Posts tagged ‘auto loans’

Financing Improves for New Car Buyers

If you are looking to buy a new car now is as good a time as any. In fact, now may be the best time for a long, long time. Automakers are finally starting to see some resurgence in sales of new automobiles, but so far financing rates have remained low. This combination of automakers who are looking to sell and banks who are looking to loan you money, means you can get a great deal on a new car today.

Car Sales Are Rising

In the United States, auto sales rose 20 percent in February. That is the highest jump since the Cash for Clunkers program in 2009 spurred many to trade in their old cars for new ones.

Yes, for sure, there is renewed interest in buying new cars. After three straight years of a slow decline, the numbers are gradually creeping back up.
This month General Motors, Nissan, Ford, Chrysler and just about everyone with a new car to sell are offering zero-percent interest rates on auto loans. If you would rather lease your next vehicle rather than buy you can find great deals to do that, too. Acura and Cadillac have lease deals for zero-percent down. That means you can drive away a new car for no money and they pay for the ongoing maintenance.

Shop Around for the Best Deal

The best advice for new car buyers today is, even if you have a very high credit score and think you are being offered the very best deal, shop around. Don

Military Bad Credit Car Loan

For years military personnel have ended up with the short end of the stick when they come back to civilian life. Recently, much needed changes have come about to honor our veterans in a more suitable manner. One of these changes is the creation of car loans specifically tailored for military personnel. Serving in the military does not allow one much opportunity to establish a credit history. Guaranteed auto financing for military personnel helps you establish credit. They are offered by private lenders to retired or active service members.

Benefits of a Military Car Loan

There are several benefits to getting approved for a military auto loan. Service members are guaranteed to get the loan they need for a new or used car. Interest rates are generally lower. The term is longer, therefore monthly payments are lower.

Why Does a Military Bad Credit Car Loan Have Lower Interest Rates?

Military members, active or retired, have a constant, reliable income. The longer term of the loan allows the lender to still make a nice profit in spite of the lower rate of interest. On the other hand, the lender may let you set up your loan in such a way as to make extra payments or additional lump sum payments without penalty. This knocks down your principal and pays off your loan sooner. The lender makes a little less profit, but he gets his money back.

You Must Have Served in One of the Military Branches to Qualify

To be eligible for military auto loans you need to have been, or still are, in active military duty. Whether you have good credit, bad credit or no credit history at all, you can still qualify.

Different Car Financing Options According To Your Credit History

These days everyone really needs a car, with long distance jobs, school activities, shopping, etc. Not everyone is able to go off to the bank and get a loan. There are now a lot of car financing companies on the internet that are offering auto loans to people who either have no credit yet or have bad credit. There is something for every situation.

Your Credit Rating

Your credit rating always seems to play the top role in whether or not you are able to get a loan.

Securing a Car Loan After Bankruptcy

You Can Rebuild Your Credit

If you have recently declared bankruptcy, don’t worry, it is not the end of your credit story. You can rebuild your credit with a car loan. In fact, auto loans are one of the best ways to improve your credit after a chapter 7 bankruptcy! Next to credit cards, car loans are the easiest type of credit to get.

Lenders are craving for your business and more eager than ever to give you a car loan. They don’t want to lose money, but they lose more by not taking the risk than would lose by not taking the risk! In general, people do not want to default on loans. Ninety-nine percent of borrowers fully intend to pay back every cent, and lenders know this. That is why they are willing to take a risk on someone, even though that someone may have a bankruptcy in their background!

Don’t be Afraid to Ask

If you have filed for bankruptcy fear might be your biggest obstacle. You are judging yourself before you even attempt to get a loan. Yes, a bankruptcy means you fell upon hard times and were not able to pay creditors, but it does not mean you are a bad person! You pick yourself up, dust yourself off and keep on trucking! Lenders know this and are willing to help you get back on track.


Leasing is often a good way to re-establish credit. But, many times the agreement will expire before you have had enough time to to really prove yourself. Making your new credit history very short. This makes securing a car loan difficult, but not impossible.

When You Really Need a Car Loan

When a person finds himself in the unfortunate state of having bad credit he needs to know that all hope is not lost. Different lenders have now made it possible to get a loan with what is called a

Auto Financing Tips

If you are looking to buy a new automobile no doubt you have already started doing your homework. Comparing vehicles and models, accessories and mileage and checking out an abundance of dealerships to see who has the best price for the exact vehicle you want to drive.

