How To Buy New Car
By Pauline Go
If you are planning to buy a new car, there are two best times to buy it. You should buy it between July to October, or you should buy it at the end of December. New car dealers usually clear space for new car models during July to October. The factory to dealer incentives can be one thousand to six thousand dollars. At the end of December, people spend their money on gifts. Car dealers usually do not have a lot of customers. So they usually try to make break year end sales.
You should learn about your credit score before deciding to buy a new car. Your credit score directly control your high an interest rate. You don’t want your car dealer know more about your car credit than you do.
If you have bad credit score, you don’t want to submit applications everywhere. You want to submit an application to a bad credit auto loan resource. You want to find someone that specializes in high risk car loans. Even if you have bankruptcy, it is still possible to get a car loan. If your credit score is higher than 525, you have a fighting chance. It is also important that you have job for at least 6 months, and you have no bad credit in the last 6 months. If you have bad credit, you probably have to pay high APR in the beginning. However, if you make payment on time, you may be able to auto refinance to a lower APR.
Check Out More Articles:
U Fix It Honda,
Fix It Aim,
Fix It Auto Body Shops
Article Source: http://EzineArticles.com/?expert=Pauline_Go
http://EzineArticles.com/?How-To-Buy-New-Car&id=322729
If you are planning to buy a new car, there are two best times to buy it. You should buy it between July to October, or you should buy it at the end of December. New car dealers usually clear space for new car models during July to October. The factory to dealer incentives can be one thousand to six thousand dollars. At the end of December, people spend their money on gifts. Car dealers usually do not have a lot of customers. So they usually try to make break year end sales.
Monday, May 14, 2007
Saturday, May 12, 2007
Auto Loan Factory
New Car Leases
By Jimmy Sturo
When it comes to leasing a car, your best bet is to lease a new one. Though it may cost more, it is a more practical decision. The primary consideration when you buy or lease a car should not be money - it should be the use that you can derive from it. A car fresh from the factory, generally gives you the assurance that all parts are in proper working condition. There is also a warranty that supports the car for a number of years - hopefully through the leasing period that will cover all major repair costs.
Leasing a new car does not require much financial expertise. You do want to be aware enough to haggle for the lowest possible deal so that the monthly payments will be lower. Depreciation is calculated on the estimated residual price of the vehicle when the lease period terminates. The difference has to be paid by the lessee. Once the price is settled, then papers are filled out and sent for approval. The deal is affected greatly by how good your credit is. Students and first-time lessees find it difficult to get a lease.
Monthly payments depend on a term called the money factor. This is a small decimal number, which when multiplied by 2400, gives the interest to be paid each month. An ideal deal is one in which the interest on a lease comes out to be the same as the interest on a normal loan.
While leasing a new car, it is important to remember that payments made every month will be significantly higher than for used cars. Depreciation is very high in the first year of purchase and is cut in half each successive year. That means for a short-term lease on a new car, the payment would be high. Add to that sales taxes, and you are paying a major bill each month for your car.
The satisfaction of leasing a new car is you are driving a new automobile with new technology. The car will also have a higher resale value at the end of the term should you decide to sell the car or trade it in for a new lease. New cars are easier to maintain and consume less fuel.
Car Leases provides detailed information on Car Lease Prices, Car Lease vs Buy, Car Leases, How to Get Out of a Car Lease and more. Car Leases is affiliated with Used Car Quotes.
Article Source: http://EzineArticles.com/?expert=Jimmy_Sturo
http://EzineArticles.com/?New-Car-Leases&id=278633
By Jimmy Sturo
When it comes to leasing a car, your best bet is to lease a new one. Though it may cost more, it is a more practical decision. The primary consideration when you buy or lease a car should not be money - it should be the use that you can derive from it. A car fresh from the factory, generally gives you the assurance that all parts are in proper working condition. There is also a warranty that supports the car for a number of years - hopefully through the leasing period that will cover all major repair costs.
Leasing a new car does not require much financial expertise. You do want to be aware enough to haggle for the lowest possible deal so that the monthly payments will be lower. Depreciation is calculated on the estimated residual price of the vehicle when the lease period terminates. The difference has to be paid by the lessee. Once the price is settled, then papers are filled out and sent for approval. The deal is affected greatly by how good your credit is. Students and first-time lessees find it difficult to get a lease.
Monthly payments depend on a term called the money factor. This is a small decimal number, which when multiplied by 2400, gives the interest to be paid each month. An ideal deal is one in which the interest on a lease comes out to be the same as the interest on a normal loan.
