Posts tagged ‘new car’

Financing From GMAC

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Before you start shopping for a new vehicle, consider a new GM vehicle.

Affordable

GMAC has some of the most affordable financing options available right now. Not for decades have interest rates on new vehicles been this low. That puts a fantastic new General Motors vehicle within reach of more new drivers than ever before. The goal is to make driving a new GM vehicle the right choice for everyone and the interest rates and financing options make that possible.

Financial Leaders

GMAC is one of the leading automobile financing companies in the world. Every year they provide affordable financing for new vehicle buyers looking for a great deal. They help new drivers and drivers looking to trade their vehicle up for something better, find the new vehicle they are looking for at a great rate.

Your Credit Score

Interest rates are now lower than they have been in years. First, check your credit score and clear up any errors which might drive that score down. This will put you in the best possible position to negotiate a great deal on financing a new car.

For buyers with great credit GMAC offers competitive retail interest rates and flexible financing terms. Plus, because GMAC specializes in the automobile industry they have a better understanding of the vehicle you are considering buying and can help you choose a vehicle which fits your needs.

A new vehicle is a big investment. It almost always requires a significant down payment to show you have a vested interest in repaying the loan and at least three years of monthly payments. You also need to consider operating costs such as licensing, title, tax, registration, maintenance, fuel and insurance costs going forward. Knowing how much new car you can afford is always the first step in any negotiation.

A Leasing Deal

For some drivers a full purchase is not the right choice. A leasing deal would be a much better option if you drive only a normal commute, and do not put undue stress on your vehicle. If you just need a new vehicle to get back and forth to work, and do not need it to take long vacations or go off roading, then a lease option is probably a better choice. With a leasing deal you get a new vehicle and free maintenance from the dealer for as long as you have the vehicle. At the end of the lease the vehicle must be returned, and there is a limit on the number of miles you are allowed to drive each year. But, if you can live within these stipulations, then a lease may be the right choice.

GMAC has an abundance of full financing and leasing options available for you. Whether you want to buy or lease, GMAC can help you make it happen.

Affordable Financing From Chevrolet

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If you are looking to by a new Chevrolet now might be about the best time ever. Interest rates are at their lowest levels in more than a decade and special offers abound.

Review Your Budget

The first step is always the same: review your budget. How much new car can you afford? How much can you afford to put down and what sort of monthly payments can you afford going forward. You also need to think about maintenance and fuel costs, plus insurance.

Options

Chevrolet offers some fantastic financing options, but do you want to buy your car outright or is a lease a better option for you? With a financing deal you buy the vehicle over time and pay for it gradually with a down payment and regular monthly payments.

In a lease deal you put a certain amount of money down and make regular lease payments, but all maintenance of the vehicle is handled by the dealer. When the term of the lease expires you must return the vehicle, which can be a let down for some owners after paying for the vehicle month after month.

Application for Credit

Every financing or lease deal starts with a credit application. The terms of your financing deal will improve if you have good credit, so make certain you keep your credit score as good as can be before starting your vehicle search. A credit score just a few points higher can mean a big savings in interest rates for a full financing deal.

Once you have completed your credit application the dealership will tell you how much vehicle you can finance or lease. In regards to a full financing deal, the more money you put down on the vehicle the lower your monthly payments. You still need to negotiate the price of your vehicle regardless of the financing terms. The lower the price you can negotiate on your new vehicle the lower the down payment and the lower the monthly payments.

Choosing Your Vehicle

And be certain to consider the vehicle options. The more extravagant the options on your vehicle, choosing one with heated leather seats or a surround sound stereo system, can drive up the price.

Your Chevrolet vehicle comes with a host of affordable options, but be careful to only choose the ones which are right for you. You will also need to consider taxes, fees, license, title and registration to calculate your exact vehicle cost. And ask the dealer about special rebates and financing options.

The Chevrolet dealer will be anxious to work with you and find the vehicle that is right for you and your bank account.

Make a Higher Down Payment to Get Low Interest Rates On Your Car Loan

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Before you buy a car there are several things you need to do first. Deciding to take the leap is the first step. Very few people buy a car on a whim. Several months of contemplating go into the decision, especially if you are on a tight budget. Use these months to save up for a down payment. If you are considering a new car, you have figured out your budget and you already know how much of a monthly payment you can afford. Set this amount aside every month. If you are prepared to spend this money on car payments, then going without that sum a few months earlier should not be a problem.

