auto loan rates

June 30, 2010

Car Loans After Bankruptcy – Tips to Getting Approved

Carrie Reeder asked:

A car loans after a bankruptcy is one way to help build back your credit history. In fact, once your bankruptcy closes, you can apply for a car loan the next day. To get approved with the best rates for your car loan, follow these tips.

Review Your Credit Report

Before you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.

While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.

Plan Your Car Purchase

Before purchasing a vehicle, decide what you can afford in a monthly car loan payment. This will help you decide which financing package is best for you. Both the loan amount and length of payments will determine your monthly payments, so there is flexibility in determining which vehicle you can afford to purchase.

Use A Car Loan Lender

Car loan lenders make their money by finding you a loan. Car loan lenders work with several financing partners to back loans with all types of credit risk, including bankruptcies.

Online car loan lenders deal with thousands of loans, and can usually find you a better deal than your local car dealerships. Online car loan lenders will send you a check when you are approved, basically making you a pre-approved car loan buyer.

Explain Your Situation

Car loan applications will ask if you have ever declared bankruptcy and why. This is your chance to explain what led up to the situation and what steps you have taken to resolve your credit situation. Be sure to include improvements in your financial history too.

Consider Refinancing

Once you are approved for a car loan, keep your eye on future refinancing. By making regular payments on all your bills, in a year’s time you could qualify for significantly lower interest rates. In three years, you can build your credit score to near excellent and qualify for even lower rates.

To view our list of recommended auto loan companies online, visit this page:
Recommended Auto Loan
Companies Online.


June 26, 2010

credit/loan Negotiating questions?

Love my LO! asked:

can you negotiate the interest rates on auto loans? i’ve been calling around to my credit card companies asking for lower rates and its working can I start asking for lower payments etc. on credit cards? ? i’m trying to find ways to pay my debt off faster since I have alot of it.


June 25, 2010

Low Interest Rate Auto Loan – You Can Have Bad Or No Credit and Still Get Approved in 60 Seconds

Sarah Anne Miller asked:

Getting a low interest rate auto loan used to be impossible to find and most borrowers had to accept whatever rates where offered by their lender. But with the economy the way it’s been lately, even your lender is worried about how he is going to pay his monthly bills. In the old days we had to meet our lenders face to face and sometimes our loan was approved with a simple handshake but things have changed. Now you can go online fill out a form and get quite a few offers from different lenders all at once in 60 seconds or less.

Even finding the best deal on bad credit auto loans has changed dramatically. If your credit has been just so-so in the past lenders are now being less picky and allowing those with questionable credit to have an easier time getting approved for a low interest rate auto loan. Most of the time, there had to be haggling of some sort to get the lender to approve your loan and the interest rates where totally under his control. If you wanted a new car you had to accept the high interest rate he was offering and be glad you were approved. Now things have changed and the shoe is on the other foot.

Lenders are fighting hard to get your business because they need to keep their business running too. The crunch has hit these lenders and because of this they are overlooking your little credit problems in order to get your business. Getting a low interest rate car loan online only takes a couple of minutes to apply for and you can have your answer in 60 seconds or less! Bad and no credit auto loans are included in this search so don’t worry about getting denied. Take a chance; fill out the form and see how many offers you’ll get. There is no need to feel shame any longer about not having perfect credit.

It’s the age of the Internet, and borrowers now understand that the power has shifted to the consumer. Getting a low interest rate auto loan through online lenders has lead consumers with questionable credit to find real savings and has opened the door for them to rebuild their credit. Bad credit auto loans give you a chance for a fresh start and lenders know that many of you are searching for this type of loan to make things right again. Even if you have great credit finding better rates for a new car online is faster and easier to do than in the old days.


Auto Loan Online? Military? Bank?

Rush_Informer01 asked:

I’m looking for a car loan for about $10,000 so I can buy my new car before I sell my current one (which is paid off). I have a good credit score of 741 last I checked. I’m in the USMC reserves if that will help with interest rates. I don’t have very much monthly income however since I just quit my civillian security job.


June 24, 2010

Find Out How to Find the Best Auto Loans Online

Bill H Ewens asked:

Lots of people would rather make an online purchase with the fantastic benefits which experts claim buying on the internet allows – this will save a person precious time, cash and energy. Exactly the same procedure will be adopted just like you would probably try to acquire a car the conventional manner: people “have a look” and try to assess the most beneficial quotes before looking for a vehicle loan through a specific on line financing company.

Below are great tips to find the best auto loan rates online:

1. Ask for estimates from several businesses. Nearly all on line funding firms present totally free quotations with no commitments or responsibilities. Ensure that you complete the unique quotation documents from every business as correctly as you possibly can. When all of the quotations come in, make a side by side comparison in small print and pay attention to which might be the best auto loans offered to help you.

2. You should never feel embarrassed to negotiate. In reality, these people count on this from a person. It’s advisable to pay a smaller regular amortization for an extended timeframe of the loan or maybe you’ll probably decide to pay a greater amount on a smaller credit term. Determine what exactly might fit with you best and do it.