While leasing a new car, it is important to remember that payments made every month will be significantly higher than for used cars. Depreciation is very high in the first year of purchase and is cut in half each successive year. That means for a short-term lease on a new car, the payment would be high. Add to that sales taxes, and you are paying a major bill each month for your car.
The satisfaction of leasing a new car is you are driving a new automobile with new technology. The car will also have a higher resale value at the end of the term should you decide to sell the car or trade it in for a new lease. New cars are easier to maintain and consume less fuel.
Car Leases provides detailed information on Car Lease Prices, Car Lease vs Buy, Car Leases, How to Get Out of a Car Lease and more. Car Leases is affiliated with Used Car Quotes.
Article Source: http://EzineArticles.com/?expert=Jimmy_Sturo
http://EzineArticles.com/?New-Car-Leases&id=278633
Friday, May 11, 2007
Auto Loan Factory
Aftermarket Car Warranty
By Richard Romando
When you buy a new car from the dealer, the car is covered by a factory warranty. This warranty will cover the repair cost of your car for a limited amount of time or a predetermined mileage, whichever comes first. After the original factory warranty expires, you may choose to purchase an extended warranty. Any form of warranty that is provided to you by someone else other than the original factory is considered an aftermarket car warranty.
Warranties can be bought through the dealer, or from a third-party company. Buying the warranty directly from the dealer is the safest route because they are likely to be there in the future to uphold the contract. However, warranties from dealers are far more expensive, and sometimes provide less coverage than warranties from third-party companies. Regardless of where you buy your warranty coverage, make sure you do your research first. Check with the Better Business Bureau, as well as other rating publications. You should make sure that you are dealing with an A+-rated company before you deal with them.
One thing you will not have to worry about if you buy a warranty from a car dealership is the stability. Some third-party companies are members of under-funded, risk-retention groups instead of true property and casualty insurance groups. Dealing with this type of company can result in the possibility of you losing your coverage if the company goes out of business. By dealing with the dealer, you can be sure that this will not happen.
The only problem with buying from the dealer is the mark-up cost. Some have observed a markup as high as $800-$1,200 with less coverage. However, by dealing with the dealer, you are paying the extra money for the convenience and security. Most of the time, the dealer is only the middleman in the transaction; they will usually subcontract their warranty purchases to another company. They will make a great deal of profit from the sale of warranties. Regardless of where you buy your warranty, look over the contract very carefully, knowing everything about the stipulations of the contract, and what types of actions will void it.
Auto Warranty provides detailed information on Auto Warranty, New Car Warranty, Extended Auto Warranty, Used Car Warranty and more. Auto Warranty is affiliated with Extended Auto Warranty.
Article Source: http://EzineArticles.com/?expert=Richard_Romando
http://EzineArticles.com/?Aftermarket-Car-Warranty&id=272055
By Richard Romando
When you buy a new car from the dealer, the car is covered by a factory warranty. This warranty will cover the repair cost of your car for a limited amount of time or a predetermined mileage, whichever comes first. After the original factory warranty expires, you may choose to purchase an extended warranty. Any form of warranty that is provided to you by someone else other than the original factory is considered an aftermarket car warranty.
Warranties can be bought through the dealer, or from a third-party company. Buying the warranty directly from the dealer is the safest route because they are likely to be there in the future to uphold the contract. However, warranties from dealers are far more expensive, and sometimes provide less coverage than warranties from third-party companies. Regardless of where you buy your warranty coverage, make sure you do your research first. Check with the Better Business Bureau, as well as other rating publications. You should make sure that you are dealing with an A+-rated company before you deal with them.
One thing you will not have to worry about if you buy a warranty from a car dealership is the stability. Some third-party companies are members of under-funded, risk-retention groups instead of true property and casualty insurance groups. Dealing with this type of company can result in the possibility of you losing your coverage if the company goes out of business. By dealing with the dealer, you can be sure that this will not happen.
The only problem with buying from the dealer is the mark-up cost. Some have observed a markup as high as $800-$1,200 with less coverage. However, by dealing with the dealer, you are paying the extra money for the convenience and security. Most of the time, the dealer is only the middleman in the transaction; they will usually subcontract their warranty purchases to another company. They will make a great deal of profit from the sale of warranties. Regardless of where you buy your warranty, look over the contract very carefully, knowing everything about the stipulations of the contract, and what types of actions will void it.
