auto loan rates

January 6, 2011

Cheap Rate Auto Loans – Finance Your Car at a Lower Rate

Filed under: Finance — Tags: , , , , , , , , , , , , , , — @ 5:29 pm
Frank Dervin asked:




These days, getting a loan is not a big deal. Anyone who fulfills certain basic conditions relating to his age and citizenship can raise enough funds by means of loans. But the problem arises when at the end of the year, you find that your monthly salary has been used just in paying the expenses of routine life and no savings have been made so far to pay the installments of the loan.

The fact is that, your monthly savings could have been managed to pay the amount of the loan, but the interest on these loans was so high that you were not able to collect sufficient funds to repay the principal amount even. The same can be the case with the auto loans. But, all these worries have been removed by the help of Cheap rate auto loans. The extra feature of these loans is that these carry a very low rate of interest. It has made these loans the most favorite loans by the UK citizens.

These loans are not only helpful in financing your car at lower cost but also assist you in collecting essential information about different sellers of the cars. This facility is provided online. The expenses that you might have incurred in making market surveys are totally minimized through these loans. Besides this, your time is also saved. This is the most convenient kind of buying the right and most suitable car.

These loans may require you to pledge any of your assets, like your home, to the lenders so that they can offer you the lowest rates of interest. Sometimes, the period of repayment is also influenced by the value of this security. However, the settlements can be made by both of you depending upon the amount of the loan. In addition to this, these lenders also finance the used cars at very nominal rates.

Suzanne

Georgia Car Loan Refinance Rate

Filed under: Finance — Tags: , , , , , , , , , , , , , , — @ 7:53 am
David K. Volkens asked:




All car owners know that car loan refinancing gives them a great possibility to pay less for their car loan every month. The functional concept is simple: one gets a cheaper loan to pay for the old more expensive loan. Car refinancing in Georgia can be accomplished easily and fast. There are a number of good offers which let clients choose the alternative that fits them best. Most of the companies provide good rates no matter what credit history their clients have.

The recent average car loan refinance rate in Georgia is about 6.80%. It might differ subject to the bank that you choose, the city or the time because the rates always change after a while. In general the rates vary from 5% to about 11% in all the cities of Georgia while in Atlanta, its capital city, they vary from about 6.7 to 10.5. One can see the tendency of reduction in rates because only 6 months ago average car loan refinance rate in Georgia was about 7.3%. All this data is provided for 48-month basis, but the rates usually don’t change much or don’t change at all if the payment period of the loan is shorter or longer.

Car loan refinancing in Georgia is a very awarding undertaking for any car owner since there is a great competition between the companies that offer such services in Georgia. The prices for most of the new cars get reduced pretty fast and some banks have special offers for their clients almost every week. This way one can get a lower refinance rate just in a couple of months.

Sam

January 5, 2011

Factors That Affect Car Loan Rates

Filed under: Finance — Tags: , , , , , , , , , , , , , , — @ 7:15 pm
Peter Gitundu asked:




Buying your dream car when in financial distress can be made possible by taking a car loan. There are finance companies that will give you car loans as they strive to help you achieve your dream. What differs in the services offered are the loan rates. This tells you that, you should make a comparison of all the companies that offer these services.

Be keen on what you see being advertised because some may offer you lucrative rates but exploit you on the side. The car financing rates will be affected mostly by two factors, which are, the amount you wish to borrow and the repayment period you wish to take to clear the debt. This may sound simple and you may actually dismiss it as common sense, but wait till you have done your calculations and you realize just how much money is at stake here. You can make use of the online finance calculator for an easier estimate.

The rates will also be affected by the type of financing you are applying for. These include, personal unsecured loans and the secured ones. The former will attract higher interest rates. Secured means that the automobile will serve as the collateral for the financing, meaning that the financing company may repossess your auto if you default on payment.

Another factor that the financing company may wish to consider is whether the car you are going to buy is old or new. If you are buying a used one, the rates may be different from those charged on a new auto, and in most cases, they tend to lean towards the lower side.