3. Produce a big deposit. If you provide a larger deposit, it’s likely that the monthly amortizations turn out to be very reasonably priced and can save you bucks over time. While some people take advantage of no down payments, carrying out the reverse may qualify you for a lower interest rate.

In case you have almost ideal credit history, it’s also possible to attempt to get a better price from the lender to be sure you acquire the best auto loans. A clean personal credit record may immediately pre-qualify you for a vehicle loan online – ask for rebate programs as well as other special discounts that will help spend less on your own auto order.


June 22, 2010

The Basics of Auto Loan Interest Rates – What’s the Best Deal For You?

Aidan Mosteller asked:

You are looking into buying a new car and you’ve saved up enough to make a down payment. But you find that you still need a loan to be able to buy that car. What’s the next step from here? Well most people will tell you to shop around for loans. This is of course the most practical thing to do as you get around to comparing prices and realize you don’t have the whole amount available to buy your car. While it seems like a simple task, the most important thing to look out for when shopping is the auto loan interest rates because they can greatly affect how much you’re actually paying for the vehicle in the long run.

How do auto loans work? To begin with, auto financing loans are like any other loan and impose certain obligations. The bank or credit union loans you the money to buy the car when you don’t have the entire amount needed to buy the car. These institutions then let you pay them back monthly until you’ve finished reimbursement. Technically speaking, they own the car even if you’re the one driving it around and parking it in the garage at home for as long as repayment of the loan in full hasn’t been completed.

Sounds pretty simple, but there’s a catch. Auto loan interest rates are part of the deal so as to assure the lender that you’ll be forced to meet deadlines and pay in the right amounts. Interest is an added expense that you pay along with your monthly repayments of principle. The terms you get are affected by your credit history and loan term. The cleaner and stronger your credit history is, the lower your interest will be.

The same goes for the loan term – the shorter the term is, the more likely that your auto loan interest rates will be lowered too. If you are on a tight budget though, this may not seem like the best option. With a longer term, if you’re offered low down payments as well as low monthly charges, do expect that your interest rates will be slightly higher.

One thing to keep in mind when looking around for the perfect loan is that no matter what your situation is, companies will try to make a profit from you. Try learning how much you qualify to borrow and never mention during any pre-qualification interview or questionnaire how much you intend to pay monthly. They can easily compute interest rates according to what gives them the most benefit while making it appear like you’re getting a bargain, which you’re not.

Avoid no-money-down or unbelievably low down payments since interest will surely make up for it. Bear in mind that auto loan interest rates can make you end up paying much more than your car’s actual worth. Having the right mindset when it comes to your budget and being realistic about your ability to repay will enable to get you the best possible deal out there.


June 18, 2010

Who can I call that would be willing to re-finance my very high interest auto loan, with my bad credit?

sis2sis asked:

I recently bought a car, and had to take a loan with an interest rate of 24.99%. That means that I’m going to pay double for my car once its payed off. I’ve been hearing that I can try refinancing after 6 months of “on time” payments, but I’ve applied twice now, and been turned down both times. Does anyone know anything about this. Who I can call? Or how long I should wait before I try again. The company that financed me does not offer a refinance option.


June 15, 2010

Affordable Auto Finance Rates? – Here’s How to Find Them

Chimezirim Chinecherem Odimba asked:

Let’s explore some tips for getting great auto loans at reasonable interest rates. The Internet offers great assistance in getting the very best auto loan offers. Online auto loan providers always offer cheaper deals as compared to traditional lenders.

With numerous lenders offering auto finance, it is very easy to get loans at very low rates due to the high level of competition. You can enjoy the benefits of the lower costs of doing business on the internet. Lenders pass on what they save in the form of lower interest rates.

All lenders prefer the safety of their investment over increased profits. Converting an unsecured loan into a secured loan is one way of getting loans at low rates.

Use your good credit score to your advantage and secure lower interest rates. The credit score is a measure of a person’s credibility and solvency. A good credit score implies lower chances of defaulting. Since the lender’s investment is safe, you can negotiate for a reduction of interest rate.

It is incorrect to say that only those with a good credit score are entitled to reasonable auto finance rates. Suffering from bad credit? Do not worry. You too are entitled to low rates auto finance. Your bad credit score shall be ignored by the lender if there is a cosigner to the transaction.

You can also get auto finance at low rates irrespective of your credit score if you make a substantial down payment on the price of the car. The higher the down payment, the lower the risk of the lender. Low risk transactions attract low interest rates.

Auto financing providers cater to various categories of borrowers. Different lenders specialize in dealing with specific types of customers and those belonging to those particular categories get special attention. The safety of investment is drastically reduced when the lender deals with a borrower outside the firm’s area of specialization. Dealing with the right lender will keep the interest rate low. Only a bad credit auto loan provider will offer loans to those with bad credit scores at affordable rates.

Some lenders avoid lending to businessmen and professionals while others work within a fixed geographical area. Whether you fall inside or outside the lender’s classification affects auto finance rates. Use the Internet, online auto loan calculators and other such tools to identify the right kind of loan and lender. Adopt a broad and flexible approach when searching for auto finance providers. This will help you find the best deal.

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