auto loan rates

April 30, 2010

My current fico score is 568 and climbing, possible to get an auto loan?

JJ asked:

Right now my Fico score is at 568. On my credit report the reasons stated for my low score is because of a severely late payment 8 months ago from a student loan. The reason for this is that for some reason the lender didn’t update my account as being deferred and when I found out about it, I paid it up to current and have made all other payments on time (before and after this with them). I tried contacting them about this but they are not willing to help with the late payment reporting. I also have a large amount of inquires because I’ve been applied for loans with the “bad credit” dealerships only to be told I can get a used $10000 car for like $500 a month payments (not a very good deal in my eyes because most of the vehicles have 100k miles). Now with what fico has released as the scoring for late payments my interpretation of that would be that my score would be in the 650′s if my student loan had reported correctly. If I were to go to a bank or credit union and explained my situation with that would it help me get into a vehicle or just hurt me with another inquiry? I do have some old collections from a divorce that I have been paying off and having them removed that were from about 4-5 years ago, but now I need a new vehicle and all my excess cash went to old bills so I am limited on a down payment. Currently I have 2 credit cards with a total of $500, 20% utilized just to keep a good reporting. I have been at my employer and address for 18 months and my AGI approx 40k.

I am hoping to get some professional opinions whether it would be possible to get an auto loan through a CU or Bank. Would going to a large dealership be the best bet? Any guess on the probability to get a loan would be great.
I understand I would have a higher interest rate but I am willing to accept that. I am just trying to get into a new or slightly used vehicle and bring my score up by April 2010 to purchase a home.


April 25, 2010

Cheap Auto Loans – Financial Aid at Low Rates

Kalvin Jason asked:

So you want to buy a car that is cheaper than all those Ferrari’s and Lamborghini’s. You can avail cheap auto loans for buying an inexpensive car. These are very easily to obtain and can be cleared very easily so that your credit history will not be tarnished.

Cheap auto loans are available at a very low interest rate which you can very well afford. You need to make a choice between secured and unsecured loan. Either loan would be reasonable to you compared to other auto loans. The repayment period is 4-5 years.

These loans maybe secured or unsecured. The secured loans require you to pledge collateral against the loan amount you are going to apply for. The secured loans are available at a lower interest rate compared to the unsecured loans. But even then both loans are pretty reasonable. The unsecured loans are available without the necessity for you to pledge any collateral. You are given a short period of time to repay these loans.

You can apply for cheap auto loans online by filling out the online application form. You need not worry about the security of your details as it will be transferred through a secured hub. Make sure the details entered are correct as the details will determine everything from your loan application acceptance to loan amount transfer. The best feature in this loan is its fast acceptance and transfer. Your research should be perfect to get a good deal in this loan as research helps you know the different market rates and what is the most reasonable deal.


April 23, 2010

Instant Car Loans – Using Credit Score to Get a Lower Rate

Carrie Reeder asked:

Smart car buyers know the advantages of getting pre-approved for a car loan before entering a dealership. Because dealerships have shady practices that involve charging higher interest rates and fees, many people choose to secure private financing and compare various auto loan offers. One way to get a low rate on an instant car loan is to have good credit. Here are three tips on improving credit before applying for a car loan.

Auto Loan for People with Good Credit

Regardless of credit rating, almost everyone can get approved for a car loan. Auto loans are secured, thus lenders have easy lending requirements. In their mind, it’s a win-win situation. If a person with bad credit defaults on the loan, the lender simply repossess the vehicle and re-sells it. However, because individuals with bad credit are charged higher fees, lenders are able to recoup some of their loss.

Unfortunately, many auto finance companies also charge good credit borrowers higher rates and fees. Because the majority of car buyers are unfamiliar with the auto buying process, they fail to take the necessary steps to ensure a low rate.

Know Your Personal Credit Score

Many people do not know their credit score. They likely know their credit category: good, fair, bad, etc. When determining an interest rate on auto loans, lenders review credit scores. If your score is above 680, you are a prime borrower and entitled to a low rate.

However, deceitful lenders do not inform borrowers of the prime credit rating, and charge more interest. To avoid this scam, car buyers should obtain a copy of their credit report and score before applying for a loan. This way, you have an idea of the rates you may qualify for.

Boost Credit Rating

Try using one of ABC Loan Guide’s
Recommended Instant Approval Car Loan Companies.