Joe

January 2, 2011

Find the Best Used Car Loan Rates

Filed under: Finance — Tags: , , , , , , , , , , , , , , — @ 6:10 am
Todd D Bertshinger asked:




Dealer ads frequently announce “the best used car loan rates available”, but the interest rates differ enormously, so how do you know who is telling the truth?

And it is not just the auto dealerships who put out billboards offering the best car loan rates in town, finance companies and a variety of other financial institutions go down the same path.

So, short of getting out your financial calculator to work out the maths, how does anyone in the market to buy a used car know if they are getting the ‘real deal’?

While the solution to finding the best used car loan rates in Australia may not require a calculator, it does require some research if you want to reap the benefits.

Many people head to their bank or credit union initially. While the major banks, and more particularly the credit unions, offer very competitive rates for used car loans, their lending guidelines are very stringent, making it virtually impossible for the average guy in the street to meet the qualifications.

So, back to the car dealerships or the local used car lot, where car finance is readily available – generally with a hefty fee for service or interest rates that would leave the proverbial loan shark slack-jawed! But that is not always the case; the large, prestigious used car dealerships generally work in partnership with one of the large finance companies and occasionally you will find used car loan rates that are close-to-competitive.

In many cases, the loan rate offered will depend on how badly the dealership wants to sell you the car and whether the markup on the vehicle you want to purchase is sufficient to make their sales quota for the week. In the majority of cases, the dealership earns a commission on every new used car loan they initiate, so they are going to get you – one way or another.

Savvy buyers are now going online to find the best used car loan rates available by using one of the quality loan providers/brokers. Online loan providers take all the hard work out of comparing used car loans and rates between various financial institutions by doing the comparison shopping for you.

In most cases, online used car loan providers work with a variety of lending institutions who offer a number of different loan products. By completing an online form that requests personal and financial details, the loan provider can assess your circumstances and current position and then determine which of the lenders they have agreements with will provide the best match for your individual needs.

Some of the criteria they take into account are:

The deposit you have available

* Your current employment status

* Your ability to repay the loan

* Your previous credit history

* The market value of the car and the amount you want to borrow

* The term over which you would like to repay the loan

* How old the used car is

The most important factors are a stable employment history, a sound credit rating and the ability to repay the loan over a reasonable period of time. Many online loan providers guarantee to get back to you within 24 to 48 hours with an answer. This time is necessary for them to verify and confirm the financial information you have provided.

Because the loan providers have contracts with a number of financial institutions, they can use their network of lenders to obtain the best used car loan for the amount you want to borrow, the required loan term and the monthly repayment schedule.

So if you have been pulling your hair out looking for the best loan rates, you can put down your calculator and grab your computer mouse instead and head online. All the work is already done for you, so you can relax in the comfort of your office chair while browsing the Internet and not only find the best used car loans in Australia, but the best used car loan rates as well. Now, isn’t that a pleasant thought?

Theodore

January 1, 2011

Credit Score Auto Loan Rates – How to Get Best Interest Rate on Auto Loan With Bad Credit Report

Filed under: Finance — Tags: , , , , , , , , , , , , , , — @ 8:43 am
Emma Becker asked:




People with bad credit face a lot of issues in getting a car loan. Even if they get it, the rate of interest is very high. People wonder if they can get a better deal in spite of their bad credit score. The fact is that you can have that luxury provided, you make a planned approach. Given below are some tips that would help you negotiate with the dealer:

o First of all, you must know your credit score. This is important because in some cases it has been observed that the dealer does not have an interest in your requirement. They often lie to finish the conversation.

o Now, if your credit score is below 600 but you have taken a car loan in the last 3 years, you stand a chance to get a good deal.

o If the numbers are below 550, you must try to improve the score by 50 points that is, around 600. Applying to several banks with a low score would only give you rejections. This would further decrease the score.

o In order to improve your FICO score, you should read the report carefully and check if there are any mistakes. Some times, talking to the lender and working out a mutual settlement also helps a lot.

o In case you are carrying 6 to 8 credit cards, select couple and surrender the rest. This would boost your credit ranking. You may also choose to go for debt consolidation.

o For a smooth approval of the application, the borrower must have an income of $ 1600 per month or above.

o Usually people who have a stable job, stand a better chance to get an auto loan at low interest rates, even if they have a bad credit score. The self employed people have a tough time, as compared to them.

