auto loan rates

June 28, 2009

Borrow loan from bank to pay off car loan for lower interest rate?

Filed under: Personal Finance — Tags: , , , , , — admin @ 9:20 pm
ijustdontknow777 asked:

I currently am financed for 8.85% for my auto. I bought it in 2006 and matures in 2012. I have about 15K left to pay. Should I try to borrow a loan from a bank for 15K to pay off my vehicle if they lend me money at a lower interest rate of 8.85%?


Getting The Best Auto Loan Rates With Your Credit History

Jim Johnson asked:

It is very important to understand how your credit history affects the auto loan rates that you are able to qualify for, since not understanding the process can cost you significant amounts of money over the life of a typical car loan. So here is an explanation of how you can get the best auto loan rates by knowing all you can about your credit history. Let’s start out by understanding how your credit history is compiled.

There are three major credit bureaus that collect and store information about all of your credit purchases. They are Equifax, Experian, and Trans Union. Whenever you borrow money to buy something they are informed by your lenders on a regular basis about how much you borrowed and how diligent you have been on paying back that amount in the form of your monthly payments. All of this data is received by those three companies and stored in massive databases where it is packaged into an overall credit report, which is also called your credit history.

So if you are shopping for used car auto loans for instance, your prospective lenders will access that credit report and review it to determine how much risk they think will be presented by loaning you the amount that you need to buy the car you want. The number that most lenders usually refer to to get a quick and overall idea of how good your past credit history has been is called the credit score. It’s a calculation of several things including your payment history, the amount of outstanding debt you currently have, how far your credit history goes back in time, and so forth.

Obviously then, the better job you have done in paying all of your bills on time and in full, the better your overall score should be providing that you haven’t overloaded yourself with debt. When the auto loan lenders see your credit score, that enables them to decide what interest rate they will charge you for giving you a used car auto loan. The better your credit score, the better interest rate you get, and therefore the less money it costs you to get the loan.

One very important thing that you should also know is that you can get a copy of your credit score from each of the three credit bureaus and review it to be sure that it is indeed correct. Actually it is fairly common to find errors that have been made that are not in your favor, so it’s a good idea to regularly review your credit history to keep it up to date. If you find errors you can begin working with the credit bureaus to have them removed as soon as possible.

So if you want to get the best auto loan rates, you need to pay close attention to your credit history and guard it very carefully. If you review your current credit history every three months or so you should be able to stay up on any changes that will need to be made and can keep errors to a minimum. Then when you are ready to start shopping for used car auto loans you can get the best auto loan rates that are available and save lots of money.


Auto Loan Rates: Get the Advantages of Low Interest Rate on Your Car Financing

Kalvin Jason asked:


Modern world is a world of opportunities and here for success you have to be smart enough to create and catch the opportunities. Same is the case with auto loan rates. The rate of auto loans is much variable than any other loan and you need to wait for the right time with open eyes to make the maximum benefit of any opportunities. Usually the rates offered by the lenders are negotiable but it needs certain skill and timing. When we need some extra cash to buy our dream car or some other vehicle we look for loans and usually in hurry we get a high rate loans. But now it is the time to be smart enough to choose a low rate auto loan.


First of all we need to now that what are the various factors that can help us to get a cheap rate loan. The most important factor is your credit history. If you have a good credit score then you can get a cheap rate loan by proper negotiation. To know your credit score you should get your credit sheet from an authorized financing institution. People with credit score 750 are considered as good creditors but who are below it may find it difficult to get a cheap auto loan. Secondly, auto loan rates are low towards the end of a month so you can delay the purchase of the vehicle for some day and get a cheap rate loan. Down payment also affects the interest rate and higher the down payment lower is the interest rate. Moreover, act smarter while negotiation by starting he negotiation with low rate and don’t give your maximum effort in the beginning. Lastly don’t look for any particular lender and go for maximum lenders to get comparatively cheaper loan. Online search can solve you problem without having much tension and putting much effort.


