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Sat, Feb 26th - 3:19AM

IMPORTANT STEPS FOR GETTING APPROVED FOR A CAR LOAN

Car loans are one of the best ways to improve the credit ratings. People those who have adequate funds to buy their dream machine will not apply for loans. However, aspiring individuals who are in pursuit for their dream car are forced to apply for the car loan. There are many important steps for getting approved for a car loan. They need to be aware of every bit of detail so that the loan application and all the process are completed in a quick succession of time. The individuals with bad credits should not be victimized with higher interest rates and in delaying the approval of car loans.

There are umpteen numbers of financial lenders those who take great care in providing tailor made solutions to both sectors of people. The lending companies have tightened their screw in approving the loans because of the credit crisis. The manufacture of cars has come to a standstill because of the fall in the purchasing power. The prices have come down in a rapid manner. Most economists feel that this is the right moment to buy their dream cars. There are certain ways and borrowers have to be wise in knowing the important steps for getting approved for car loan.

The borrowers with less-than-stellar credit have equal chances of getting the loan but have to do an extensive research in the non-traditional places. They may get their loans approved by their local banks. The first important step for getting approved auto loans is to get copies of the credit report from credit bureau. It is important to have solid reasons for the negative entries made in the credit report. The companies are ready to lend their ears to know the reasons to make a decision on approving. An honest and confidence building conversation might be very helpful rather than coming up with a sob story.

It is important to choose a car within the budget. The borrowers must be practical in understanding the nitty-gritty involved in today’s lending market. No company will be interested financing individuals who dream about a luxurious car which is far from their budget limits. This makes it highly impossible and the car lenders can derive a bad conclusion from their proposal. On the other hand, choosing a car within their budget is an important step for getting approved for a car loan.

Collateral car loans would be super fast in terms of processing. Bankers do not really bother about the economy or the crisis in the market if any of the assets can be owed against the loan. In this type of car loan, the car to be bought itself act as the collateral. So the bankers can be assured of their investment. They are extremely careful in not lending any excess amount than the market value of the car. A profound down payment will make the lenders so happy and it is one of the important steps for getting approved for a car loan.


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Sat, Feb 26th - 3:18AM

How to Secure Low Rates on Used Car Loans?

The recession hit economy and the jobless days might threaten the entire country. Every single individual has got his own dreams and nothing can prevent them from attaining their goals. A car can be dream machine for many and it is a great asset. Cars have become an essential commodity for the people to commute at their own pace. Used car loans as the name suggests are the loans given to the borrowers to purchase a second hand or used car. People might find it very difficult to secure low rates on used car loans. There are ample ways to do this and the borrowers must be ready to make some research works.

Some important tips to secure low interest rates loans

>> The predominant requirement to get auto loans on used cars is to research. This activity should employ a complete study of rates, terms and conditions posed by the lenders. The company must be scrutinized for any of its scam activities and it is good to make sure that they have a good reputation. A complete study will help in revealing the maximum information about the loan features and restrictions.

>> A larger down payment is essential to avail a good interest rate. This process can be a triple bonanza for the borrowers. The first benefit is that by paying a huge down payment, the dealer would offer a lower interest rate. Secondly, it will save few thousand dollars in the long run. Finally, the payment will help the borrowers to negotiate to the core with the car lenders to reduce the interest rates and offer discounts.

>> Choosing lower interest rates might extend the period of monthly payments. A short term loan will have higher interest rates. So the borrower must decide between the two options.

>> Online shopping will save money as it eliminates the needs to recruit personnel for the lenders. Finance institutions are able to provide cheaper car loans when applied online. The deals are quick and hassle free.

The borrowers must understand all the technical terms involved in the loan papers. A good online lender will make everything simple and easily understand by any lame borrower. Never give your ears to the captivating offers made forward by the cunning representatives. It is good to stay away from the brokers and other agents those who make their living at the cost of the borrower.

Securing low interest rates on used car loans is not a daunting task. The used car itself can act as the security in terms of a collateral auto loan. This is a good reason to mention and acquire lower interest rates. It offers greater flexibility for the borrowers and gives them the necessary period of time to repay the loan amount. Used auto loans are the defining concept of car buying in the modern era. Even bad credit holders can opt for a loan by paying a lump sum down payment.


