auto loan rates

nocclocster asked:


I was a local dealership a month ago trying to trade in my used car for another pre owned car. They ran a credit check and I qualified for an auto loan with a credit score of 571, but because of the high interest rate I couldn’t afford the car. A month later, I tried the same thing another dealership out of town and after hours of wating, the salesman told me that I was denied by 5 different banks for a loan. Then later that day I went home to check my credit score on freecreditreport.com and my score was 515.
So my question is, did my credit drop because I was denied by five banks for an auto loan? or did my first local dealership did not give me my real credit score?

Marion

lkg919 asked:


I have an auto loan with my credit union with a balance of 21,000, the loan term was for six years – began in 10/08, my payments are 370.00/month and I believe my interest rate is around 5%. Should I take my tax refund (6000) and apply it towards my loan?

Does anyone know how much time it would approx. take off the life of my loan? Would this benefit me in the long run? Or should I let my tax refund collect interest in a savings account?
i don’t need a loan!! i already have one.

i am not asking about what kind of loan i should get. i already have an auto loan, i am asking if i should make a large principle payment, and what the pros and cons are.

Keith

K.C. asked:


I have an auto loan at 16% (I know a little high but when I got it my credit wasn’t as good as it is now) and I have a credit card that has an intro balance transfer rate (which includes just them writing a check to someone) for 6 months and after that ana interest rate of 12% which is still lower than my car rate — I don’t have enough available credit on the card to pay it off but was going to pay about $2000 in a principal payment I still owe in the high $13K on my auto loan…..Ieaving about $11K on my auto loan….I pay my credit card bill on time and pay between $300-$500 a month on the card so I pay well over the min payment amount….Is this a good idea — I’m just trying to get my principal down cause it’s not going down by much with the interest rate being 16% —- also a refi is not an option as I owe more than the car is worth
Thank You I will not use my credit card to do this — I’ll just try and make more the the monthly payment to my card
To my car, lol

Joanne

Carney Alden asked:




Owning a car has now become a status symbol and we always look for our dream car to come at our door. The only hindrance between us and our desired vehicle is lack of sufficient cash in hand and we are afraid of the high interest rates while thinking of auto loans. Now you can have a cheap rate auto loan by using some key ideas and your personal negotiating power. Auto loan rates are variable and we must be smart enough to make the use of the opportunities. The most important factor while dealing with interest rates of the auto loans is your credit record. So you get your credit score before looking for auto loans. Any score above 750 is considered as good credit and you can easily negotiate with lender to get a cheap loan. People suffering from bad credit can find it difficult to get the interest rate low.

Auto loan rates are usually low towards the end of the month as firms want to increase the number of sales of the month. So you can wait for some days and go to lenders during end days of the month to have a cheap rate loan. Next thing that can help you to get a cheap loan is the down payment you make. Down payment reflects your repaying capacity and so if it is high the lender can get the interest rate low. You must be smart while dealing with lenders and should not put your all efforts at the start of the negotiation.

Start with a low rate and move forward. As no one wants to loose a customer, you will surely get the desired deal. Lastly, don’t stick to a particular lender and look for all the options available so that you can have the option to get a better deal. Online search is the best option to deal with many lenders within short period of time.

Daniel

lovemusicjunky asked:


I want to buy a Nissan Cube in the next couple of weeks. I have $6,000 to put down and the car will be around $20,000 I tried to get a auto loan from my bank and I got denied. My credit score is 601. I have no debt, I paid everything off 2 years ago, no major credit cards (bc my credit is so bad I can’t get one), I make $60,000+/year so I can afford it. My debt was no more than $3500 and I have never owned or rented a house. Is there any place that I can go in the Houston, Texas area that will approve me with a not so high interest rate? Thanks in advance. It wouldn’t be such a big deal but my current car is hanging by a thread and will cost $1500 to fix and I refuse to put that much money into it again.

Jennifer

Lilith X asked:


Is it better to apply for an auto loan at a bank/credit union in person or online? Do you have a better chance of getting a better interest rate in person because they can approve better on a case by case basis?
Oh, I’d also like to add that i have good credit. Currently it’s at 746 and I expect it to go up more at the end of this month. Only problem is my income is a bit low.

Kathleen

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.

Tiffany

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…

Jerry

J asked:


I have been watching a lot of CNBC and you see all over the news about the current economic crisis. It looks like we are in a credit crunch, and I have heard its affecting getting any kind of credit.

I want to purchase a used car. My credit score is far from great! It is right around 590. I was prepared to pay a high interest rate prior to the economic crisis, but now I am concerned I wont even be able to get a car.

I was looking at purchasing something for around 12-15k and putting 10-20% down. What are my options? What can I expect? Any links the news articles or real world examples appreciated, and any relevant references or resources in concern to CURRENT loan practices.

I knew what to expect two months ago, but I want to know what to expect TODAY! And references or real world experience backing up your statements.

Keep the smart ass comments to yourselves! Thanks! =)

Joel

skiairplane asked:


My credit union approved me to refinance my vehicle for 3 years at 2.9% for a max of $25, 750.00. I owe $29,000.00. I will have to come up with the difference of $4000.00 which I only have $1000.00 of. I can take it off of one of my cards at 0% interest till 2010 and pay it off in 3 months. My question is is that wise? My current rate is 7.9% on the vehicle. When I bought it a year ago my score was much lower then it is now. Any thoughts?

Marjorie