o If you have just bought a home or shifted in to a new accommodation, do not apply for the auto loan. Wait for at least 6 months.

o Buying a second hand car costs less. This way you can get the loan rather easily.

o You may try applying for some monetary help under the 2009 Obama Stimulus Package. This is especially advisable for those who are buying their first car. This is also applicable for those who do not have a car for past three years or more.

o This package not only helps you with the loan. They also allow some grants. You do not need to pay back the grant money to the Federal Government. You may use this money to pay the first installment. In a regular practice one has to pay 10% of the cost as the first payment. When you have a bad credit history, paying little more towards the down payments can reduce the interest that you pay in the long run. So, you can try utilizing the amount to pay at least 20% as the first payment.

Neil

December 25, 2010

How to Compare Car Loan Rates

Filed under: Finance — Tags: , , , , , , , , , , , , , , — @ 6:26 pm
Susanne Svette asked:




Although pulling a new vehicle into your driveway for the first time can be exciting, car shopping is an experience many people dread. Choosing a vehicle and negotiating the price of your new automobile can be a difficult process, not to mention, you incur new debt when you take out a car loan.

Get the best deal on your new car by understanding how car loans work, learning how to budget for a new car loan, and using a car loan calculator to determine your monthly payments.

Determine Your New Car Loan Budget

Before you begin shopping for a new car, figure out exactly how much car you can comfortably afford by creating a monthly budget. To do this, deduct all of your monthly expenses, including everything from rent and mortgage payments to spending cash, food and other necessities, from your income.

The amount remaining is the free income that you can put toward a new car loan. Be sure to choose an amount that leaves you financially comfortable. You should still have money left over to pay for emergencies and regular deposits into your savings account. A good rule of thumb is to commit no more than 20 percent of your monthly net income to a car loan.

Also, you should understand how long you can commit to the monthly payment terms. New car loans are typically repaid in increments of one to five years, while the maximum on used car loans is about three years due to depreciation. For the best deal, look for a loan with the shortest repayment period possible. It’s simple; you’ll pay less in interest.

Finally, know your credit score. Not having these three key pieces of information ready before applying for a new car loan is the biggest mistake new car buyers make when it comes to finding and choosing the best car loan rate.

New Car Loan Rates vs. Used Car Loan Rates

The next step is to determine what type of car you want to purchase: new or used. This will affect your car loan rate. Used car loan rates are typically higher (about one percent) than new car loan rates because it’s easier for a lender to recoup the losses if a new car loan goes into default. This means that over time, purchasing a less expensive used car at a higher loan rate can sometimes be comparable to buying a more expensive car at a lower rate.

The example below illustrates how you can buy more for about the same monthly payment depending on the interest rate. Since new loan interest rates are typically lower, or you may even qualify for a zero-percent deal, you could buy a more expensive vehicle and spend less over time.

New Car: $15,000 at 0% interest rate for 36 months = $15,000 ($416.66 monthly payment)

Used Car: $13,500 at 7% interest rate for 36 months = $15,006 ($416.84 monthly payment)

Regardless, it pays to shop around for the best car loan rate. Search online for local new and used car loan rates, or call your financial institution. Check the Sunday classified ads for car loan deals at your local dealerships, too. Credit unions are another good source for car loans. They typically offer lower interest rates than larger lenders, but are usually more selective when it comes to offering loans.

Bad Credit Car Loans

The best thing to do if you have poor credit is to avoid a new car loan. It can cause you more problems than it’s worth in the long run. Clean up your finances first, and then buy yourself a fabulous (but affordable) new car as a reward.

However, if you absolutely must have a new car and need a loan, get a car loan pre-approval. This means you get your loan first, and choose your car second. Of course, this limits your ability to choose your car and dealer brands because your ability to obtain a car loan depends on each dealer’s ability to find a lender. For example, your favorite Jeep dealership may not be able to find a lender for you, but the Chevy dealership across town may be able to offer you financing.

If you don’t have a car loan credit history, or your credit score is below 600, don’t waste time filling out car loan applications. It can damage your credit even more. Instead, search online for a company that will locate a high-risk lender for you.