Your Planning Months

These months of contemplation are your planning months. With the money you set aside you will have a nice down payment when the planning is done. This is also a good time to clear up other debts. The more money you can free up the less stressful the whole process will be. The less other financial obligations you have the better chance you have of getting a good loan deal.

If you can’t pay everything off out right, then consolidation may be an option. This won’t lower your debt, but it will lower your monthly obligations.

Choosing the Right Vehicle

The next step is deciding what type of vehicle you want and need. Sometimes there is a huge difference between what we want and what we need! If the car is going to be used by other members of your family then their needs have to be considered, as well. And don’t forget the other costs involved with owning a car. The monthly payment is the big one, but there is also insurance, maintenance, fuel, etc.

Finding the Vehicle You Chose

Once you have all the wants, needs and financial details worked out you are ready to start looking for a vehicle that fits the bill! The Internet is the easiest place to look. You could drive from dealership to dealership. Not only is this time consuming, you take the risk of getting sucked in by a savvy salesperson and end with something way over budget and a loan from a lender that does not have your best interest in mind. Remember, the dealership gets a bonus or incentive for arranging loans. The best bet is to come armed with your loan in hand! This puts the negotiating power in your corner where it belongs.

Why You Should Get Car Financing Online

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Getting a guaranteed auto loan can be a very daunting experience, especially if you don’t even know where to begin! Luckily, you have options. The Internet is full of companies specialized in getting you the loan you need. There is a large variety of guaranteed loan companies, just make sure you do serious research before deciding to put your trust in one.

Your Credit Score

If you have ever tried to get a guaranteed car loan you might have noticed the main concern for the lender is your credit score. This is no longer a problem! Many financial institutions realize that times are tough and are more than willing to take a chance on you. However, you may find it difficult to approach these lenders.

Search Online For the Right Lender

An online search could result in a lender that offers a car loan without a co-signer, but still with a reasonable rate of interest. In many cases, these lenders will suggest a used car. This makes the size of the loan smaller and the monthly payments more manageable.

Comparing Lenders

Once you find suitable lenders you can compare terms and conditions. Compare before you apply. Too many applications results in too many people looking into your credit report. The fewer people looking into your report the better it is for you in the long run.

Online Research Gives You More Info

If you need a new car a guaranteed auto loan from an online lender may be the best option for you. It is fast, easy and you have access to many more potential lenders than you would otherwise. Online research also lets you examine each potential lender more closely. Talking face to face with a loan officer is intimidating. You might forget to ask relevant questions. You might skim over the fine print instead of reading each document thoroughly. Plus, more choices means you will be able to negotiate a better deal!

Low Cost Auto Finance Packages

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Deciding to buy a new car is not something most of us jump into lightly. Much thought and preparation go into this decision as it is an expensive investment. Not only do you have to carefully examine your budget to see how much you can afford, you also have to be prepared to make payments for several years. Since most people need a car loan to buy a new car, finance companies try to make it possible for everyone to get one.

Choose Your Lender Wisely

Choosing an auto finance company is also not something to jump into lightly. Do your homework and make sure to read all the fine print before you sign anything. Online lenders offer all types of car loans to people with various credit ratings. From low interest rate car loans for people with a good credit history to bad credit loans, no credit check loans and after bankruptcy car loans for people with less than perfect credit history. Many online lenders offer instant loan approval so you aren’t sitting by the phone nervously waiting for the bank to call. In some cases you may even get approval the same day.

Benefits of Shopping Online

One of the main benefits of searching for a car loan online is that you can instantly compare loan offers from several lenders at the same time. Many sites are set up as comparison only sites. They don’t actually offer any loans themselves. Much like a comparison shopping site for goods. This is also a good way to assess rebates and discounts and decide which is best for your situation.

Various Financing Packages

Finance companies and banks offer various auto financing packages. Each package has its own set of rules and regulations, such as:

  • the length of the loan
  • how much your monthly payment will be
  • the rate of interest
  • and the size of the down payment

Bottom Line

How much of a down payment you put on your new car is essentially up to you. But, lenders do have a minimum amount they are willing to accept. Do your homework and you will get the right loan for you!

