Posts tagged ‘car loans’

Subprime Car Loans for People With Poor Credit

Dreaming of driving a new car, but tormented by a poor credit history? Don’t worry. There are funding options available.

Shop Around

True, a perfect credit history can get you a better loan with lower interest, but if you shop around, you will be surprised at the financing options out there. First off, don’t rush into anything. Buying a new car is a big deal and should be thought through carefully. Take some time to save a few bucks every month. In no time you will have a nice sized down payment. The more you can put down, the less you will need to borrow. Also, don’t switch jobs just before looking for a loan. A solid work record will improve your chances for loan approval.

The Sub Prime Loan

You may try for a Sub prime auto loan. These loans are designed specifically for people with a poor credit history. And don’t forget collateral. If you have good collateral, the lender has security and is therefore more likely to give you a good deal. Anything you own outright or something with enough equity, like your house, can be used as collateral. But, a steady income is still the most vital point for securing any type of loan.

Get a Co-Signer

Getting a co-signer with good credit is another option for obtaining the car loan you want. With the co-signer taking equal responsibility for your loan the lender feels more confident in lending you the money you need. And you will get a better interest rate, too.

Choose Your Lender Carefully

Aside from the type of loan you need, you also need to consider who you are borrowing from. Car dealers are usually not your best choice. They want to sell you a car, usually more of a car than you can actually afford. They are more interested in the incentives they get for securing your loan than they are in getting you the best loan for your circumstances. It is better to get your own loan on your terms!

Guaranteed Auto Loan Pre-Approval

If you are like most Americans then buying a car with cash is not an option

Acquire a Good Auto Loan

Many people are not wealthy enough to buy new cars outright, that is how loans got started in the first place. But, what if your credit has been ruined through no fault of your own and you can’t qualify for a regular bank loan? That is how alternative financing institutions got started!

Online you will find many of these companies, making it easier than ever to get the car loan you need.

Sometimes It’s Hard to Get a Loan From a Bank

Banks and other institutions make it impossible to borrow from them if you have found yourself in the position of having bad credit, have declared bankruptcy or if are a first time buyer with no established credit history. Companies specializing in car loans for people in these situations make it easy. Plus, in many cases the payment structures are set up to make repayment a lot easier too.

You just have to find the right company offering a loan that suits your budget. The only thing the auto loan company will ask of you is that you pay back your loan in the agreed upon amount of time. Shop around for the one that has the best offer for you.

Read the Fine Print

Consider the options that you have before you fill out the application. Read all the fine print very carefully. Make sure you understand and agree with everything. Once you send in your application you will usually hear back from them in a very short amount of time. It’s fast and it’s easy. And it allows you to acquire the loan you need to get that much needed car.

Pay a lot of attention to your insurance as well. Different vehicles are in different insurance categories. For example, a sports car costs more than double to insure than a compact. So if your budget is a concern, be sure to get insurance quotes for the vehicles you’re interested in before signing the dotted line. The price difference may surprise you.

Take that load of worry off your shoulders and realize that there is hope and possibility of you being able to buy that car you so desperately need!

Instant Pre Approved Auto Loan

These days the internet is one of the very best ways to search out a low cost car loan.

Online Lenders

There are now lots of online companies that can offer you a very wide range of options. The bigger range you have to choose from, the better chance you have of getting the loan you want. Online you will find companies that give car loans at good rates and the one that suits your needs the best. All you need to do is some homework.

Read the Fine Print

Research potential lenders carefully and read all the fine print! Read between the lines if you have to, just make sure there is nothing hidden from you. Make sure you agree to the terms, you may not be able to change them later.

Instant Approval

Applying online is fast and easy. You will usually have an answer quickly and most of the time that answer will be yes. A hassle free loan that gives hope where none before could be found for someone in dire need of a car that has had problems in the past with credit.

Make Your Payments

These finance companies are marvelous and as long as you keep up your end of the bargain and make your monthly payments, you will find that your past bad credit rating is becoming a good credit rating. You are also saving on the application charges by doing it online and will be able to shop around for the best interest rates.

