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.
Tuesday, March 24, 2009
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!
Online Auto Loans - Best Option for Automobile Buyers
Online Auto Loans - Best Option for Automobile Buyers
by Ronn Jones
Automobiles, in recent times, have become more a need than luxury. A car is required by almost every individual for the purpose of daily conveyance. No longer is automobiles considered just a status symbol but it caters to the everyday needs of people. As a result, the demand for automobiles has increased. However, not everyone can afford to buy one. The amount required to own a car is not very less. Hence plenty of schemes in the form of auto loans have been introduced to meet the needs of these people and enable them with right purchasing power thus fulfilling their demand.
Even though these auto loans have helped individuals a lot in fulfilling their need of owning a car, the processes involved in order to get an auto loan is not very easy. The process often includes visiting plenty of lenders and dealers, finding out the right and best deal, negotiate and finally the hectic paper works. This entire process is quite time consuming and often dampens a lot of energy and enthusiasm. And to top it all, the interest rates charged by the lenders are often very high and might include certain hidden costs.
But these problems do not end the chances of an individual getting an auto loan easily. Nowadays we have the online auto loans. These online auto loans have come as a relief to all the individuals who always wanted to avail a loan to own a car, but had backed off due to the inherent problems of availing an auto loan. Online auto loans are easy to get, less hectic and do not require a huge amount of hectic paperwork. In fact, over 75% of the U.S. consumers use online auto loans in recent times. Over 20% of consumers who use the internet to gather automotive information actually prefer shopping for auto loans online to shopping through banks, credit unions and dealerships.
The main advantage of this growingly popular online auto loans is that they are easily approved. The entire process almost never takes more than a day's time. There's just an online form that needs to be filled up with certain detailed information and submitted. This required information is generally the basic information like salary, employer, amount required to be borrowed etc. This application might take a maximum of about ten to fifteen minutes to be submitted. However, it will be up to the lender to decide the amount of loan to be approved. Not only do online auto loans take less hassle to be applied for, searching for the right ones also takes less time. And by comparing various online loan rates, one can easily make out which deal is the best and suitable. Thus, it surely helps to save a lot of time.
Last but not the least, online auto loans generally come at a cheaper rate than its offline counterparts. No hidden fees or costs are ever involved in online auto loans. After the approval of online auto loan, the rate of interest will be locked for at least a month. Within this period an automobile can be purchased from anywhere with the loan amount, thus helping individuals by giving them more choices. With all these advantages, online auto loans are definitely the best options for potential automobile buyers.
by Ronn Jones
Automobiles, in recent times, have become more a need than luxury. A car is required by almost every individual for the purpose of daily conveyance. No longer is automobiles considered just a status symbol but it caters to the everyday needs of people. As a result, the demand for automobiles has increased. However, not everyone can afford to buy one. The amount required to own a car is not very less. Hence plenty of schemes in the form of auto loans have been introduced to meet the needs of these people and enable them with right purchasing power thus fulfilling their demand.
Even though these auto loans have helped individuals a lot in fulfilling their need of owning a car, the processes involved in order to get an auto loan is not very easy. The process often includes visiting plenty of lenders and dealers, finding out the right and best deal, negotiate and finally the hectic paper works. This entire process is quite time consuming and often dampens a lot of energy and enthusiasm. And to top it all, the interest rates charged by the lenders are often very high and might include certain hidden costs.
But these problems do not end the chances of an individual getting an auto loan easily. Nowadays we have the online auto loans. These online auto loans have come as a relief to all the individuals who always wanted to avail a loan to own a car, but had backed off due to the inherent problems of availing an auto loan. Online auto loans are easy to get, less hectic and do not require a huge amount of hectic paperwork. In fact, over 75% of the U.S. consumers use online auto loans in recent times. Over 20% of consumers who use the internet to gather automotive information actually prefer shopping for auto loans online to shopping through banks, credit unions and dealerships.
The main advantage of this growingly popular online auto loans is that they are easily approved. The entire process almost never takes more than a day's time. There's just an online form that needs to be filled up with certain detailed information and submitted. This required information is generally the basic information like salary, employer, amount required to be borrowed etc. This application might take a maximum of about ten to fifteen minutes to be submitted. However, it will be up to the lender to decide the amount of loan to be approved. Not only do online auto loans take less hassle to be applied for, searching for the right ones also takes less time. And by comparing various online loan rates, one can easily make out which deal is the best and suitable. Thus, it surely helps to save a lot of time.
Last but not the least, online auto loans generally come at a cheaper rate than its offline counterparts. No hidden fees or costs are ever involved in online auto loans. After the approval of online auto loan, the rate of interest will be locked for at least a month. Within this period an automobile can be purchased from anywhere with the loan amount, thus helping individuals by giving them more choices. With all these advantages, online auto loans are definitely the best options for potential automobile buyers.
Thursday, March 19, 2009
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.
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.
Tuesday, March 17, 2009
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.
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!
Saturday, March 14, 2009
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.
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.
Thursday, March 12, 2009
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.
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