Auto Warranty provides detailed information on Auto Warranty, New Car Warranty, Extended Auto Warranty, Used Car Warranty and more. Auto Warranty is affiliated with Extended Auto Warranty.
Article Source: http://EzineArticles.com/?expert=Richard_Romando
http://EzineArticles.com/?Aftermarket-Car-Warranty&id=272055
Thursday, May 10, 2007
Auto Loan Factory
11 Tips For Buying A Used Car
By Teri B Clark
If you plan to buy a car at a used car lot, a car auction, or through an individual, it is unlikely that you will get completely honest answers to all your questions. So, what can you do? Well, certainly, don’t despair!! Let me give you several weapons that you can use against the automobile industry.
Get A Paint Meter
With one of these paint meters, you can detect paintwork or factory original tape. It will also show bondo-body puddy or replaced metal. And very few car salesmen will even know what you have!! At the very least, the salesman’s eyes will bug out when you ask him why the car you are interested in was painted. Was it because of an accident or just repainted to make it look good.
Remember that 99% of all salesmen do not know what goes on behind closed doors – otherwise known as the business end of the auto business. They are there simply to sell a car for every penny that they can squeeze out of the public buyer.
Why do I suggest that you get a paint meter? Because repainting a car is a very prolific practice in the auto business. I can not prove it, but if I had to make a guess how many cars sold to the open market via dealership have paint work done to them, I would guess at LEAST 40%. Every week, I personally see thousands of cars lined up at the “paint shop” to be repainted. This “paint shop” is located on the auction grounds and is otherwise known as the recon-facility.
Not every car is being fully repainted. Most are having their bumpers repainted. It makes sense to have the bumpers repainted because, though the rest of the car is flawless, the bumpers are often scratched up pretty badly. Next time you visit a dealership, notice how many of the bumpers are flawless – not a scratch on them even though the car is three years old.
The problem comes in with the dealers. Many retail dealers have the audacity to lie and claim that their cars are original. And people believe them because the work is just too nice to have been repainted. Do you know what the average price is to have these bumpers repainted? A mere $200. Perceived value by the public and exploited by the retail dealers? Thousands of dollars.
Well, if you have a paint meter, then you will know the truth. So, what is my policy on repainted vehicles? If the car was properly repainted and done so professionally – a factory repainted process – then I have no problems buying the car. A professional paint job would make the car look the way it did the day it rolled off the assembly line.
The point of the paint meters is to give you more inside information than what Carfax discloses. Just because it does not show up on Carfax does not mean that the car is free of any negative history.
Determine The Warranty Time
You have to determine the correct warranty time and can do this by checking the drive side door and seeing when the car was manufactured. It will give a date like 5/11/99.
Let’s say you are interested in buying a 2000 Nissan Maxima with just 22,000 miles on it and it is currently September 29,2002. You ask the salesman or the neighbor that you are buying the car from what the factory warranty is and he tell you 3 years or 36,000 miles. What many people fail to realize is this: a 2000 model is actually 3 years old!!!!
Don’t believe me? Let’s count the years: 2000, 2001, 2002.
I see people making this mistake over and over. And to make matters worse, when you open the driver side door and it says manufactured in 5/11/99, the warranty starts within 3 months of THAT date!! So really, what you have is a warranty that started in the middle of 1999!!!
And then you need to check to see whether the warranty even transfers to you at all. Some manufacturers allow up to triple transfers of owners with the warranty intact and some do not. The best way to check is to call the dealership and find out. You can also have them run a VIN check to let you know the status of the warranty on that car.
Open the Oil Cap
This is good for everyone, but especially for those of you buying an older car. Open the oil cap and look at the cap carefully. If there is sludge (thick black goop) on the back of the oil cap, it means the oil never got changed---or not often enough!! Do NOT buy the car!!
If there appears to be a caramel color syrup goop on the cap, it means that the anti-freeze is leaking into the engine. This is terminal cancer to an engine, so do NOT buy the car.
The problem with this tool is that most dealers know about this, too, and know to clean up the cap and change the oil so that everything “looks” fine.
Ask For a Cold Start
When coming to look at any car, request to be able to start the car cold. This means that the engine has been at rest for a minimum of 12 hours, but preferably 24 hours.
Why? When starting cold, a lot of problems with the motor can be seen and heard. If you hear any sounds that are not “normal, like loud clanking or scraping noises, that go away when the car gets warmed up, do NOT buy it without a thorough check by YOUR mechanic.
If you see a lot of blue smoke on a cold start, this means that the car is burning oil. If it blows out white smoke, then there is anti-freeze in the engine. These are NOT good signs!!
