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Tue, Mar 29th - 9:55PM

Few Tips for First Time Car Buyers - Finding Best Car Loan Deal

Are you someone planning to buy your first car? Then you must probably be a high school student, a college student or have recently been employed. Buying a car for the first time can be a pretty exciting experience. Here are a few first time auto loan tips below to help you out.

>> Decide on which car to buy first. Be reasonable and choose one that you can make a 20% down payment on. If you can not do that, choose a different car. It is the best if you buy a car that you can pay off within 4 years.

>> Other than the loan payment, remember that you also have to pay for the gas, insurance, batteries and a lot other things.

>> There is nothing shameful in buying a used car. Buying a used Toyota Camry or Honda Accord is actually a pretty good idea since they will give you safety, dependability and freedom from costly repairs.

>> Do not expect to get a car loan financing for a car which is more than 5 years old. You will have to pay cash.

>> There is no return policy for cars. You can not give it back because you do not like it after 2 days. So decide well.

>> Most probably you do not have a credit history if you are a first time car buyer. This is one of the biggest hurdles you will face in getting a loan. You need to establish credit. You can get a gas card and credit card from your local department store pretty easily. When you use them, make sure you pay them off within a month. Do not dare overspend as it is going to reflect badly on your credit history. In fact, the balance should not reach more than 50% of your limit. Do this for 6 months. It will let you show some sort of a credit history to the lender.

>> Asking your parents, a relative or a close friend to cosign with you is a good idea if you do not have an established credit history. This means your cosigner will also be signing the loan papers along with you. It also means that your cosigner will be responsible for payments on your loan if you default. It is a matter of great risk and delicacy and you have to make sure that your cosigner knows what he is getting into before he signs.

The most important barriers you are going to face when you apply for an auto loan for your first car are:

>> Your lack of credit history will make it difficult to convince the auto loan lender

>> Finding financing for used car more than 5 years old is difficult, if not impossible

>> Insurance for your car will be pretty high

>> Dealing with car repairs and other maintenance costs will rake off quite a bit of your income

As a first time buyer, you should research well before you decide on finding an auto loan for your car. Happy car shopping!


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Tue, Mar 29th - 9:54PM

Low Rate Used Car Loan with Bad Credit - Is it Feasible?

It is not that difficult to get used car loan with bad credit. It is very much similar to get loans with good credits. Most lenders approve collateral loans in which the car owner has to owe a property or any other asset to the lenders. In case, if the monthly payments are not made promptly, the asset will be taken under the control of the lenders. The borrowers who are very sure with this procedure alone will agree for this kind of loan as they are aware of the seizure of assets. Financial institutions will find it difficult to allocate loans for people having bad credits and no asset. It is a tough decision to be taken.

The lenders will have to be very careful to safeguard their interests. They cannot give away finance for people those who do not meet any of the bank requirements. This will turn out to be a heavy loss for them. There is a way for people with bad credits and no assets to obtain auto financing in the name of unsecured loans. These loans are the best to offer as the banks can gain higher interest rates and reap more profits. The identity of the borrower must be conformed the records. The lenders will push the borrowers to sign the documents while financing a used car with bad credit.

Most bankers and lenders offer loans to people with bad credits. The loan interest rates are primarily based on the credit rates. The lenders should make sure that the borrowers have to apply the loan with a co-borrower. They are beneficial in many ways. The co-borrower should posses a good credit rating and they have to take up the responsibility if the borrower is not able to repay the monthly payments. If the borrowers can bring a co-signer or co-borrower, they are entitled to get low interest car loan.

The lenders should convince the borrowers to pay a good down payment. This will possibly reduce the risk of the loan amount as it will be meager when compared to the original market value. A good down payment may vary from 15 to 25% of the loan amount. Paying this amount also helps the consumers to pay lesser monthly installments and improve their credit rating gradually. This is a very good option to build up their fame starting from the scratch once again. The bankers must ensure that the auto loan amount does not exceed the existing market value.

The borrowers must ensure about their repayment capacity before applying the loan. Their dream car can be bought easily with the available loans. The repayment schedules must be met religiously. The lenders must be careful about the scammers. With the recession hit economy, it is actually a tough time for the lenders to get used car loans with bad credit. Genuine borrowers and lenders will always find the business very profitable and it is good to repay the monthly payments properly to avail all the benefits.