How to Get the Best Interest Rate

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You will want to find the best interest rate for your car loan, so it

Easy Ways to Lower Your Car Insurance Rates

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Owning a new car can be expensive, and that expense is not limited to the monthly payment. Owners also have to pay for regular maintenance, fuel and car insurance.

There is not much you can do about the mileage your vehicle gets or whether or not it needs maintenance and repair, but you can do something about how much you pay every month for car insurance.

Don

Get A Blank Check Car Loan Even With Bad Credit

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If you are in the market for a new car today it is very likely you will not be paying cash for it.

You Probably Need a Loan For Your New Car

In fact, most people need some form of financing arrangement in order to buy a new car. They worry about their credit score and payment history and wonder how this will impact their ability to get financing for a new car.
Your best bet is to secure a blank check auto loan, probably through the internet. This will help you buy whatever you want at a decent rate you can afford. A blank check auto loan sets a maximum loan amount but leaves the details up to you.

If you have bad credit you can still get a good auto loan. It just takes some careful figuring and tenacious searching to find the financing agreement that works for you.

Know Your Credit Score

The first thing you need to do is know your credit score. This is the number banks assign to creditors based on a number of financial factors. Do you have a bank account? Have you been paying your bills on time? Have you had any repossessions or defaults? All of these things impact your credit score. Once you get your credit score you need to get your credit report and start checking for errors. Any credit score below 650 will mean higher interest rates for you when you try to negotiate financing for your new car.

So, getting your complete credit report is often the next step for most people.

Check Credit Report for Errors

With your credit report in hand starts searching it for errors. Review each and every listing. Financing agents do make mistakes, so be certain to review each piece carefully. Make a note of anything which seems out of the ordinary, or just plain wrong. Collect any documentation you have to prove your case and contact the reporting agencies to have them make any necessary corrections. Having the right items on your credit report will improve your credit score making it easier for you to secure a loan at a good rate.

How Much Can You Put Down

You might also consider how much money you are able to put down on your new vehicle. The larger the down payment you make the better the financial deal you will get from the lending agent. Making a larger down payment shows them you have a commitment to paying off the loan because you have already made a large investment in your vehicle. If you have a larger investment in your vehicle you are much more likely to pay it off in full to protect that investment.

You Might Need a Cosigner

Another way to secure a blank check auto loan is to find a cosigner, someone who can share the loan risk. Only rely on this option if you are sure to pay off the loan, however, because your co-signer will be held liable for your debt as well as you.

How to Get Pre-Approved Auto Financing

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If you are in the market for a new car do yourself a favor and get pre-approved for your financing before you ever set foot on the dealership lot.

Pre-Approval Gives You an Edge

Getting pre-approved for an automobile loan is not as difficult as it may seem. Most of the steps are exactly the same steps you would take if you were looking to get financed at the dealership, only with pre-approval you will end up with a much better deal that could end up saving you thousands of dollars.

The first thing you need to do is print out a copy of your credit report and check it for errors. Every American citizen is entitled to a free copy of their credit report once per year from each of the three major credit reporting agencies. Be certain you check all three and review them carefully. It is not uncommon for a reporting agency to make mistake. This information is used to determine your credit rating. A low credit rating may make you ineligible for a loan or force you to accept terms which are not very good. If you find an error on your report contact the appropriate reporting agent to request the mistake be corrected.

Determine How Much You Can Afford

Once you know your credit score calculate how much you could afford to spend on a new vehicle, including maintenance, insurance and fuel costs. Take this amount and use one of the many online payment calculators to determine just how much you can afford to pay for a new vehicle. With this information you can start approaching a variety of lenders to see what terms they can arrange for you.

Ask Your Personal Financial Institution

Visit the bank where you deposit your paycheck every week. Banks like to deal with people they know. They already know your financial history, they know what your paychecks are and how much you have to spend based on your transaction history. But don’t stop there.

Check the Local Credit Union

Visit the local credit union in town. Credit unions fared much better during the past global recession and have started offering auto and home loans at reasonable rates to a wider group of customers. If you have a decent credit rating you might be eligible for a low interest automobile loan from a credit union, saving yourself hundreds of dollars.

Try Online Lenders

You can also check online for a pre-approved automobile loan. There are an assortment of online lending institutions with lower overhead than a traditional brick and mortar bank. The money they save by not having a traditional banking facility they offer to their customers in better rates for loans.

