auto loan rates

November 29, 2009

Tips On Getting Affordable Auto Loans Rates

Terry Asbra asked:

Normally, online auto loans come with the lowest rates as you meet a variety of lenders online who are free and open 24/7. You can take advantage of different financing options available. When you are looking for an auto loan, you should research financing companies, negotiate the terms and raise the monthly down payment in order to obtain the lowest rates.

You should also try to shop around in order to check out interest rates with a bank or credit union before you join any auto loan dealership. Securing a loan beforehand is an important negotiating style, as sometimes dealers have the ability to offer lowest rate of interest. If you are intending to get an auto loan in U.S. to purchase a fuel efficient car, you may be in a position to get rebate and discounted rates on car buying and financing respectively. Also, people who don’t know their rights of how they can get low rates on auto loans end up falling prey to the higher rates offered by dealership. Therefore, it has become necessary that you should know your right before searching for financing to your car.

Another situation where one can enjoy lowest rates is when somebody is a college student. Here, financing a car as a student can a give you cash rebates, low interest rates and flexible paying terms from all financing companies. In addition, many online lenders finance cars for college students without credit check. If you are also a military personnel looking for car financing, then military auto loans are you best choice if you want to enjoy lowest rates of interest as many lenders subsidize these loans. With the military car financing, there’s no need for fixed residence or fixed income. Apart from lower rates, military auto loans have flexible repayment, loan period, and even get higher loan amount.

Studying financing companies is another important way of getting the best rates on auto loans. This is by requesting quotes and comparing them with each other to come up with the lowest. Usually, the online auto loan brokers offer convenient ways to compare financing companies, and offer lowest rates to attract many customers. Other ways of getting the best rates include negotiating the terms to get the best auto loans, balancing interest rates and length of the loan repayment. Normally, shorter loans offer lower rates. Also, get pre-qualified for an auto loan to reduce the price of a car by demanding a better deal from the dealership.


November 26, 2009

Auto loan down payment?

Filed under: Buying & Selling — Tags: , , , — admin @ 11:52 pm
Chiky asked:

Does a larger down payment normally warrant or allow a lower interest rate? Also, does it matter new or used?


Auto Interest rates?.broad I know, I’m looking for a general idea of what to expect?

Penguins = Stanley Cup asked:

I am buying a new car looking to finance about $11,000. I had my credit run at a dealership just to see if I would qualify…they denied my request saying that I have good credit but not enough history and that I would require a co-signer. My parents will co-sign, both have excellent credit. My question is what kind of rate should I expect? The average rate in my zip code for a 48 mo. new car loan is 6.78%. The lowest available advertised I’ve seen is about 4.75%. Should I expect something around the low (4.75) the middle (6.78) or the high (7+)? Am I in any kind of position to argue for a better rate if a high one is offered considering my co-signer vs my credit worthiness?


November 25, 2009

If i don’t provide proof of income will they cancel my auto loan?

Filed under: Credit — Tags: , , , , , , — admin @ 11:38 am
coco sweets asked:

I got financed through a dealer and I believe they scammed me and added on all kinds of crazy charges. They also lied to me about my credit and other lending competitors so that they could get me to agree to a high rate. They saw this idiot coming. I want out of the whole thing but when you drive off the lot with the car it is yours. Now they are saying that they want my pay stub to give the bank as proof of income. What happens if I don’t give it? DO they cancel the loan?

Serious answers please. I need serious advice

For those who keep recommending auto loans, thanks but I have an auto loan. I financed though the dealer.
I want to know if they will cancel my current scam of a loan if I don’t provide proof of my income


November 21, 2009

Auto Loans Rates: Easy Way to Get Financed for Your Vehicles

Allan Greem asked:

Forget those when you used to day dream about the classy Ferrari, now it can turn out into a reality with the help of an auto loan that is available in the market.

These loans are available even if you have a poor credit history in the past. But in that case your rate of interest will be higher than the normal rate of interest. In most of the case the rate of interest stands at 8% to 12% depending on your current financial situation. But in case if you can afford to manage a higher sum of money as down payment for the loan then in that case your monthly rate will be lower. These loans are of two types. In case of the secured loans the rate of interest is low, because it is given in lieu of collateral. But the unsecured loans carry a higher rate of interest as it becomes a high risk loan from the point of the lender. The main factors that you need to judge in each case is the tenure of the loan, the amount that you burrow and also the type of loan that you are opting for.

Usually the loan terms are 12, 24 and 36 months. You have to go through the loan quotes very carefully in order to know exactly what the companies are offering for you at the current moment. The other thing that you have to keep in mind before opting for the loan is that the amount of interest if usually high in case of a loan which has a shorter tenure. The longer tenure loans have a lower monthly repayment rate but at the end of the day you end up paying more by way of interest. For example, for 60 monthly repayments on $12000, you will be paying 6.39%. On the other hand if you choose 36 months, you will be paying an interest amounting to 5.34%. So it is always advisable that you opt for a smaller tenure so that you save on the interest.


