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Sat, Jan 22nd - 12:20AM

Finding the Best Car Loan Deal in Your Area

With everyone facing a credit crunch, buying a car is definitely not an easy job. Paying the total price of a car outright is a far-fetched dream for most people. This is where a car loan becomes necessary. Finding the best car loan deal in your area will take you time and effort. Follow the steps below to do just that.

1> First of all you need to understand the basics of car loan. Banks work as lenders who will lend you money which you will repay within the loan period. You will be charged a rate of interest which you will be liable to pay. Before deciding on a lender you need to do a thorough research.

2> Decide on the loan term. The loan term simply means the time period within which you are going to repay the loan you have taken. Car loans usually have a loan term for 24, 36, 48 or 60 months. Most probably you will be paying a monthly installment. Technically the lender will be the owner of the car till you repay the loan. You won’t be getting the car title before you fulfill your obligation. The best car loan deal would be one that lets you pay off the loan within the shortest time possible.

3> Auto loan lenders charge different rates of interests to different people. Why? The min reason is individual credit history. In case a person has good credit, he will be charged a lower interest and a person with bad credit will be charged a higher interest. This is because the former has a history of making regular payments while the latter has a history of missed and late payments. A lender considers offering a loan to a person with bad credit risky because there is a higher risk of default payments. As such, the lenders charge a higher rate of interest. Improve your credit score to get the best car deal in your area. Pay off your old debts and make timely payments for 6-9 months before you apply for a loan. Never disclose confidential financial information or data, your social security number, etc. as it may be misused by unscrupulous lenders for nefarious purposes.

4> Apply to as many lenders as you can. Talk to your bank, local credit unions and other lenders. You will have to fill out a lot of auto financing application forms. Be honest and never ever inflate your financial status. Be truthful because a lender will check everything before he decides to offer you a loan. Study all the quotes you have been given and don’t just settle for the lender offering the lowest interest. Look out for additional payments you will have to make in case of some lenders. Avoid them.

5> You will be a fool if you assume that the local car dealership will offer you the best car loan deal. It could be better if you go to them with financing from a bank or some other lender.

If you do get rejected, don’t worry! Opt for a less expensive car or subprime car lender. Finding the best car loan deal in your area will be easy if you know what you are getting into.

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Sat, Jan 22nd - 12:20AM

Find Out the Ways to Avoid Paying More on Your Car Loan

So you are in the market for a new car. But you don’t have the money to pay for it outright. That’s the scene with most car-buyers. So what do you do? You apply for a car loan to help you buy the car, right? But how do you get the best deal for your car loan and avoid paying more than absolutely necessary? Follow the tips below that will help you do just that.

1> Traditional car dealership loans almost always will give you a worse deal than you can get elsewhere. Always remember that a car dealership is making a tidy profit by selling you the car and by taking a loan from him you will let him make a tidier one!

2> Car dealerships that will offer you 0% interest deals are something you should avoid like the plague. This is because these 0% deals will be yours only if you give up a certain discount. For instance, you can either take a $3000 discount on the car or a 0% loan. When you calculate you will find that you will be saving more money with the discount than with the loan.

3> Another reason you shouldn’t trust most car dealerships for loans is that the “best deals” that they offer only come to use when you take a loan from them. Why would they offer you a loan if they didn’t make profit from it? Sometimes you will get amazing prices on a car only if they finance you.

4> Your credit score is the single most important factor that decides your rate of interest. If you have good credit, your rate will be lower, while a bad credit history will get you a higher rate. If you have bad credit, make sure you make timely payments and clear up your debts for at least 6-9 months before applying for instant auto loans. This will improve your credit score and will make you pay a lot less as rate of interest.

5> Searching online for a car loan will let you browse through the offers by various lenders sitting in the comfort of your home. You will even be able to get online quotes after you submit a few basic details about your financial status. You can compare quotes and apply now for the best deals online.

6> If you are wondering whether a new car or a used car will make you pay less, then there are a few things you have to consider. A new car costs more but gets you a lower interest rate than a used car. Moreover finding financing for a used car more than 5 years old is impossible.

7> Do check what deals your local bank is offering for car loans.

8> Local credit unions are somewhere you should go. They will offer better deals than banks and sometimes even online auto lenders.

Learn more about car loans. It will help you avoid paying more than required.

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