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The Auto Loan Expert – The Key to buying a Car - RSS feed - Add to Google

Thu, Jun 16th - 10:24PM

Why getting a Pre-Approved Auto Loan is a Smart Decision?

The traditional process of buying a car is a familiar procedure. Keeping a rough idea of the car in mind, you set out to look for the dealerships that offer the models that interest you. Prior to making a selection, you carry out research pertaining to the car and finally come to the stage of filling out the paperwork. This chain of activities is known. However, investing in automobiles is a crucial decision and getting your loan pre-approved is one of the smartest steps that you can undertake to ensure a solid backup of financing.

What is a Pre-Approved Auto Loan?

Typically, a pre-approved auto loan means that you have already found yourself an auto lender who is willing to finance the money for your car that you wish to purchase. The money that is sanctioned for the auto loan is at your disposal for you to buy the car. It is helpful as you can buy a car that is of a lesser amount than the pre-approved loan amount and invest the remainder of the money elsewhere.

Why is it a Smart Decision to get a Pre-approved Auto Loan?

  • It helps you to stay on your Budget

A Car Buying Budget

Many a times, people get swayed and are pressurized into making an undesirable car purchase that is higher than the cost of the car that they had originally set out to purchase. However, with a pre-approved auto loan, you can exactly map out the amount of finance that you require and focus on the cost of the car. It is ideal as you can stick to your car buying budget and also keep yourself from succumbing to sales tactics that pressurize you into buying a car that exceeds your budget.

  • You are able to identify the Best Interest Rate

Get the Best Interest Rates on Pre-Approved Auto Loans

Surely, shopping around car dealerships is a convenient method for purchasing a car. However, getting a pre-approved auto loan can protect you from falling for high interest rates. Also, it will enable you in finding out accurate interest rates at the same time. Therefore, by getting pre-approved, you can be sure that you have secured yourself the best interest rate for your auto loan.

  • Check your Credit Report

Check your Credit Report

One of the great aspects of getting a pre-approved auto loan is that a credit report is required by your auto lender before you can start car shopping. Essentially, a credit report can be a great means of checking if you have been behind on any payments. Also, a credit report can help you to fix your credit score before you purchase your new car. It comes of great help as a good credit score ensures a good bargain for a lower interest rate. Hence, by applying for a pre-approved auto loan, you can fix your previous bad credit rating and improve your credit report.

A pre-approved auto loan will not only back you up with sound financing, but also help you get the best deal for your car. Thus, before you set out to purchase your dream car, a pre-approval may be one the smartest options for you out there.

Applying for a pre-approved auto loan is a smart car buying decision. It will enable you to buy your dream car quickly and easily. Trust Car Destination for an affordable loan process. Apply now to get guaranteed car loan approval at the click of a mouse.


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Mon, Jun 13th - 9:01PM

How to get your First Auto Loan in Illinois?

You will always remember your first car. It is lot like love. Actually it is love.

Golden-Auto-Loan-Rules-for-IL-Car-Buyers-Car

If you have just passed your driving test, remember that buying a car allows you great freedom. However, you should not forget the tremendous responsibility that comes with it. If you are about to buy your first car in Illinois, follow the three golden auto loan rules designed for first time car buyers. The rules are the perfect recipe for a successful auto loan.

1. The Need of a Car

We buy things that we do not need to impress people we do not like.

Buying a car involves making regular monthly payments to the lender. If you buy a car without any real need, you are assuming the responsibility of unnecessary financial burden.

Make sure that you need a car. If you have just received your driving license from Illinois Secretary of State, it is ideal to drive a used car. Once you have gained experienced as a responsible IL driver, you can opt for an expensive car model.

2. Help

The only mistake that you can make is not asking for help.

It is often seen that young car buyers do not have adequate credit history. If you want an auto loan with zero credit score, a lender will ask you to get help from someone. He/she requires a co-signer because a co-signer with good credit score ensures regular monthly payments.

Alternatively, you can ask either of your parents to become a co-applicant for your first auto loan. It will help you in getting quick approval.

If you are still searching for a job, ask your parents to help you with a couple of initial payments. Lenders are interested in regular payments. So, they will have no problem with it.

3. Financial Situation

You must ascertain your financial situation before applying for an auto loan in Illinois. Your financial situation is not ascertained only by your income. There are several other factors that you should consider before saying yes to your first car loan. Find out about the following things and understand whether you can afford an auto loan:

Credit Score

Most young car buyers have zero credit score. But, it doesn’t give you the freedom from checking your credit score. Remember that something as simple as a department store credit card can add a few points to your score. So, it is always better to check it and make sure to remove errors, if any.

Down Payment

Down payment of at least 10 percent of the total cost of the car is required by Illinois lenders. It is also ideal for avoiding an upside down situation. If you do not have cash for down payment, you can trade-in your old family car.

Monthly Payments

Do not sign the contract if you are not sure about making regular payments. A lender may approve a low rate Illinois auto loan for your first car. But, if you are unable to make regular payments, you will end up facing repossession.

Fuel and Maintenance Expenses

If you are recently out of school, it is important to keep your expenses in check. Calculate the monthly fuel charges as well as maintenance expenses of a car before buying it. You can create a monthly budget and choose a car only when it suits your requirements.

Follow the three golden auto loan rules while buying your first car. It will keep you away from making terrible financial decisions.

All the best!

Hope your first car buying experience is fun and stress-free.


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