Now You Are Ready

Once you have your pre-approved loan in hand you can visit your dealership and choose the car that fits the bill. If you end up with an automobile that is less than what you are pre-approved for don’t spend that extra money, just don’t use it. This will help you keep your payments low and protect your credit rating for future use.

Special Finance Auto Loan Options For Bad Credit Customers

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If you have had a bankruptcy or just a problem paying your bills on time, but need to buy a new car, you may need a special finance auto loan.

You Have Options

Special finance option loans were designed for buyers with specific credit problems. Under traditional lending rules, buyers with bad credit were simply denied financing. This was fine when the market was strong and options were plentiful, but in today’s global recession market people need options that offer solutions.

Know Your Credit Score

With high unemployment and few new jobs, not everyone has excellent credit. In fact, more people have bad credit today than ever before, so lenders are taking an aggressive stance and trying hard to help people in need. That is where a special finance auto loan option comes in handy.
The smartest consumers know to help themselves. First, even if you know the news is likely bad, get a hold of your credit report and check it for errors.

Clean up Your Credit

It is not uncommon for the three major credit reporting companies to make mistakes. If you catch a mistake get it corrected immediately. Even if there are no mistakes, review your report to see if there is any way you could come to terms with any of your creditors to clear up outstanding debt. Your credit report helps determine your credit score. Your credit score is what lenders look at before they decide whether to loan you money and at what interest rate.

Special Financing Restricts Your Car Choices

With a special finance auto loan there are limitations to what sort of vehicle you can choose. Most lenders want you to pick a vehicle no older than seven years. This way if you cannot repay they have some recourse to sell the vehicle and attempt to recoup their loss. They also want that vehicle to have low mileage for the same reason so don’t bother looking at anything with more than 80,000 miles.

Even if you have good credit you should expect to pay between 5 and 15 percent down on your vehicle. This is a show of good faith for the lender and a requirement for a special finance auto loan. The vehicle you choose will also need to be priced at or below its blue book value price.

You might not qualify for the regular lending rates because of past credit problems but that is where a special finance auto loan comes in handy. If you need a new car to keep yourself employed, get the family around or whatever, but don’t have a good credit rating, look into a special finance option loan. It will likely be your very best deal.

Options and Solutions to Car Financing

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If you plan to buy your next new car with cash then the process is simply and straight forward: Pick out the one you like, negotiate the best deal you can and drive it home.

If, however, you are like the majority of new car buyers and need to finance your purchase, you have a couple options.

Buying a Car

First, you could apply for a loan, put some money down and buy the vehicle you like. This is the route most buyers take. The traditional method has you putting more money down on the price to lower your monthly payments. Lenders like it when you put money down on your new vehicle because it shows them you have a vested interest in paying off the loan so you protect your investment.

You should still negotiate the best deal on the purchase price. Also, don’t be afraid to shop around for the best financing deal available. The dealership you buy your new car from will have some options available for you but they are rarely the best deals out there. Look online for some comparison rates and use the payment calculators to help you figure how much of a new car you can afford. You should also visit the bank where you deposit your paycheck and the local credit union. They both have financing options which will likely differ from what you are offered at the dealership.

Leasing a Car

If you are not sure you want to buy your vehicle outright and want to pay less down and have lower monthly payments perhaps a lease is a better deal for you.

Leasing a vehicle means you never fully own the vehicle, you merely pay for the right to drive it around. The dealership will continue to own the vehicle and will therefore perform all schedule servicing and maintenance of the vehicle for free while you drive it.

There are two major draw backs to leasing a vehicle rather than buying it, however. First, the obvious, the vehicle is never really yours. At the end of the leasing agreement the car reverts to the dealership. You can look to lease a new vehicle if you like, but all the money you paid for the previous few years is gone in the form of leasing payments.

There are also severe limitations to the number of miles you can drive your leased vehicle every year. Usually leases are limited to between 12,000 and 15,000 miles each year. If you exceed this limit you pay extra for every additional mile you drive. This can add up to a lot of money if you go over the permitted by a few hundred miles.

With a traditional purchase you end up owning a car that you can continue to drive until it falls apart underneath you. Or, you can resell the vehicle and use that money to buy another new car.

With a lease you drive a like-new car every day for a few years, pay less for the privilege, but end up with no car when the deal is done.

Two big options, but in the end, the choice is up to you.