Students are also able to get an auto loan without having had any credit history at all.

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.

Getting a Low Rate Loan


Locating the lowest rates on car loans is only elusive when the consumer does not know where to look. A dealer has to compete with other dealers by offering the best lending packages possible. Purchasing a car or truck at the right time can improve your chances of getting the lowest car loan rate. Most experts suggest shopping for your new car in the fall. The new models are arriving and dealers are anxious to clear out the old stock to make room for the new inventory. Several other factors need to be considered when searching for the best financing options.


Before shopping for a new vehicle, you really have to take an honest look at your finances. Buyers should know how much money he or she can realistically afford. Yes, it is common knowledge that Americans tend to over-extend themselves. Thus, the financial disaster currently facing the entire country. Over-extending is not limited to private individuals. It is also common knowledge that paying cash is always the best way to go. Lending institutions make their money on the interest they charge for extending credit. When no credit is required you save money!


But, chances are you can not plunk down the full amount, that is how financing got started in the first place. Ford and others like him wanted to sell their products, but the average citizen did not have the cash to pay the full amount. They had a steady income, so credit was granted! Times have not changed much since then. The fundamentals are the same only the rules have changed. You no longer need a steady job, a regular income or even a good credit history. But, if you want the best rate, then these factors become more important than anything!

Lenders Want Your Money

Right now cars are selling for less and lenders are willing to do just about anything to get your money. So, if ever there was a time to get a car loan at a low rate, now is the time!

Points You May Overlook

You might think that getting a car loan is a difficult thing to accomplish, but you are wrong! There are a lot of companies that will assure that you get what you need in a car loan.

Just remember to take into consideration the amount of time it will take to pay it off and tally that into your budget. Also, know that the car will lose value over that time.

Adequate Insurance

Make sure that you are covered well in case of an accident or if your vehicle is stolen. The costs of replacing the car are going to very much different than the actual cost of the car. We

Low Rate Financing AND No Credit Check?

Having the money is always the obvious factor in being able to buy a car. A major one at that!

Whether one has good or bad credit, it is always preferable to have low interest rather than high in auto financing. No one wants their monthly expenses to go up sky high after borrowing money for a car and now there is a solution. The internet will take you to lenders and dealers who provide many more options than if you were to go somewhere in person. This way one can also compare what each has to offer from your home.

Online service lenders allow you to skip all the running around to banks or other financial institutions who will want nothing less than a perfect credit rating.

One needs to also decide on which type of loan is the best and how to get a lower interest rate.

In helping to get you some low interest rate auto financing, check the tips below.

  • to achieve a guaranteed approved car loan with a low interest rate, it is wise to change the unsecured loan into a secured loan. Lenders want safety on their investments.
  • lenders online know that there is much competition out there for them in issuing low auto rate financing so they are

Car Loans Online

The days of running around all over town for the best deal on a car loan are over! With the Internet many things have become easier, that includes shopping for affordable car loans. Lenders certainly haven’t missed this golden opportunity to attract clients from all over the country. With a few clicks of the mouse you can have lenders competing for your business. There are many car loan sites that don’t even offer car loans. They offer you the chance to compare lenders. They do the research and compile a comprehensive list of lenders for you to choose from. You have your choice of numerous dealers and lenders from all over the nation. In many cases you might have to provide your Social Security Number, address and phone number. This helps the comparison site find the best rates for you. But, beware! You don’t want to hand out this type of information to just anyone. Be sure to only visit sites that can be trusted sites with this type of sensitive information.

Buyer Beware

Don’t let the convenience of online shopping let you throw caution to the wind! Arranging a car loan online is fast, convenient and effective. You can save a lot of time and money. But, if your identity is stolen, you contract a virus or you get ripped off by an unscrupulous lender, you no longer save anything. All you get is stress, extra costs and a big hassle!