Check The Compression of the Engine
You can check the compression of the engine simply by revving the engine while in neutral and looking at the RPM’s. A RPM’s of a car with good compression will go up quickly and back down quickly. If the car has trouble getting the RPM’s up or when they do get up come down very slowly, then the engine is losing compression. Do NOT buy it!!
Know The Loan Value On The Car
Finding out what the loan value for the car you want from the current year models to 5 year old models is essential to knowing what a good wholesale price is. Call the bank to get the loan values. This helps you to determine what price you want to pay.
You also need to get the appropriate mileage deductions built in. The mile deduction is 12,000 per year. So, if a car is 5 years old, then the mileage deduction is 60K. If the car is 3 years old, then the mileage deduction is 36K.
Always try to buy cars with the appropriate mileage deduction on them. Knowing what the loan value is lets you know pretty closely what the dealer paid for the car.
Be Sure That The Vehicle’s Body Is Straight
Stand behind the vehicle and check to see if the rear wheels line up squarely behind the front wheels and that the body is angled properly. If the car seems slightly off-center or even crooked, it's a sure sign that the car was in an accident and its frame is bent.
Check For Water and Flood Damage
According to the American Automobile Association, there are thousands of used cars on the market that have been victims of floods and other types of water damage. So:
*Check for dried mud in cracks and crevices under the hood or behind trim panels inside the car
*Notice any damp or musty odors in the vehicle
*Look for any newly replaced carpeting or upholstery.
These are all clues of water damage.
Look Under the Vehicle
Check for any fluids that might have leaked out onto the pavement. If you see a small puddle or damp spot of oil, water, or some other fluid, the car may have expensive-to-repair mechanical problems.
Check The Odometer
The "normal allocation" is 12,000 to 15,000 miles per year. If the car has unusually high mileage for its age, you may want to consider another vehicle.
If the car has unusually low mileage, you may have reason to be suspicious. Odometer tampering is a widespread and difficult-to-prove crime.
Have Your Mechanic Inspect The Vehicle BEFORE You Buy It
Your mechanic will be able to tell you what repair work the car needs now and what repair work it may need in the future. Having your mechanic inspect the car before you buy it is one of the best things you can do to insure that you're not getting a "lemon." If the seller won't allow your mechanic to look at the car, you should be highly suspicious.
By purchasing a used car you can save a lot of money. You may be able to buy a loaded model with all the bells and whistles that you couldn’t afford had you bought a new car. However, buying a used car can be a gamble. You can breathe easier when you follow these tips.
Teri B. Clark is a professional writer and published author offering writing help for professionals. Her book, Private Mortgage Investing, is a finalist in the Foreword Magazine's Book of the Year Award. Her book, 301 Things You Can Do To Sell Your Home NOW and For More Money Than You Thought, has just been released. Learn more about Teri at http://TeriBClark.com
Article Source: http://EzineArticles.com/?expert=Teri_B_Clark
http://EzineArticles.com/?11-Tips-For-Buying-A-Used-Car&id=475454
By Teri B Clark
If you plan to buy a car at a used car lot, a car auction, or through an individual, it is unlikely that you will get completely honest answers to all your questions. So, what can you do? Well, certainly, don’t despair!! Let me give you several weapons that you can use against the automobile industry.
Get A Paint Meter
With one of these paint meters, you can detect paintwork or factory original tape. It will also show bondo-body puddy or replaced metal. And very few car salesmen will even know what you have!! At the very least, the salesman’s eyes will bug out when you ask him why the car you are interested in was painted. Was it because of an accident or just repainted to make it look good.
Remember that 99% of all salesmen do not know what goes on behind closed doors – otherwise known as the business end of the auto business. They are there simply to sell a car for every penny that they can squeeze out of the public buyer.
Why do I suggest that you get a paint meter? Because repainting a car is a very prolific practice in the auto business. I can not prove it, but if I had to make a guess how many cars sold to the open market via dealership have paint work done to them, I would guess at LEAST 40%. Every week, I personally see thousands of cars lined up at the “paint shop” to be repainted. This “paint shop” is located on the auction grounds and is otherwise known as the recon-facility.
Not every car is being fully repainted. Most are having their bumpers repainted. It makes sense to have the bumpers repainted because, though the rest of the car is flawless, the bumpers are often scratched up pretty badly. Next time you visit a dealership, notice how many of the bumpers are flawless – not a scratch on them even though the car is three years old.