November 19, 2009

Auto Loans Rates – Ways to Get at Loans Cheaper Rates

Heather Stomes asked:

Auto loans are of different kinds: bad credit loans, fast loans, instant loans, poor credit loans. In secured auto loan, money lenders keep any asset as collateral. There are many types of auto loans. Some auto loans rates are high while others are cheap. You have a range of choice to select a lower interest rate.

How to Negotiate or Lower Interest Rates:

Many financial services and online money lenders are offering various choices. Due to fierce competition in the industry, there is a chance of getting auto loans at lower rates. Only thing you need to know is some few tricks. Let us discuss some of them.

Make a Survey of Financial Companies:

Research must be done to find out true information about the auto loans rates. You can request quotes and rates from various companies. Searching through online is the easiest way. Most of the financial companies have their own websites, surf the sites, and grab the information. Compare the rates and choose the best one.


Fierce competition in the financial services gives us a better chance to negotiate with the money lenders.

How to Plan:

You know your financial condition. Plan accordingly, keeping in mind, how much you can afford as a monthly installment. Choose the car you want to buy and search for the money lender who can finance for your car in the best way.

Down Payment:

Many of us prefer zero down payment or low down payment loans. But to lower the auto loans rates, it is better to pay huge down payments, at least for first few months. For the rest of the amount, loan rate would not be much higher.

Rebates or Discounts:

Usually auto dealers have targets to achieve at the month end. So they introduce some rebates or discounts to attract customers. People who pre-qualify for the loans can demand easy auto loans rates, discounts or some extra features.


November 18, 2009

Auto Loan Rates: Rates of the Auto Loans are Coming Down in Uk

Gavin Hadley asked:


The last financial year was full of ups and downs in the financial market of UK. The rate of auto loan was reduced as the Base rate of Bank of England went down. The lenders in UK were also happy to lower the interest rates for their products.

While you are buying a car for your personal or commercial usage, the funds become the key factor. If you are looking for a financer, then you have quite a few options opened in front of you. You may approach your bank for a loan or you may get your car financed by the dealer, who is selling the vehicle. There are specialist lenders who deal with the auto loans.

The big lenders like HSBC, Northern Rock and GE are also selling auto loan products, but the approval criteria are very strict. The people with bad credit are not entertained by these lenders. People whose credit history is not perfect and who want to apply for an auto loan in UK should go for the online specialist lenders.

Auto loan rates fluctuate with the base rate. It also varies for different lenders. If you are planning to apply for an auto loan, then it is always advisable to go through the Auto loan rates offered by the different lenders. The auto loan rates in UK varies from 5.9% APR to 12.6% APR depending on the various parameters.

If you have a good credit history you are entitled to get a good rate of interest, whereas the interest rate goes higher for the people with a bad credit history.

These auto loans have a very short amortization period. You can calculate the monthly repayment amount and the total cost of borrowings by yourself in the loan calculator provided in the lenders’ website.


November 16, 2009

Best Auto Loan Rates-where to Find the Best Rates to Net You the Car You Want

Marcus Washington asked:

When it comes to getting an auto loan, you obviously want the company that offers the best auto loan rates in order to save you money.

Keep in mind, it’s almost always better to lease than take out a loan, because you don’t have to pay any interest, due to the fact that you aren’t going through a third party.

However, if for some reason leasing isn’t an option (most times this is the case if you are buying through a private party) than a loan is your best bet.

Of course, keep in mind that you can actually sometimes save money on a loan versus a lease because you will be paying less money up front by buying form a private party versus a dealership, so you definitely have to factor this into play as well.

However, a good rule of thumb is that you will usually pay more for a loan than a lease, both per month and for the down payment, so this is generally the best way to go.

The first thing to know about an auto loan is that almost every company offers four different length loans-the thirty six month loan, the forty eight month, the sixty month, and the seventy two month loan.

How do you know which one to choose?

Which one you choose depends on how long you plan on keeping the car for, and of course, how much you are willing to pay. The longer period the loan is for, the less you will be paying per month, but you will pay more for the total amount. If you have the cash flow coming in, of course, then this won’t be a problem.

So how can you find the best auto loan company? Obviously, each company is different as far as rates are concerned-in fact, they can vary by as much as seven and a half percent, in some instances.

Of course, there are other factors in play, such as where you live, whether the car you are purchasing is used or new, etc.

So what determines whether you will get a good deal or not for an auto loan? Probably the most deciding factor is your credit, and for good reason.

If you have proven incapable or negligent about paying off your loans in the past, then obviously companies will be hesitant to lend you money, except for extremely high rates.

If you do possess a strong credit rating, then you will probably be successful at finding the best auto loan rates available. However, either way, you will get your loan rate down by doing a few simple things.

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