Shopping for Car Loans Online

Online loan applications give you the opportunity to pick the deal that suits your needs from several different lenders in a matter of minutes. Finance companies on the Internet often cater specifically to clients with poor or short credit histories. Just as with any other type of contract, always read the fine print. A company may boast

Is a Balloon Payment Car Loan Right for You

If you need a new car but need a little time to pay it off, a balloon payment car loan might be a good choice for you.

With a balloon payment car loan borrowers pay smaller installments in the beginning and larger payments at the end of the loan. This is a great idea if you know you will have more cash on hand to pay off the debt toward the end of the loan repayment schedule.

Balloon payment loans are easier to get if you have good credit. If you have poor credit it is more difficult to get any type of loan, much less a balloon payment loan because lenders consider you a higher risk.

If you are pursuing a balloon auto loan you might need to consider making the deal a little sweeter for the lender. Securing a cosigner with excellent credit is one option for making you a better risk for the lender. You might also consider increasing your down payment. Increasing your down payment decreases your risk and shows the lender you have a vested interest in paying off the loan in order to recoup your investment.

You also need to consider the interest rate the lender is offering you. If the interest rate is too high it will not benefit you to pursue a balloon car payment loan. You need to know how much total interest you will be paying over the term of the loan. This will keep you from over reaching and ending up too far in debt to get out.

You should also be certain the loan fits your circumstances. Balloon payment car loans are best for borrowers who have a maturing investment or some other forthcoming payment which will enable them to repay the largest part of the loan when it comes due. You want the balloon car payment to come due when you are most able to repay the loan. If your loan continues too far beyond that point you will pay too much interest over time.

As the borrower you need to be certain you have the means to meet your obligations. Leaving a car loan unpaid can have drastic consequences for your credit history.

Best options for voluntary auto reposition

Most car buyers utilize their credits to buy a brand new or a used car. They secure car loans to finance the vehicle purchase and in return they provide monthly payments. The monthly payments are paid until the last day of the loan term or until the borrowed amount is paid off. Failure to provide the monthly payments might result to repossession of the vehicle. However, there are cases where the buyer returns the car to the dealership or the lender commonly called as voluntary auto repossession upon knowing that they can no longer pay for the financing.

Hand over the vehicle

In the event that your financial condition has suddenly change and you know that paying for the payment of the loan would be impossible, you can voluntarily hand over the car back to the dealership or the lender. Although this would not erase the debt that you have with lenders, this will save them from repossession costs that would be eventually charged to you. As soon as you return the car, the creditor would automatically have the option whether to hold the car as a form of compensation or sell it to other buyers. However, the lender is obliged to inform you of what they are planning to do with the car and the law provides you with all the right for a fair sale.

Important warnings

Always bear in mind that voluntary repossession reduces the amount you owe from lenders but this doesn

How to gain advantage on a car loan

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Categories: Auto Loan Rates

Car buyers at present should exert efforts in order to obtain the best car loan for this year. This is because getting the best financing is not an easy task as it is during period of easy credit. In addition to this, most financial institutions are still experiencing the after-effects of the global financial crisis. Given this, it is still important to do your homework before dealing with car dealerships. You should bear in mind that even a 1% reduction from your current average car loan today could easily provide you with a $500 savings from the car purchase.

The best thing you could do still is to secure a pre-approved loan from a local bank or credit union before stepping on the dealership

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.

How to obtain new car loan rates with bad credit

In terms of car loan rates, bad credit is the greatest issue that makes loan application difficult. Many lenders as well as banks are most of the time hesitant in lending money to loan applicants with poor credit history since they view these clients as high risks and customers that are not so reliable. In addition to this, individuals with bad credit history and are now capable of improving their financial situation are also experiencing a hard time in getting a new car loan. This article provides a compilation of advice and tips on how to obtain new car loan rates and car loans for individuals with history of negative credit

Common requirements in applying for a new car loan

In order to apply for a new car loan despite the negative credit reputation you need to meet some of the basic requirements that most lenders ask for. These requirements are important in assessing the customer