The problem comes in with the dealers. Many retail dealers have the audacity to lie and claim that their cars are original. And people believe them because the work is just too nice to have been repainted. Do you know what the average price is to have these bumpers repainted? A mere $200. Perceived value by the public and exploited by the retail dealers? Thousands of dollars.
Well, if you have a paint meter, then you will know the truth. So, what is my policy on repainted vehicles? If the car was properly repainted and done so professionally – a factory repainted process – then I have no problems buying the car. A professional paint job would make the car look the way it did the day it rolled off the assembly line.
The point of the paint meters is to give you more inside information than what Carfax discloses. Just because it does not show up on Carfax does not mean that the car is free of any negative history.
Determine The Warranty Time
You have to determine the correct warranty time and can do this by checking the drive side door and seeing when the car was manufactured. It will give a date like 5/11/99.
Let’s say you are interested in buying a 2000 Nissan Maxima with just 22,000 miles on it and it is currently September 29,2002. You ask the salesman or the neighbor that you are buying the car from what the factory warranty is and he tell you 3 years or 36,000 miles. What many people fail to realize is this: a 2000 model is actually 3 years old!!!!
Don’t believe me? Let’s count the years: 2000, 2001, 2002.
I see people making this mistake over and over. And to make matters worse, when you open the driver side door and it says manufactured in 5/11/99, the warranty starts within 3 months of THAT date!! So really, what you have is a warranty that started in the middle of 1999!!!
And then you need to check to see whether the warranty even transfers to you at all. Some manufacturers allow up to triple transfers of owners with the warranty intact and some do not. The best way to check is to call the dealership and find out. You can also have them run a VIN check to let you know the status of the warranty on that car.
Open the Oil Cap
This is good for everyone, but especially for those of you buying an older car. Open the oil cap and look at the cap carefully. If there is sludge (thick black goop) on the back of the oil cap, it means the oil never got changed---or not often enough!! Do NOT buy the car!!
If there appears to be a caramel color syrup goop on the cap, it means that the anti-freeze is leaking into the engine. This is terminal cancer to an engine, so do NOT buy the car.
The problem with this tool is that most dealers know about this, too, and know to clean up the cap and change the oil so that everything “looks” fine.
Ask For a Cold Start
When coming to look at any car, request to be able to start the car cold. This means that the engine has been at rest for a minimum of 12 hours, but preferably 24 hours.
Why? When starting cold, a lot of problems with the motor can be seen and heard. If you hear any sounds that are not “normal, like loud clanking or scraping noises, that go away when the car gets warmed up, do NOT buy it without a thorough check by YOUR mechanic.
If you see a lot of blue smoke on a cold start, this means that the car is burning oil. If it blows out white smoke, then there is anti-freeze in the engine. These are NOT good signs!!
Check The Compression of the Engine
You can check the compression of the engine simply by revving the engine while in neutral and looking at the RPM’s. A RPM’s of a car with good compression will go up quickly and back down quickly. If the car has trouble getting the RPM’s up or when they do get up come down very slowly, then the engine is losing compression. Do NOT buy it!!
Know The Loan Value On The Car
Finding out what the loan value for the car you want from the current year models to 5 year old models is essential to knowing what a good wholesale price is. Call the bank to get the loan values. This helps you to determine what price you want to pay.
You also need to get the appropriate mileage deductions built in. The mile deduction is 12,000 per year. So, if a car is 5 years old, then the mileage deduction is 60K. If the car is 3 years old, then the mileage deduction is 36K.
Always try to buy cars with the appropriate mileage deduction on them. Knowing what the loan value is lets you know pretty closely what the dealer paid for the car.
Be Sure That The Vehicle’s Body Is Straight
Stand behind the vehicle and check to see if the rear wheels line up squarely behind the front wheels and that the body is angled properly. If the car seems slightly off-center or even crooked, it's a sure sign that the car was in an accident and its frame is bent.
Check For Water and Flood Damage
According to the American Automobile Association, there are thousands of used cars on the market that have been victims of floods and other types of water damage. So:
*Check for dried mud in cracks and crevices under the hood or behind trim panels inside the car
*Notice any damp or musty odors in the vehicle
*Look for any newly replaced carpeting or upholstery.
These are all clues of water damage.
Look Under the Vehicle
Check for any fluids that might have leaked out onto the pavement. If you see a small puddle or damp spot of oil, water, or some other fluid, the car may have expensive-to-repair mechanical problems.
Check The Odometer
The "normal allocation" is 12,000 to 15,000 miles per year. If the car has unusually high mileage for its age, you may want to consider another vehicle.