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Sat, Feb 5th - 2:28AM

Which Factors Affect the Auto Loan Rate?

With new models of cars coming out every month, temptation is easy. The desire of owning your own vehicle may reach a peak even when you know you don’t have the money to buy it. Getting an auto loan is not an easy task and there are various things that are considered by a lender before your loan is sanctioned. Even if you do get a loan, a too high interest rate can cause trouble in your monthly budget. The factors that affect the Auto Loan Rate are as follows.

>> There are basically two different kinds of car loans, secured and unsecured. In normal cases, the rate of interest for an unsecured loan is higher than a secured loan.

>> Deciding on a used car will get you a higher rate of interest than a new one, though it may only be by a margin.

>> You can decide on a fixed or a flexible interest rate. A fixed rate is where you have to pay the same interest throughout your loan term. In case of a flexible loan, the interest rate depends on the rate prevalent in the market at that moment. The latter may get you a lower interest if you are bold enough to take a risk.

>> Usually you will have to pay a down payment when you get the loan. It is usually about 25% of the total amount of the loan. If you can increase that amount, your interest rate will automatically go down.

>> The rate of interest is also dependent on the actual price of the car. The higher it is, the higher the rate of interest.

>> The credit score of a person is perhaps the single most important factor that decides the rate of interest. A person with a stellar credit history will be able to enjoy a much lower interest than a person with bad credit. This is because the auto lender presumes that the latter may again default in payments which lead him to increase the rate to cover his risks. If you have bad credit, its better to wait for sometime to apply for an auto loan and clean up.

>> You can choose to pay back your auto loan in 36, 48, 60 or 72 months. The lower the time period you choose, the lower the interest you will be offered.

>> Lenders also look at the location the person is residing in while deciding the rate.

>> If you are a person with a bad credit history, ways to offset it would be to make a big down payment upfront for your auto loan, showing large cash reserves and increasing your income to debt ratio. Making regular payments on your credit liabilities will also reflect well on your credit score.

Shopping online for your auto loan is a very good idea. You will not only find many options from which to choose from, you will also find tips on how to get a low rate auto loans.


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Sat, Feb 5th - 2:28AM

How do Blank Check Car Loans Work?

For most people, a car is going to be one of the most expensive items they are ever going to buy. Few people have the kind of money required to buy a car. Getting a car loan is necessary. There are many lenders who are willing to offer loans for buying cars. If you are looking for a blank check car loan, you must know how it works and how you can get one that will suit your requirements. The few points below will help you know more.

1> A blank check car loan is a pre-approved loan from a bank or other lender which you get before you go to the dealership to choose a car. You have a specific amount of money as loan which you can spend and you even know the rate of interest you will be paying. You can choose any car within that range. This gives you power to choose and also keeps you from over-enthusiastic salespeople trying to up-sell you.

2> Experts will tell you that it is better to have a blank check car loan in hand before you start looking for the car you want to buy. It will prevent you from settling for something more than you can afford and getting rejected for a loan.

3> A blank check car loan will give you power. You can not only choose the car you want without worrying about auto financing BUT you can also bargain better with the car dealership when you have a specific amount of money in your mind.

4> But not all lenders will give you a blank check car loan just like that. They will want to know the specific model you want along with the VIN number and the year of manufacture. But still you will have a pre-approved loan in your kitty before you go shopping.

Now that you know more about blank check car loans, how do you go about getting approved for one? Here are a few tips you need to keep in mind.

1> Clean up your credit history: One of the most important deciding factors for getting a car loan will be your credit score. If you have an excellent credit history, you can negotiate with the lender for a lower interest rates. If you have bad credit for 6 months before you apply for second chance auto loan, making timely and regular payments on your credit debts will bring up your credit score.

2> Loan term period: It is better to get a higher interest for a short-term loan than a lower interest for a long-term loan. You will not want to pay for your car for the next 6-10 years of your life.

3> Contact your local bank, credit unions and online lenders and find out whether they offer blank check auto loans. Compare quotes and settle for one that suits you.

4> Once you have been approved, just do the paperwork and wait for the check. Shop for your car with confidence once you have it in your hand.


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