You need to do the same thing when it comes to getting financing for your new vehicle. Financing options abound, and everyone has a slightly different rate with slightly different terms. It is up to you, the consumer, to find the deal that is right for you.

The process of finding a financing option which is best for you can seem daunting but there are at least a few things you can do to make the process a lot less painful and lot more effective in the long run.

Dealer Financing

In many cases the dealership will work to help you find an option that you can handle. Remember, they want to sell you a car, so it is in their best interest to help you buy it, but there is only so much they can do. The rest is usually up to you.

Start by comparing financing options available at institutions other than the one your dealer recommends. Don

No Credit Car Loans: Bad Credit, No Problem

If you are looking for a quick and easy car loan, a

Getting a Bad Credit Auto Loan without a Cosigner

You might have heard that for the past couple years only buyers with excellent credit are able to secure loans for new automobiles. While this may be true for some dealers, maybe even most dealers, this certainly isn

Financing Tips

If you are among the lucky few who can pay cash for your brand new vehicle, you likely do not worry about financing, your credit score or who is offering the best interest rates on auto loans.

If that does not describe you, however, all those things should matter to you a great deal. In fact, keeping an eye on your credit score and knowing who is offering the best financing options is crucial information to have before you ever walk in the dealership door.

Today more new car buyers than ever before are looking for financing options offered outside the dealership. This has less to do with the reputable nature of dealerships and more to do with being a savvy consumer. At one time was the difference between the rate offered at your local bank and the rate available at the dealership were pretty close, if not exactly the same. These days the interest rate you get down the street might be quite a bit different than the rate the dealer offers you, especially if you have excellent credit.

There are banks, credit unions and an assortment of lending institutions looking to help you finance your next new vehicle purchase. This will likely lead dealers to offer more competitive rates, but so far, this has not been the case.

Leasing has become an ever more popular option for those looking at a new automobile. With a lease you might get a better monthly payment but you end up with no vehicle and no end to the payments. You don

How to become an auto loan broker in Virginia

Auto loan brokers serve as intermediaries between car buyers seeking for auto loans and lenders.

6 Disadvantages of a car lease

Car lease is a common option for individuals who are not capable of buying a car. This is also an option for individuals who want to switch vehicles every now and then. Just like buying a car through a car loan, lease involves monthly payments, interest rates, and credit checks. There are also differences between the two. In financing a car purchase through loans, you can actually own the car as soon as you pay the loan off while in leasing you need to return the car to the leasing company where you obtained it when the lease term ends. Besides these, there are other disadvantages involved in a car lease. Some of these are included in this article to provide you with greater understanding and this includes the following.

Payments and costs involved

Leasing a car is actually expensive compared to buying a vehicle through auto loans. This is because there are many fees involved in leasing that are not found on car loans. These fees include leasing costs and financing charges.

Car buyers guide in getting the lowest car loan rates

Buying a vehicle is an exciting experience but getting the lowest car loan rates to finance the vehicle would further make the experience more exciting. However, finding the right car is most of the time difficult since there are many car models offered on the market. The good thing is that getting the best car loan rate is easy to obtain. This article provides some tips that you can consider before going to the dealership.

Check your credit report

The best way for you to increase the chances of getting the best loan rates is checking your credit report. You need to examine the entries included in it to see if each of these is correct. This is important since most lenders base their calculations of the interest rates of your loans with the credit report. Do not hesitate to correct the wrong entries included on the report. You can also provide justifications of these incorrect entries when you go to the lender to apply for a loan.

In case the report shows that your credit score is low, make sure to improve this by looking upon your unpaid premiums. Paying your old dues improves your credit score therefore making you a lesser risk customer. This will not only affect the interest rate you get form auto loans but also the other loans that you wish to obtain.

Search for more financing deals

Searching for more financing deals helps you choose the offer that has the best rates included in it. You can do these by looking upon the available loan deals offered online. Using the internet also allows you to determine the offers solely offered for online applicants. These loan offers most of the time involve lower rates compared to those offered by banks and other credit institutions.

You can also check the loan rates offered by banks, credit unions, and dealerships. Compare their rates with those that you obtained from the internet.