Tips to compare used and new car loan rates

Comparing the car loan rates involved in financing a brand new and a used car is an effective method that helps you decide which of the two types of car would fit your budget. Upon doing the comparison, it is important to look at the following:

Pros and cons of financing used cars

Financing a used car allows you to pay the loan off in a shorter period compared to a brand new one since most lenders usually offer short term loans for this type of vehicle. However, the interest rates involved in financing a used car is higher compared to financing a new one. This is because lenders are in greater risks in providing loans to finance a car since there is a greater possibility for the creditor to default on loan payments or run away from their financial obligations. High interest rates placed on used car loans therefore provide security to lenders.

Pros and cons of financing a brand new car

Financing a brand new car usually has lower interest rate compared to financing a used vehicle. However, you might be paying for the car in a longer period especially when the loan has a longer term. In addition to this, a long term loan might cause you to pay more than what is necessary because of the payments on the interest rate.

Besides these, there are other important points that you could use in doing the comparison. Some of these points are written below.

  • Choose a car that you want to buy. Compare the prices of this vehicle when it is sold as brand new, used or pre-owned car. Take note of the primary amounts involved for this serves as the basis of the interest rate that you would be paying in case you would purchase one of these.
  • Contact the dealerships, lenders, and institutions and inquire about the interest rate that they offer for a brand new and used car loan.
  • Use an online car loan aggregator to help you compare the rates involved in financing a used and brand new car.

Useful advice in calculating the car loan interest rate

The car loan interest that you pay depends on several factors. In case you wish to purchase a car and you are in search for the best interest rate, you might be interested in knowing how your credit score affects the loan terms that are appropriate for you. Obtaining car loans with lower rates are easier when you know the factors that directly influence the interest rates the lender would offer for you. Through this, you are able to alter the factors that you can control and therefore reduce your car loan rates. In case you are eager to learn more as to how the interest rate of a car loan is calculated, this article would explain some of the factors involved.

The lender

The loan provider or the lender has something to do with the car loan interest rates tied to the loans offered to you. Each lender has their own way of calculating the interest rate placed on the loans they offer. In order to find the best rates, you need to request for loan quotes from different lenders so that you can compare these.

The amount of down payment provided

The down payment you provide when you obtain a loan to finance your car has a direct effect on the interest rate and the payments you would be paying. The down is deducted from the principal amount you borrowed from a lender and the interest rate is usually calculated based on the remaining amount that you need to pay all throughout the loan term. This simply means that a higher down payment could result to lower interest rate.

The credit score you own

Most lenders use your credit score in calculating the interest of the loan offered to you. When your credit score is high, lenders are willing to charge you with lower interest. If your credit score on the other hand is low, you might probably be charged with higher interest since lenders would view you as a financial risk with a greater tendency of running away from your financial obligation.

The car loan term

Long term loans are usually charged with higher interest since you are given a longer period to pay the loaned amount off. Short term loans on the other hand are charged with lower interest since the loan is paid-off in a shorter period and the monthly payments are higher compared to long term loan

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 obtain an excellent rate on a motor loan

It is very important not rush in getting a motor loan when you are looking for a vehicle to purchase. This might cause you to obtain a debt if case you go for it carelessly. Obtaining a better rate from one of the good lenders helps ensure that you are getting the best vehicle loan. In order to help get the best rate for you, a simplified guide is written below.

Prepare the needed materials:

  • Internet
  • The possible down payment

Step 1: Try to understand the loan you need

When you need a loan for the car, figure out the amount of money that you can afford for the loan

Useful tips in checking the current car loan rates

Knowing the current car loan rates available in your present location is important. It allows you to have a clear idea on the amount that you would paying in case you obtain a loan to finance your new or used car purchase. This is also important since interest rates placed on loans vary from one place to another. Besides this, your credit score as well as the loan terms have greater effects on the amount
You pay each month.

