emotion Over A Car You Like
If you give the impression that you really love a certain car and must have it now type of approach, the salesman will play on this. He or she knows that your emotions will lead you to buy it - even if the price is not quite right. This means they will most likely not be as flexible with their offers as you want them to be.
4. Don't Be In A Hurry
Giving the impression that you are in a hurry tells the salesperson that you may not have time to think things through. This will encourage them to aim high and not give you the deal you would like to have. Instead, you want to give the salesman the impression you are not in a hurry, and this will force them to make their best offer before you walk out the door.
5. Finance Through The Car Dealer
This could be a serious mistake because - in many cases - you could get better financial terms by getting preapproved for a car loan. Dealers are sometimes notorious for adding charges, or making a bait and switch auto loan which gives you higher terms than what you initially thought you were getting.
6. Failing To Research The Car's Value Before You Buy
Dealers often post high prices because they know that most people like to negotiate. This means that if you pay the initial offer, that you are giving them more than even they had hoped for. This leaves room for serious negotiation, but you need to know what the car is really going for on the market to be able to make the best deals.
A little homework on your part will enable you to be certain that you are prepared to do business. It will also help you get the car and the auto loan deal you wanted and will be proud of - proud enough to tell your friends and family.
by Joseph Kenny
Buying that new car at the dealers can often be filled with a number of mistakes that tip off the car salesman as to the ignorance of the buyer. He or she will often then proceed to take advantage of unsuspecting customers (victims). By being informed, though, as to things that should be avoided, you can come away knowing that you got the deal on your car loan that you wanted. Here are some things you want to avoid.
1. Dressing Up For Car Shopping
If you come into the car dealership with a lot of fancy clothes, jewelry and gold, you really can forget about being offered a good deal. They certainly will look for clues as to what kind of deals to offer their clients, and will gear the deal to what they perceive the people can afford. Also, if you drive in with a Porsche - expect to pay a higher price than others on your next car.
2. Buying At End Of Season
Every year, when it comes time for the new cars to arrive, all the older models are reduced in order to make room for the new ones. Sometimes, however, the dealer may not advertise the reduced prices in order to see if there is someone who will walk in and buy it at the original price. Sure enough, there often will be somebody who has not done some homework and found out that the same model was reduced $6,000 a month earlier. Or, possibly, worse yet, he or she could have bought the new model for just $1,000 more.
3. Show Too Much Emotion Over A Car You Like
If you give the impression that you really love a certain car and must have it now type of approach, the salesman will play on this. He or she knows that your emotions will lead you to buy it - even if the price is not quite right. This means they will most likely not be as flexible with their offers as you want them to be.
4. Don't Be In A Hurry
Giving the impression that you are in a hurry tells the salesperson that you may not have time to think things through. This will encourage them to aim high and not give you the deal you would like to have. Instead, you want to give the salesman the impression you are not in a hurry, and this will force them to make their best offer before you walk out the door.
5. Finance Through The Car Dealer
This could be a serious mistake because - in many cases - you could get better financial terms by getting preapproved for a car loan. Dealers are sometimes notorious for adding charges, or making a bait and switch auto loan which gives you higher terms than what you initially thought you were getting.
6. Failing To Research The Car's Value Before You Buy
Dealers often post high prices because they know that most people like to negotiate. This means that if you pay the initial offer, that you are giving them more than even they had hoped for. This leaves room for serious negotiation, but you need to know what the car is really going for on the market to be able to make the best deals.
A little homework on your part will enable you to be certain that you are prepared to do business. It will also help you get the car and the auto loan deal you wanted and will be proud of - proud enough to tell your friends and family.
Know How To Play The Game With An Auto Loan
Know How To Play The Game With An Auto Loan
by Jon Arnold
Applying for and receiving an auto loan is a relatively easy process, even if you have bad credit or bankruptcy on your credit report. There are mountains of lending institutions that will give you very attractive rates on an auto loan, even if you have bad credit or a late payment history.
Obviously, the cleaner your credit record, the more attractive the rates will be. With the price of new cars these days, the difference of a couple of percentage points on a car that costs $30k or more can add up to several hundred dollars over the course of the loan. In that light, you may want to take the time to get a copy of your credit report and review it. This is particularly important when you consider the fact that the majority of consumer credit reports have errors in them, which in turn lead the credit bureau to produce a credit score for the consumer that is lower than it really should be without the errors. You have a right (and also, many say, a DUTY) to dispute those errors on your credit report so that your credit score is as accurate as possible.