How Car Financing Works

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If you have ever bought a new car before you probably have a pretty good idea how financing works. Or do you?

Think Before You Sign

Most car buyers never think twice about the financing options they are offered at the dealership. They take whatever is offered, sign away their rights and agree to a series of things they don’t need but think they do because the salesman or financing agent at the dealership, told them they do.

When it comes time to finance your next car do yourself a favor and shop around for the best deal.

Consumers don’t think anything of driving two miles further down the road to save fifty cents on a gallon of milk, but they won’t budge from their seat at the dealership to get a better deal on financing.

Little Extras Add up Quickly

Dealerships make the majority of their money from the little extras they tack on at the end of the deal, after you agree on a price for the vehicle. The undercoating, security system, stereo and navigation system they offer to add on.

Dealers also make a bigger profit off you than they would care to admit. They get rebates from the manufacturers which they could offer you, sure, but they also get discounts for selling certain vehicles which they usually don’t offer buyers.

No one sells cars for free, it wouldn’t make any sense at all. Paying cash for a new car is not an option for most of us. If you can save more on interest than you would earn if you put that money in a savings account than it is definitely a good idea to pay cash for it. If not, or if you just don’t have the cash on hand to pay for your car in full you are just like most people. That doesn’t mean you let yourself get ripped off, however.

Everybody Wants to Make Money

Financing comes down to money. The lender wants to make money, and they will from the interest they earn off you in the form of monthly payments. The term you set for your loan also has a lot to do with how much money they will make. Sure, you can lower your payments by extending the life of your loan, but in the long run you will pay more in interest so you really are not saving yourself any money at all.

Put More Money Down

You can also lower your payments by putting more money down on your vehicle. This is always your best option because it shows the lender you have a vested interest in paying off the loan and that in turn should result in a better interest rate and lower monthly payments.

Do Your Homework

When it comes time to finance your next new vehicle do yourself a favor and do your homework. Compare vehicle prices, compare financing options and don’t sign anything or buy anything you are not absolutely sure you need.

Why You Should Shop for a Loan

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When it comes time to buy your next new vehicle do yourself a favor and start shopping for a great loan first.

The financing part of buying a car is usually the most important part. Sure, you need a certain type of car and you will be stuck with it for years to come, but the money you could lose by choosing a financing option that doesn’t offer you good terms is worth more than a good looking car.

Know Your Credit Score

Start by getting your credit report and giving it a good review. Check for errors, they are not uncommon, and fix anything on there you can fix. Your credit report impacts your credit rating which in turn impacts the rate of the loan you will need to buy your new car.

How Much Can You Afford

Next, decide how much car you can afford. Look at your monthly bills and determine how much more you could afford to pay every month for a car payment. You also need to know what the likely interest rate is that you will pay. Look around and see what is being offered, because it is likely what you will pay too. Then go online to a car payment calculator (there are many) and use this information to determine how much car you can afford.

Put Down as Much as You Can

Remember, the more money you put down on your new car the lower you can make your payments. Also, the longer you need to pay it off can also have an impact on your monthly payment. It also means you will pay more in interest, so be careful.

Ask Your Bank First

Once you have this information in hand you can start shopping around at lending institutions. Start at your local bank. They have known you for years and are more willing to deal with people they have an on going relationship with. Ask about financing your new car through them and see what terms they can offer you. Then take this same information to the local credit union and comparison shop. Don’t be embarrassed to show them the deal you were offered at your bank and ask them to beat it. Credit unions were mostly unaffected by global recessions and are looking to expand their businesses right now so they might be more willing to deal with you and make a great offer.

Go Online

With those bids in hand head online and start shopping internet financing agencies. Unlike a traditional bank an online financing agent does not have a brick and mortar office they need to pay for so they will likely offer you a better rate than either a bank or credit union. You won’t know if you don’t ask so do your homework and check around before committing to anything.

Now You Can Face the Dealer

With all this information in hand you are ready to face the dealership. Once you pick the car you like, knowing full well what type of financing you can get for yourself, you can ask them what they can do for you. If it doesn’t measure up to the offers you have received, no need to worry. You did your homework like a savvy consumer and can take care of the financing yourself.

Financing Tips

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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 Auto Financing Works

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If you have bad credit, it’s next to impossible to walk into a dealership and get a loan for a car. Don’t worry though, there are options available for anyone that needs a car.