The Car Loan Calculator

Usinga car loan calculator can help you determine if you can afford that sleek new Mercedes, or if you should opt for something less expensive. It will ask you to enter the:
Price of the car Sales tax rate Other costs (title, registration, etc.) Cash rebates, down payment, trade in value and estimated trade-in value payoff (if applicable) Car loan rate Terms

Experimenting with a car loan calculator can help you determine the true cost of a new vehicle and understand how much car you really can afford. In addition, a car loan calculator shows how much impact a lower rate, cash back rebate and terms can make when comparing car loan options.

Erik

Bad Credit Car Loans – 3 Tips on Getting a Reasonable Interest Rate

Filed under: Finance — Tags: , , , , , , , , , , , , , , — @ 6:53 am
Carrie Reeder asked:




Obtaining a car loan with bad credit is achievable. The downside to purchasing a car with bad credit is that you may receive a high interest rate. On average, individuals with poor credit can expect to pay about 2 or 3 percentage points higher. Higher interest rates may increase you monthly payment by up to $150. Those who can afford to pay a higher monthly payment may be willing to purchase a car with a high rate. Nonetheless, there are ways to improve your chances of getting a reasonable interest rate.

Fix Your Credit Problems

Before approving a loan, lenders review credit reports to determine credit worthiness. Credit reports reveal a lot of information regarding your credit history. Do you pay your bills on time? Have you filed bankruptcy? How much debt do you have? Based on this information, lenders will approve or deny credit. If you have a low credit rating, try and improve your score before applying for a car loan. It takes time to improve your credit score, but it is worth the effort. Improving score involves paying bills on time, reducing credit card and consumer debt, etc. If you have recently filed bankruptcy, consider opening two or three new credit accounts to rebuild credit and establish a good payment history with creditors.

Save for a Down Payment

Having a down payment is a great way to negotiate a lower interest rate on a new car. The average down payment varies. However, a down payment of as little as $1000 can make a big difference. An interest rate reduction may save you thousands throughout the life of the loan. If you are hoping for a very low monthly payment, consider a large down payment. Not only will you get a low interest rate, but you are able to pay off the loan balance quicker.

Compare Fees and Rates

Many people receive auto financing through a dealership. However, it is smart to obtain at least three quotes. The best way to obtain multiple quotes for a car loan is to apply for a loan with an auto loan broker. Brokers are the convenient way to compare lenders. Simply complete an online information request form, and auto loan brokers will negotiate with several lenders to provide you the best financing. After you receive quotes from lenders, compare their rates, fees, and terms. Select the lender with the best financing option.

Roberto

December 16, 2010

All You Need to Know About Car Loan Interest Rates

Filed under: Finance — Tags: , , , , , , , , , , , , , , — @ 7:53 pm
Kalvin Jason asked:




Gone are the days when cars were bought just for luxury. Now, it has come out of its earlier label of luxury and it has become a basic necessity. No matter whether you are professional or not, but you must have realized the necessity of a vehicle. At the same time, financial crunch, many a time, restrain people to buy it. Under such circumstance, one can always go for car loan option. Car loans are available for all kinds of vehicles; be it new or used. One can avail these loans either in a secured form or in an unsecured form. However, various factors are there and on the basis of these factors, the interest rate of these options varies. These are as follows:

o It is seen that the interest rate of a secured car loan becomes cheaper than the unsecured one. Obviously, the reason is easily understandable. With a secured loan option, the security of the borrowers covers the risk of the loan. And therefore, the possibility of a lower interest rate is brighter.

o The interest rate of a used car loan is higher than the interest rate of a new car loan.

o With a good credit score, a borrower can always make the interest rate of a car loan pocket-soothing by negotiating. Similarly, if you have poor credit problems like CCJ, IVA, arrears, default and bankruptcy, then the interest rate of your car loan may be higher.

o Above all, some tricks are there, which will always help you to make the interest rate of your auto loan cheaper. Collect various loan quotes offered by different lenders and then compare them. Obviously, you will get a better deal on any kind of auto loan.

So, now you can easily buy a car of your choice by availing a car loan. And as far as the Interest rate is concerned, the aforesaid information will definitely help you a lot.

Karen
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