If the car has unusually low mileage, you may have reason to be suspicious. Odometer tampering is a widespread and difficult-to-prove crime.
Have Your Mechanic Inspect The Vehicle BEFORE You Buy It
Your mechanic will be able to tell you what repair work the car needs now and what repair work it may need in the future. Having your mechanic inspect the car before you buy it is one of the best things you can do to insure that you're not getting a "lemon." If the seller won't allow your mechanic to look at the car, you should be highly suspicious.
By purchasing a used car you can save a lot of money. You may be able to buy a loaded model with all the bells and whistles that you couldn’t afford had you bought a new car. However, buying a used car can be a gamble. You can breathe easier when you follow these tips.
Teri B. Clark is a professional writer and published author offering writing help for professionals. Her book, Private Mortgage Investing, is a finalist in the Foreword Magazine's Book of the Year Award. Her book, 301 Things You Can Do To Sell Your Home NOW and For More Money Than You Thought, has just been released. Learn more about Teri at http://TeriBClark.com
Article Source: http://EzineArticles.com/?expert=Teri_B_Clark
http://EzineArticles.com/?11-Tips-For-Buying-A-Used-Car&id=475454
Wednesday, May 9, 2007
Auto Loan Factory
Bad Credit Auto Loan Refinance - Should You Refinance With Bad
Credit?
By Carrie Reeder
Should you refinance with bad credit? Yes, but only if you can
get a savings with a lower rate or need a more manageable
monthly payment. Luckily, with so many lenders competing for
your business, you can often find good rates and terms for bad
credit auto refinance loans.
Has Your Credit Score Improved?
If your credit score has improved since you originally financed
your auto loan, then you probably qualify for better rates.
Fortunately, time is your chief ally when it comes to seeing
your credit score improve. Two years after a negative event,
like a bankruptcy or foreclosure, and it ceases to have a
significant impact on your score.
Improvements in your income, investments, and cash reserves can
also increase your score. Reductions in your overall debt levels
will also boost your score.
Have You Compared Auto Loan Rates Recently?
The only way to see if you can get a better deal on your auto
loan is to compare loan quotes. In a few minutes you can have
multiple offers from broker sites. You can also research rates
lender by lender.
Regardless of which strategy you choose, request quotes without
giving access to your credit report. Otherwise, you will see a
dip in your score due to multiple credit inquires. When
requesting loan estimates, makes sure you specify that you want
a refi loan.
Will You See A Savings Or Benefit?
Even with a really good loan offer, you need to make sure you
will see a savings from refinancing. Take your best loan offer
and calculate the cost of both interest and fees. Compare that
to the remaining interest due on your auto loan.
If you have a short amount of time left, you may find that even
with lower rates, you won’t see a savings. However, there are
times when you may still choose to refinance. For instance, you
can lower your monthly payment by extending your loan term. You
may also choose to refinance after a divorce in order to keep
the car in your name.
Refinancing a car loan is a decision that should be based on
good information. Check loan offers and compare it to your
current loan. Then you can decide what is your best option.
About the Author: View our recommended
http://www.abcloanguide.com/autoloans.shtml lenders online.
Source: http://www.isnare.com
Credit?
By Carrie Reeder
Should you refinance with bad credit? Yes, but only if you can
get a savings with a lower rate or need a more manageable
monthly payment. Luckily, with so many lenders competing for
your business, you can often find good rates and terms for bad
credit auto refinance loans.
Has Your Credit Score Improved?
If your credit score has improved since you originally financed
your auto loan, then you probably qualify for better rates.
Fortunately, time is your chief ally when it comes to seeing
your credit score improve. Two years after a negative event,
like a bankruptcy or foreclosure, and it ceases to have a
significant impact on your score.
Improvements in your income, investments, and cash reserves can
also increase your score. Reductions in your overall debt levels
will also boost your score.
Have You Compared Auto Loan Rates Recently?
The only way to see if you can get a better deal on your auto
loan is to compare loan quotes. In a few minutes you can have
multiple offers from broker sites. You can also research rates
lender by lender.
Regardless of which strategy you choose, request quotes without
giving access to your credit report. Otherwise, you will see a
dip in your score due to multiple credit inquires. When
requesting loan estimates, makes sure you specify that you want
a refi loan.
Will You See A Savings Or Benefit?
Even with a really good loan offer, you need to make sure you
will see a savings from refinancing. Take your best loan offer
and calculate the cost of both interest and fees. Compare that
to the remaining interest due on your auto loan.