The next thing to consider about the terms of your auto loan are how long you wish to finance the car for. Again, with the price of new cars being so high these days for a nice car, some loan companies are allowing up to 72 months (6 years) or even more in some cases to repay the loan. While this makes the monthly payment appear to be extremely attractive and affordable, keep in mind that you do NOT want to get into a situation down the road where the car is falling off the tires and you still have a year or more of payments to make on it. Gauge the number of years to take out the loan for, and then estimate realistically the number of miles that you will likely drive in a year. For example, if you estimate that you will drive 25k miles per year, do the math - that car will have 100k miles on it at the end of just 4 years, and will also likely have almost no trade-in value.
Now be aware of the "game" that car dealerships play with the base amount. You want to feel that you have gotten a good deal on the car, no doubt about that. So you haggle and negotiate with the car salesman to arrive at a price, where that price is significantly below what the window sticker says the car should sell for.
But that is not the end of the story. You have probably gone online and found the trade-in value of your existing car. If your existing car is somewhat late model, and realistically in "fair" condition (not "excellent" and perhaps not even "good"), there are places online where you can find out what the dealer should give you as a trade-in value on that car.
But what the online sites do not tell you is that you can expect that much trade-in value on your existing car if you are paying sticker price for your new car. But you should never pay sticker price for your new car! Let's look at an example.
Say the new car you want has a sticker price of $35k and you found online that your existing car in "fair" condition should be worth $5k on a trade-in. That means the new car will cost you $30k. If you pay sticker price, that is probably the way the deal would work out. But if you negotiate the price of the new car down to say $32k, now the dealer will only give you $2k for your trade-in, despite what your online source says you should get as trade-in value on it. The end result is exactly the same - the new car is going to cost you $30k.
Be realistic about how much you are going to finance for your new auto, how long you will take the loan out for, how much can you comfortably afford to put down on it so that you are financing less, then factor in the realistic trade-in value for your existing car, and after all that is done, THEN you have a figure to work with when shopping for your new car financing!
by Jon Arnold
Applying for and receiving an auto loan is a relatively easy process, even if you have bad credit or bankruptcy on your credit report. There are mountains of lending institutions that will give you very attractive rates on an auto loan, even if you have bad credit or a late payment history.
Obviously, the cleaner your credit record, the more attractive the rates will be. With the price of new cars these days, the difference of a couple of percentage points on a car that costs $30k or more can add up to several hundred dollars over the course of the loan. In that light, you may want to take the time to get a copy of your credit report and review it. This is particularly important when you consider the fact that the majority of consumer credit reports have errors in them, which in turn lead the credit bureau to produce a credit score for the consumer that is lower than it really should be without the errors. You have a right (and also, many say, a DUTY) to dispute those errors on your credit report so that your credit score is as accurate as possible.
The next thing to consider about the terms of your auto loan are how long you wish to finance the car for. Again, with the price of new cars being so high these days for a nice car, some loan companies are allowing up to 72 months (6 years) or even more in some cases to repay the loan. While this makes the monthly payment appear to be extremely attractive and affordable, keep in mind that you do NOT want to get into a situation down the road where the car is falling off the tires and you still have a year or more of payments to make on it. Gauge the number of years to take out the loan for, and then estimate realistically the number of miles that you will likely drive in a year. For example, if you estimate that you will drive 25k miles per year, do the math - that car will have 100k miles on it at the end of just 4 years, and will also likely have almost no trade-in value.
Now be aware of the "game" that car dealerships play with the base amount. You want to feel that you have gotten a good deal on the car, no doubt about that. So you haggle and negotiate with the car salesman to arrive at a price, where that price is significantly below what the window sticker says the car should sell for.
But that is not the end of the story. You have probably gone online and found the trade-in value of your existing car. If your existing car is somewhat late model, and realistically in "fair" condition (not "excellent" and perhaps not even "good"), there are places online where you can find out what the dealer should give you as a trade-in value on that car.
But what the online sites do not tell you is that you can expect that much trade-in value on your existing car if you are paying sticker price for your new car. But you should never pay sticker price for your new car! Let's look at an example.
Say the new car you want has a sticker price of $35k and you found online that your existing car in "fair" condition should be worth $5k on a trade-in. That means the new car will cost you $30k. If you pay sticker price, that is probably the way the deal would work out. But if you negotiate the price of the new car down to say $32k, now the dealer will only give you $2k for your trade-in, despite what your online source says you should get as trade-in value on it. The end result is exactly the same - the new car is going to cost you $30k.
Be realistic about how much you are going to finance for your new auto, how long you will take the loan out for, how much can you comfortably afford to put down on it so that you are financing less, then factor in the realistic trade-in value for your existing car, and after all that is done, THEN you have a figure to work with when shopping for your new car financing!
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