June 27, 2009

what’s a good used car loan rate for about 20k on a used car? ?

Filed under: Buying & Selling — Tags: , , , — admin @ 9:34 am
C 1 asked:

ive heard of people getting as low as 0.9%! and im talking 60 months… during these tough times for the auto industry, what is considered a phenomenal or great rate on a used car loan?


June 22, 2009

I applied to be financed for an auto loan last week?

Filed under: Credit — Tags: , , , , — admin @ 11:45 am
Lyndsey asked:

I looked on my credit report today and it shows that this dealership ran my credit 16 times and now there are 16 inquires for differnt banks on my credit report that says are “inquires that may impact my credit rating” is this normal and is there anything I can do about it if it is not.?? I mean I knew he was going to run my credit but 16 times?? and shouldnt he had asked me each time he submitted it to the bank? im new at this whole process but that amazed me… what do you think and how should I handle the situation???


June 21, 2009

Can medical bills that are seriously past due allowed to affect your credit score?

CheleS asked:

I had just started a new job about 2 years ago and had to have emergency surgery to remove my gallbladder. I hadn’t completed the 90-day waiting period to receive my health care benefits. I had to have it done! It has racked up over $10,000 for the anesthesia, hospital stay, meds…etc. It is now appearing on my credit score and affecting me badly…I can’t buy a home or get a good rate on my auto loan…nothing. All I want to know is that if these collection agencies are allowed to put this on my credit score because it is something that I had no control over…IT HAD TO BE DONE. I am trying little by little to pay it down but overall they are considered negative accounts. Can I dispute this with the credit bureaus?? Anyone with any insight please help!


June 12, 2009

Best Auto Loan Rates – Tips For Getting The Lowest Interest Rate

Hector Milla asked:

Unless you are able to buy a car with cash, there is no doubt you will be looking for an auto loan with the best possible rates.

Getting the best and lowest rate is just good financial sense in today’s economy. To be able to get the lowest interest rate possible on an auto loan, you need to understand two things: the current rates of the market and your own financial situation and limitations.

Hector Milla Editor of the “Lowest Auto Loan rates” website — — pointed out;

“…There are several basic factors to consider in getting the lowest rate:

1. The lender. Unless you can borrow money privately, you will be working with a credit union, bank or auto lender; there are many pros and cons with each.

2. The particular car you are buying. Is the car new, used, very old? New cars often carry the lower rates.

3. Length of loan. Many times there is zero percent financing on 5-year loans. Typically longer loans have higher rates.

4. Your credit. A better credit rating will get the lower rates…”

“…It will take some time and work to be able to find the right loan with the lowest interest rate. Some tips for getting the lowest interest rate may include:

1. Online financing. Because of the competition, many lenders offer loans online with lower quotes to get business. Going online, you can compare many offers at one time.

2. Strengthening out your credit. Credit history is what basically determines your interest rate. Make sure you know where you stand before even applying for a loan.

3. Know your FICO score. This score determines if you will be approved for an auto loan as well as the rate of the loan. The score can be between 300 and 850, the higher the score, the better the rate.

4. Know if you have bad credit history. There are loans for people with bad credit; find out if this is the type of loan you need to be looking for…” added H. Milla.

Further information and instant approval auto loans regardless of your credit by visiting:


How can I get Chrysler Financial to refinance my auto loan?

Blackwell NV asked:

I financed an 06, Dodge, quad cab, 4×4, Big Horn with 0 down. My payments are $698/month for 72 months and my interest rate is 13.25%. My current pay off is $22k and the trade in value is $13K This was my 1st new vehicle I’ve ever purchased. I did not understand/know about what auto refinancing was until about 6 months ago. My credit was in the mid 700′s when I purchased the truck. I have made all my payments on time. The dealership held my debit card “hostage” while negotiating with me and basically pressured me into buying the vehicle. (which is totally my fault) Knowing what I know now I feel like I was taken advantage of. Hind sight is always 20/20.


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