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Thu, Mar 10th - 3:09AM

Online Auto Loans – Best Source to Get Instant Approval

Getting pre-approved auto loans will help in getting approved for easy or instant car financing. A first time buyer and people having good credit rates must not find any difficulty in obtaining the loans. They have wider opportunities in acquiring a loan. However, it is highly important to shop around for the best prices and make a good deal. Buying a vehicle can be one of the happiest moments and an instant approval would add up fuel to the happiness. Dealerships would like to prey on buyers and it is important to gather much knowledge about all the dealers and their varying prices.

Where to Apply:

There are many financial institutions offering their instant approval on auto loans. The Credit Unions and banks have good reputation in offering cheap auto loans. Lending institutions should be studied carefully and borrowers must go through any of the scams reported against them.

Online applications will have instant approval of auto loans. It will take just few minutes to submit the application and it will be approved instantly. In olden days, borrowers have to fill in several papers and would require so many days to process the loan.

 

The internet search is the best activity to gather information about various lending institutions and compare their rates. It will help in learning the restrictions on the borrower’s side.

Points to Ponder:

The borrowers must obtain at least 4 or 5 quotes from different financial institutions. A comparison study must be made to find out who offers the cheap rates. Careful study should be made to reveal any kind of hidden charges by any lenders. Instant auto loan approval looks very easy but it can be hard to scrutinize taking place behind the screens. Extra attention regarding the interest rate or APR should be given to estimate the monthly payments and duration of the loan time.

How Do They Work?

The completion of the form can be done online. People are requested not to leave any of the fields empty while filling the form to get instant approval on auto loan. This might give a chance to fill by the employees of the company and they may try to play any foul game. Accurate information must be provided, and borrowers must understand that every detail presented, can be beneficial and may also go against him in getting the loan.

Instant approval auto loans can be granted within few minutes. The submission of the form and their acceptance will not take more than one hour. The verification and other checking process will get over in one day and the buyers can have the check in their hand while shopping for the dream car. Everything is made so easy and the technology plays a vital role in these kinds of loan. The internet is the best source of information and helps in avoiding so many real life difficulties in processing and approving the loan.


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Thu, Mar 10th - 3:08AM

Used Car Loans – Tips to Get Best Auto Loan Rates

Car loans are usually taken by customers for the purchase of cars. Auto loans give customers the freedom to take loans from banks and other financial institutions and repay them back within the stipulated time. A used car loan gives customers a chance to escape from higher interest rates and the monthly payments.

How Does Used Car Loan Works?

As we all know that competition is very fierce in the market these days. There are many companies that are aiming at becoming the top leaders. These loans are commonly used by borrowers to reduce their interest rates and also their monthly payments. When a person opts for a used car loan, they can use this amount to buy their dream vehicle. Once that is over, customers can then pay off smaller amounts every month towards these loans.

Generally the amount that a customer borrows for the loan depends upon the market value of their car. This option is far less risky than other alternatives since the market value of a used car can not be much, as the value of the car keeps depreciating over a period of time.

How to Find Good Rates?

Coming to the most important topic, how to find good rates for a used car financing. Before going in for a decision it is always advisable to do a thorough research before taking the plunge. The internet is full of information about such loans and the credibility of their auto lenders. There are many websites that offer full information about the various types of loans. Once the customers are satisfied with these information they can choose the type of loan according to his needs and requirements.

To be on the safer side, customers can always compare multiple quotes in order to get the best rates car loan. This gives customers the opportunity to find the cheapest rates for their used car loan. If the customer still has doubts, they can ask their colleagues or relatives who have opted for similar loans and then make a decision.

What are the Benefits of Used Car Loans?

 

Some of the benefits of a used car loan are as follows:

>> It lays more emphasis on the principle of the loan amount rather than the interest

>> The Internet is a vital medium for getting information about a used car loan since there are a lot of lenders for this alternative

>> Approving of used auto loans is not a difficult task. Customers can easily fill an online application form and submit it to the respected lenders or financial institutions

 

>> It also helps to save on costs, since customers will only need to pay low interests

In short, we can say that used car loans are a favorable option for those looking to buy their dream machine. Many customers opt for this alternative in order to avoid the hassles of monthly payments and higher interest rates.


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