Knowing the current loan rates for cars might be confusing and a bit hard if you have no idea where to look for it. However, this old problem is resolved by using the internet. This article provides you with specific sites where you could check the latest car loan rates and these are written below.


One of the most dependable sources of information about the current car loan rate is It has been providing the most accurate interest rate for car loans since 1994. The site also provides updated interest rate since it monitors the day to day activities that are happening on the car sales industry.

In addition to this, allows you to make a localized search of the rates in your exact area. All you need to do is provide your current state and city. However, to make your search more convenient, you can use the zip code in doing the localized search.


Another source of information when it comes to current car loan rates is This site first emerged as

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

How to obtain commercial vehicle loans

Commercial vehicle loan is an ideal type of financing in case you are planning to start a business as commercial vehicle owner or operator. This type of loan helps you start the business with minimum capital outlay. In order to obtain a commercial vehicle loan you need to know the proper procedures involved. Some of these procedures are included in this article.

1. Design a workable budget before applying for commercial vehicle loans offered by lenders. Be realistic with the budget in order to determine the amount that you can afford to pay in case lenders would grant the loan applications.

Although you expect the income of the business to increase on the first year of operation, you cannot use this to convince the lenders to grant the exact amount needed to start the business. The amount of loan you might obtain still depends on your credit score.

Since your credit reputation would serve as the basis of the loan rates you can obtain, there is a need to secure a copy of your credit history from one of the trusted credit reporting agencies. You need to study this and base your budget for the commercial vehicle loan. As soon as the budget is done, choose the best loan offer and apply for it.

2. Secure a copy of the lease agreement from the carrier you are planning to lease your vehicles with. Attach this with the loan application you submit to the lender. It is also helpful to choose a specific type of vehicle before negotiating with a lender.

You can also bring along pictures and other necessary information about the vehicle when you apply for the loan. Bank and other credit unions usually want to run the VIN to clarify your chosen vehicle

Tips to calculate auto financing rates

Car buyers need to calculate the auto financing rates they pay in order to avoid spending more than what they should. Although the calculations involved in this particular task is complicated, car buyers should allow themselves to learn how their payments are calculated. Try calculating your auto financing rates using the following tips.

1. Try to determine the interest rate placed on your loan. Always bear in mind that the interest rate is influenced by the credit score you own, the amount of money borrowed, and the loan

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.

Ways to get out of an expensive car loan

There are several reasons why some vehicle owners find ways to get out of expensive car loans. One of these reasons is sudden unemployment or losing a source of income. This situation makes payment for a car loan less manageable. When this situation happens to you, there are several ways to give up an expensive car loan to minimize personal expenses.

1. Refinance the vehicle

One way to get out of an expensive car loan is by refinancing it. This could be done by getting a loan from a second lender in order to pay for the first loan

Top car loan types

Car loans are one of the convenient ways to buy a car. There are many types of car loans offered by lenders. They differ in terms of the interest rates involved and the manner of payments involved. These top car loan types are the following:

1. Straight Auto Loan
This is considered as the common car loan. In order to get this type of loan, you need to approach a car dealer and fill out an application form. To get a better loan deal you need to have a high credit score, down payment, and the source of funds to pay for the amount you owed.
The source of funds to pay for the borrowed amount refers to your employment and other business. It is advisable to bring along a proof of employment and valid IDs when applying for this type of loan.

2. Auto Equity Loans
This loan allows you to apply for loan to buy the car. The car then serves as the collateral for the amount you owe from a lender. Most of the time, lenders also accepts houses as collaterals. This gives the lender an assurance that you would pay the borrowed amount.
These loans are beneficial yet these pose greater risks. It is therefore important to determine your ability to pay for the auto equity loan for it may result to outcomes such as losing the car or house in case you fail to pay the borrowed amount.

3. Auto Refinance Loans
An auto refinance loan provides you the option to obtain a loan from a second lender. The second loan is used to pay for the first one. This allows you to reduce the monthly payments and the loan