moneycontrol asked:

After home loans, it’s the auto loan segment which is heating up. ICICI Bank and Axis Bank have cut auto loan rates by 25 to 75 basis points. CNBC-TV18′s Vidhi Godiawala and Sweta Sriram find out if a car loan war is emerging.

William

Hector Milla asked:




Getting your own vehicle is not as easy as it sounds. In today’s age, due to the rough economic times, car rates are very high and it is quite difficult for an average wage earner to purchase a vehicle of his/her choice. However, this should not get you discouraged because there are many schemes through which you can get a car and one of them is through an affordable car loan.

Auto loans come with a lot of strings attached and it can get quite complex. The deals between the lender and car dealer can become complicated. However, in this article you will find some valuable information regarding car loan rates. This information should help you learn how you can negotiate and get yourself a better auto loan deal.

As different cars are available on different interest rates, decide which car you actually want to buy . The second step involves your fixing an amount for the loan you need. For instance, if the cost of car is $30,000 and the customer is willingly making a down payment of $8,000 then the amount of loan should be fixed at around $22,000. This amount also determines the rate of interest at which you will receive the loan.

You can get a lot of quotes from different companies and compare the rates of each. After finding a company with the most suitable rates of auto loan, you have to negotiate for discount. Do not be nervous or afraid of negotiating because as long as you have a good credit, you can ask for lower rates without hesitation. Once you get yourself a good deal, you will be getting a new vehicle without stressing about financial distress.

Keep in mind that if you are not satisfied with one company’s rates, you do not have to accept the first offer. Instead, do as much research as you can on different companies because this is not a small purchase. Buying a vehicle should be based on careful planning which involves negotiating with the car dealer for best possible rates.

Sarah

CoopServicesCU asked:

Get down on auto loan rates with Co-op Services Credit Union’s “Get Down on Rates Sweepstakes”, where you can win big! Check it out at www.downonrates.com.

Karl

Howcast asked:

Expand the description and view the text of the steps for this how-to video. Check out Howcast for other do-it-yourself videos from Dynamic and more videos in the Car Finance category. You can contribute too! Create your own DIY guide at www.howcast.com or produce your own Howcast spots with the Howcast Filmmakers Program at www.howcast.com Make sure you get the best possible terms on your car loan by doing your homework. To complete this How-To you will need: Your credit rating A pre-approved car loan Math skills On-time payments A down payment (optional) Step 1: Get your credit rating Request a copy of your credit report by logging onto annualcreditreport.com or by calling 1-877-322-8228. You are entitled to one free copy per year. Car loans are based on your credit rating, so make sure there are no mistakes. Tip: Try to scrape together a down payment of at least 15 percent, which will greatly reduce your financing costs. Step 2: Shop before you shop Once you figure out how much you can afford to spend on a monthly payment, and before you set foot on a car lot, get a bank or credit union to pre-approve you for a car loan. Tip: Search online for sites that compare current auto-loan rates. Step 3: Focus on the APR When comparing loans, focus on the APR—annual percentage rate—rather than the monthly payment. It’s more important to have a low interest rate, as long as you can make the payment each month. Tip: Resist the temptation to finance a car for longer than 48 months …

Doris

nrlfcu asked:

Auto loan rates are so low at NRL Federal Credit Union that some members are having a surprising reaction.

Tamara

Robert Worley asked:




You can secure a good auto loan rate for your vehicle if you look for it in the right place. Your choice of the right lender for your auto loan must be based on your credit score. Either a prime or a subprime lender would be able to cater your loan request though the most practical way to go about getting a car loan would be to request for quotes from online lenders and then narrow down your search from there.

Your credit score may make you eligible to apply for your loan from either a prime credit lender or a subprime credit lender. Prime lenders offer loans which are elementarily different from those offered by subprime lenders. A prime credit lender caters to people with the best credit scores, based on the company’s rankings a prime lender may cater to people with a minimum of 650 credit points. People with lower credit scores are catered by subprime lenders, subsequently; the car loan rate offered by the prime lenders are the lowest and most flexible, while subprime auto loans not so much.

Some lenders offer their services without disintegration of credit scores, though even they consider a persons credit history before giving an automobile loan. You will even come across lenders willing to sanction your loan instantly, even without a checkup of your credit standing, though dealing with them is only recommended if you are in need of financing on an urgent basis.

Though subprime automobile loan lenders or bad credit auto loan lenders offer tend to offer interest rates higher than a prime lender, the interest difference may not exceed 2 to 3 percent in annual interest. In fact some subprime lenders also show flexibility and offer rates just a little bit higher than a prime credit rate.

To find the best car loan rates it would be recommended that you do your own survey. A point worth remembering here is that lenders usually don’t mention any of their fees in the quote they offer to you initially. The trick here is not only to look at the interest rates offered but also to consider all the fees being added in the total. Keep our eyes on the sum total, the amount you will loan as well as the amount you will have to pay back and you will have a pretty fair idea which deal is feasible for you and which is not.

Kathryn

ETnow asked:

The car finance market is hotting up with ICICI Bank and Axis Bank slashing interest on new car loans

Arthur

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

hitesh975 asked:

information-get.com Get Your Free E-Book If your major interest is information related to low auto loan rates or any other such as loan financing with, car financing, guaranteed auto loan or bankruptcy auto loans, this article can prove useful.

Ellen

mschwartzandsons asked:

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Joy