Posts tagged ‘loan rate’

New car loan rates: How to obtain instant approval

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Categories: Auto Loan Rates
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Checking the new car loan rates offered by most lenders is important before you go shopping for a new vehicle. Doing this allows you to select the best rate that is available and therefore enables you to save extra money from the car buying process. In order to guide you, this article provides the 5 basic requirements in getting lower loan rates.

Good credit record

Getting lower loan rates is easy when your credit record is good. This serves as the primary basis used by lenders in deciding the interest rate that they would place on the loan you would qualify for. Lenders usually look upon the number of financial obligations that you have while you are trying to obtain another loan. This allows them to assess your capability to pay the new loan that you would obtain from them.

In order to obtain the best loan rates, you need to keep your credit score good by paying the loans that you have. It is also important to limit the number of loans that you are getting since this might cause your credit score to lower down in case you fail to make prompt payments to each one of these.

Personal assets

Most of the time, having some personal assets that can be used as collateral allows you to obtain a lower interest rate for a car loan. Providing collateral provides security to lenders that you will not run away from your financial obligation. Due to this, lenders would view you as a lesser financial risk therefore allows you to have lower car loan interest.

Proper documents

You can also get lower loan rate by providing the necessary documents such as proof of employment, proof of identity, and even the copy of your credit report. This would also convince the lender that you are serious in getting a loan. In addition to this, providing the proper documents allows the processing of the loan easier.

Higher down payment

Providing a higher down payment reduces the amount you owe from lenders. The down payment you provide is deducted from the amount you owe from lenders. The interest rate then is calculated based on the amount you still need to pay. The higher down payment you provide therefore results to lower the interest rate and monthly payments.

New car loan rates: Useful advice in getting lower auto loan payments

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Categories: Auto Loan Rates
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When you are planning to buy a new car, you should include the existing new car loan rates as one of the things that need to be considered. This is important because the loan rate that you would be getting has significant impacts on the expenses involved in making the vehicle purchase. It is therefore necessary for you to obtain the best loan rates in order to spend lesser amounts on a car loan and avoid getting stuck in a tight financial situation. This article provides you with some tips on how to get the best auto loan deal with lower payments.

Secure a copy of your current credit report

Before you decide to submit an application for new car loan you need to secure the latest copy of your credit record. You can request a free copy of this from credit agencies such as Experian, Equifax, and TransUnion once a year. Examine the entries included on the report for possible errors and make sure that all of entries written on it are correct. In case there are errors, file a complaint on each of the credit agencies. Wait for the error to be corrected before submitting your application for a car loan.

Doing these things are important since your credit report serves as the most important basis for calculating the interest rate of the car loan that is suited to your financial condition. Always bear in mind that a good credit record allows you to obtain lower loan rates while bad credit record results to higher interest.

Know your credit score

You also need to know your credit score before you apply for a new car loan. Just like the credit report, the credit score is used by lenders in calculating the interest rates applicable for you. A good credit score means lower interest while bad credit scores most of the time results to higher interest.

Prioritize loans from prime lenders

Most car buyers prioritize loans provided by prime lenders for the rates of these loans are most of the time lower than what other types of lenders are offering.

How to obtain lower loan rates for a new car

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Getting lower loan rates for a new car can be accomplished by doing extensive search for available car loans offered by lenders. In the previous years, this search is usually accomplished by visiting each dealership and lenders. However, the internet has made the search for available car loans easier. Car buyers can obtain the needed information by logging on to reputable websites maintained by car dealers and lenders. Thus, obtaining lower car loan rates are more manageable compared to the previously.