If you have a short amount of time left, you may find that even
with lower rates, you won’t see a savings. However, there are
times when you may still choose to refinance. For instance, you
can lower your monthly payment by extending your loan term. You
may also choose to refinance after a divorce in order to keep
the car in your name.
Refinancing a car loan is a decision that should be based on
good information. Check loan offers and compare it to your
current loan. Then you can decide what is your best option.
About the Author: View our recommended
http://www.abcloanguide.com/autoloans.shtml lenders online.
Source: http://www.isnare.com
Tuesday, May 8, 2007
Auto Loan Factory
Beyond a Bad Credit Car Loan: The Additional Costs of Driving a Car by Mike Hamel
Getting a bad credit car loan is only the beginning for drivers with money problems. If you have a credit score below 620, you will be in the bad credit category. You can still get a car loan; you'll just be charged a higher interest rate.
To offset the higher interest on a bad credit car loan, you need to do all you can to keep your payments as low as possible. Having a decent down payment or trade-in will help. Experts recommend putting at least 20% down to keep from getting upside down on your car loan. You can also extend the term of the loan. This will lower your monthly payment but you will pay more money in the long run.
If you are buying a new car, never pay sticker price. The sticker price or MSRP--manufacturer's suggested retail price--is what the dealer wants you to pay for the car or truck. It is several hundred dollars higher than the factory invoice price, which is what the dealer paid. You can look up factory invoice pricing online. Remember, the less you pay for the vehicle, the less you have to finance with your bad credit car loan.
Besides your bad credit car loan payments, here are a few other financial figures you should be aware of:
Depreciation
Depreciation is the difference between the MSRP of a new vehicle and what it's worth at a later date. If you buy a new car for $25,000 and it depreciates $3,700 the first year, that's almost 15%. On most cars, the rate settles down to between 7% and 10% annually after the first three years. According to the U.S. Department of Transportation, the average life span of a vehicle is about 13 years. Even if you keep your car only half that long, you will still have it for several years after you have paid off your bad credit car loan.
Tags and Taxes
The purchase of a vehicle is subject to sales tax, unless you live in Alaska, Delaware, Montana, New Hampshire or Oregon, since these states don't collect sales tax. You will also have to shell out for title, registration, tags and emissions fees. These can add up to several hundred dollars depending on what you buy and where you live. You can roll all these up-front costs into your bad credit car loan.
Insurance
Liability insurance is required in order to register a vehicle. Collision and comprehensive insurance is required by your lender to cover their investment. Your insurance rate will depend on the year, make and model of your vehicle and the deductibles you choose on your coverage. Other factors that influence your insurance rate are: where you live, your gender, your age, your marital status, and your driving record.
Fuel and Maintenance
In 1950, when AAA began doing their annual analysis, the composite cost of driving a car was 9 cents a mile, and gasoline sold for 27 cents a gallon. The composite cost per-mile in 2006 is 52.2 cents. That's almost $8,000, if you drive a medium-sized sedan 15,000 miles. And this figure doesn't reflect the recent hikes in gas prices. Nor does it include car loan payments.
Pre-approved Car Loan
One last piece of advice; get your car loan before looking for a car. Being pre-approved for your financing sets a realistic limit on your search. Knowing how much you can spend will also save you the embarrassment of finding a car and then discovering you can't get the financing.
Pre-approved auto financing can be secured quickly and easily online. One site specializing in bad credit car loans is Fast Car Finance. They offer a no-obligation, free loan quote. Seeing how much you could be qualified to borrow is a good way to start shopping for the car of your dreams.
About the Author
Mike Hamel is the author of several books and the Senior Writer for AIM Techs, an Internet marketing company that specializes in advanced SEM techniques and in developing sites like Fast Car Finance.
Getting a bad credit car loan is only the beginning for drivers with money problems. If you have a credit score below 620, you will be in the bad credit category. You can still get a car loan; you'll just be charged a higher interest rate.
To offset the higher interest on a bad credit car loan, you need to do all you can to keep your payments as low as possible. Having a decent down payment or trade-in will help. Experts recommend putting at least 20% down to keep from getting upside down on your car loan. You can also extend the term of the loan. This will lower your monthly payment but you will pay more money in the long run.
If you are buying a new car, never pay sticker price. The sticker price or MSRP--manufacturer's suggested retail price--is what the dealer wants you to pay for the car or truck. It is several hundred dollars higher than the factory invoice price, which is what the dealer paid. You can look up factory invoice pricing online. Remember, the less you pay for the vehicle, the less you have to finance with your bad credit car loan.