How to obtain cheap car loan rates

Individuals who want to buy cars are always searching for cheap car loans. This is because a cheap car loan allows you to end up paying lesser amounts for the vehicle. Due to this, the savings could turn into a greater amount of money after several years. However, getting a cheap car loan depends on several factors. These auto loans rates are sometimes difficult to find, but there are certain procedures that could help you find one. Some of these procedures include the following:

Step 1: Know your credit rating

Always bear in mind that your credit rating has something to do with the loan rates you obtain. This simply means that when your credit rating is higher, it would be easier for you to obtain a cheap car loan. In order to know your credit rating, obtain a copy of your credit record from one of the three agencies handling it.
Look at the items included in the report and make some queries on items that you think are not correct. You need to do this before applying for a car loan for this allows an ample time to correct the problems in your credit report. Also make sure you have no other loans that are considered overdue. As soon as you know that your credit report is in order, you can now start looking for a cheap car loan rate.

Step 2: Do an extensive research

Before doing your search, make sure to arm yourself with some important facts. Figure out how much you are willing to spend and how much down payment you can afford. In case you don

How to reduce your car loan’s APR

Reducing the APR on your new car loan can help you to save hundreds of dollars. In case you are interested in reducing the APR, there is a need to for you to search for the useful ways on how to accomplish this. Some of the useful procedures in reducing the Annual Percentage Rate of the loan are written below.

1. Maintain a good credit rating

One of the most effective ways to reduce your car loan

Useful advice for bank auto loans

Bank auto loans are considered as one of the best loan to finance a vehicle. Banks may offer competitive and most of the time lower interests for car loans compared to other lenders. In addition to this, banks also offer longer loan terms for most loans. However, bank auto loans are not for everyone. There are certain aspects of these loans that you need to qualify.

In case you decide to consider loans from banks to finance your car, it is important to conduct some research first before doing the actual search. Useful advices on how to secure bank auto loans are outlined in this article to guide you in doing your research.

Know your credit score

Banks perform extensive credit checks before allowing you to apply for bank auto loans. Most banks require a credit score of more than 600 to qualify for their loans. Given this, it is important to know your credit score.

Try to visit more banks and inquire for the credit score requirement for the loans they offer. You can also search for the credit score requirements from websites owned by banks. Take note of these and make a short list of those that requires the score that is similar to what you own. Through this, you can identify the banks that could provide the loan.

Check your current loans

Before going to banks to apply for loans, it is important that you check your current loans. This might be included on your credit history but it is best to examine this separately. Most banks would not provide loans to individuals with many outstanding loans.

In some cases, banks would grant loans with higher interest to borrowers with few outstanding financial obligations from other lenders. To avoid higher interest, you might consider paying some of your loan off before getting a bank auto loan.

Check your history with banks

Checking your previous transactions with a bank could also help you qualify for the loans they provide. In case you obtained a loan from them previously and was able to complete the payments on time, the bank would most likely offer the financing you need. They might disregard the current loan check requirement and even provide you with better loan rates despite your low credit score.

What you need to know about auto loans

There are a lot of concerns that must be taken into consideration before getting an auto loan. Since this type of loan allows you to purchase a car using the money from lenders, this involves monthly payments and interest rates. In order to avoid spending more than what you can afford on these loans, educate yourself with the important facts about car loans. Some of these facts are the following:

1. Getting auto loans require proper planning

Proper planning is important before you decide to obtain loans from lenders. You need to look upon your monthly income and expenses. Through this, you will be able to determine the exact amount that you can afford for a loan.

Based on what you can afford, search for a car loan that fits into your budget. Do not hesitate to consider a low-priced car in case your budget states that it is what you can afford. Shop for better loan deals offered and extend your search by using the internet.

2. Auto loan rates depends on your credit score

Your credit score greatly affects the number of loans that you can qualify for. When your credit score is high, this could mean that there are many loans that are available for you. In addition to this, the interests of these loans would probably be lower since your credit score is high.

A low credit score on the other hand could mean higher interest rates and limited loan offers. This is because lenders would view you as a high-risk creditor, thus placing higher interest on the amount you would borrow from them.

3. Auto loans might need building your credit score

You might also need to build your low credit score before getting a new loan. This helps lower down the interest that you pay for the amount borrowed. You can build your credit score by getting affordable loans and paying the payments involved in it faithfully. Once you pay the loan off within the designated term your credit score would probably increase. This makes your next loan application easier and more affordable than it was before.

Rights of an auto loan co-signer

An auto loan requires a co-signer especially when the lender demands the loan applicant to produce such. A co-signer is usually required when you want to apply for a loan and your credit score is low. Due to your low credit score, lenders might consider you a high risk applicant. The co-signer serves as the lender

Benefits of auto loans

Auto loans allow car buyers to purchase the cars they want without the need to pay the entire sum all at once.