Because instant car loan approvals are usually based on credit scores, maintaining a high or good credit rating is essential. Credit reports can be ordered and viewed online. If your score needs improvement, attempt to boost score by a few points before applying for a loan. This may entail paying bills on time, limiting number of credit inquiries, reducing debts, or settling past due accounts.


April 19, 2010

Would I be approved for an auto loan or lease with a 719 credit score?

Ryan H asked:

My main goal is to just get approved, but if I could get competitive terms, that would be a plus. I know I’m not going to get the BEST rates, but I’m hoping it would be around 7%. According to FICO when I ordered my credit report, they say a 7.2% rate could be expected with a 719 score. I’m 19 and have one credit card that I pay off in full every month (only use it for gas when I already have cash – just to build my score) and two student loans.
I have $2800 for a down payment, and if I buy, I’m looking for a 60 month term. Also, I’ve been at the same job for 3 years and have been promoted to assistant manager. My job does not show up on my credit report though, and I was wondering why that was (I pay taxes, it’s a “real” job, not under the table) — but next to it, it said it didn’t effect my score so I left it alone.
I’m sorry, but buying a car with 130,000 miles on it is not worth the $2800.


April 16, 2010

Auto Loan Rates – How To Get The Cheaper Car Loan

Hector Milla asked:

An auto loan is a great way to find necessary funding for the car of your dreams. However, not all loans are created equal.

You never know where you will find the cheapest car loan rates. This is why it is so important to shop around and see what different companies have to offer you. The following are some great tips to help you find cheaper car loan rates.

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

“…Know your credit score before shopping for car loans. If you can pay off some old debts and even remove mistakes from your credit history, you can definitely find cheaper car loan rates. If you want solid rates on car loans, it pays to use a price comparison website. This will allow you to compare companies and their loans side by side. Go into this knowing for how long you want to have this loan, what interest rates match your credit score, and the type of car for which you’re seeking coverage…”

Talk to car dealerships about financing options. Often, they may have relationships with area banks that can help you find lower rates than you might normally find. This is because such companies or businesses often have exclusive deals with area banks.

“…Consider talking to loan officers and experts in person. If you show such professionals that you have a plan for repayment and have a sizable down payment, you will then be that much more likely to secure a competitive loan. In fact, the larger your down payment, the lower your interest rates will be. Show you are responsible and prepared and banks will bow at your feet and want to work with you…” added H. Milla.

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


April 13, 2010

Best Auto Loan?

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

Im 21, have a good job pulling in $5k gross monthly. I am looking to get a brand new vehicle. I am looking to pay $32k out the door for this. I want to finance this, and was wondering what is the best bank/rate in the NC area? I DO NOT want to finance through the dealer. My Credit score is like a 660-700.

What is my best bet to get the best financing?


April 10, 2010

Auto loans and credit checks?

Filed under: Credit — Tags: , , , , , — admin @ 12:12 am
sagefrancis asked:

I want to shop around for an auto loan with the best rate but need to know if all the applications or quotes will bring down my credit score…


April 8, 2010

Bad Credit Auto Loan Rates – Online Lenders Offering Lower Rates

Jason Lanier asked:

You’re thinking about getting an auto loan but you’ve got “slow credit”? Have you thought about applying for an auto loan but are concerned that you won’t get approved and that if you do, you’re going to end up with high auto loan interest rates?

The solution is on the internet with online auto loans…

There are many different companies that can help you, however not all are created equal. Just like every other kind of business, there are good and there are “not so good”. You’ll find that there ARE reputable lenders online that can help you, but finding them may be a bit of a challenge if you’re not familiar with financial services. (Recommended Site)

One of the best things that you can do is to not accept the first offer that you are given, especially if it’s at a car dealership. Make sure that you’re getting the best deal for you, and not necessarily for the dealers commission check. There’s good options for you if you just take a little time an check them out.

Make certain that any lender that you deal with online is legitimate and reputable. Some are in great standing with the Better Business Bureau, which is always a good sign. Others just come and go and aren’t even around for very long at all. Using a respectable, legitimate source to get a real auto loan quote is the only way to go if you want a real loan that will be affordable and allow you to drive something that you’ll be proud to own.

The best auto loan rates for people with bad credit can be found with some good companies. Remember to always avoid predatory lending practices and make sure that you read the fine print in any auto loan contract!

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