Besides your bad credit car loan payments, here are a few other financial figures you should be aware of:
Depreciation
Depreciation is the difference between the MSRP of a new vehicle and what it's worth at a later date. If you buy a new car for $25,000 and it depreciates $3,700 the first year, that's almost 15%. On most cars, the rate settles down to between 7% and 10% annually after the first three years. According to the U.S. Department of Transportation, the average life span of a vehicle is about 13 years. Even if you keep your car only half that long, you will still have it for several years after you have paid off your bad credit car loan.
Tags and Taxes
The purchase of a vehicle is subject to sales tax, unless you live in Alaska, Delaware, Montana, New Hampshire or Oregon, since these states don't collect sales tax. You will also have to shell out for title, registration, tags and emissions fees. These can add up to several hundred dollars depending on what you buy and where you live. You can roll all these up-front costs into your bad credit car loan.
Insurance
Liability insurance is required in order to register a vehicle. Collision and comprehensive insurance is required by your lender to cover their investment. Your insurance rate will depend on the year, make and model of your vehicle and the deductibles you choose on your coverage. Other factors that influence your insurance rate are: where you live, your gender, your age, your marital status, and your driving record.
Fuel and Maintenance
In 1950, when AAA began doing their annual analysis, the composite cost of driving a car was 9 cents a mile, and gasoline sold for 27 cents a gallon. The composite cost per-mile in 2006 is 52.2 cents. That's almost $8,000, if you drive a medium-sized sedan 15,000 miles. And this figure doesn't reflect the recent hikes in gas prices. Nor does it include car loan payments.
Pre-approved Car Loan
One last piece of advice; get your car loan before looking for a car. Being pre-approved for your financing sets a realistic limit on your search. Knowing how much you can spend will also save you the embarrassment of finding a car and then discovering you can't get the financing.
Pre-approved auto financing can be secured quickly and easily online. One site specializing in bad credit car loans is Fast Car Finance. They offer a no-obligation, free loan quote. Seeing how much you could be qualified to borrow is a good way to start shopping for the car of your dreams.
About the Author
Mike Hamel is the author of several books and the Senior Writer for AIM Techs, an Internet marketing company that specializes in advanced SEM techniques and in developing sites like Fast Car Finance.
Monday, May 7, 2007
Auto Loan Factory
Low Interest Rate Used Car Loan - Getting Approved For Auto Loan
Regardless Of Credit History
By Carrie Reeder
Regardless of your credit history, you can get approved for a
low interest auto loan. By shopping online for a used car loan,
you can find financing based on your qualifications. Comparing
lenders will help you find the best rates. But you can also
select terms that give you the most favorable loan financing.
Get Pre-approved For A Car Loan
To get the best deal on a used car loan, get your financing
before you buy a car. Pre-approved loans give you the most
options. You decide how much you want to borrow and what rates
you will accept. It also gives you an edge when buying a car.
Looking for financing first also gives you time to check out
lenders. Instead of asking where you can get a car loan, you
can be asking who’s got the best financing deal for you. Online
broker sites help you make side by side comparisons of multiple
offers. So even if you have a poor credit history, you still
have several financing options.
Explore Your Options
Auto loans come in all shapes and sizes. Those differences in
terms means changes in the rates you will be charged. For
example, the shorter your loan term, the lower your rate. A
large down payment will also reduce your rates. So will buying
a used car from a dealership.
While you are looking to get pre-approved, you can also
negotiate with the lender about fees and rates. For instance,
making automatic payments will reduce your rates with some
lenders. You may also want to eliminate any early payment fees
in case you choose to sell the car or refinance the loan.
Consider A Co-Signer For Better Rates
A co-signer with a better credit score will help you get lower
rates on your auto loan. Lenders base their credit decision on
the co-signer’s score, even though you pay for the loan. This
is one way to reestablish your credit history while paying near
market loan rates.
No matter the car loan terms you choose, don’t rush into any
contract. Read the details of loan estimates and compare it to
others. With hundreds of lenders competing for your business,
make sure you are getting the best deal.
About the Author: View our recommended used car loan online
http://www.abcloanguide.com/autoloans.shtml online. Also get
help with mortgage refinance lenders
http://www.abcloanguide.com/refinance.shtml online.
Source: http://www.isnare.com
Regardless Of Credit History
By Carrie Reeder
Regardless of your credit history, you can get approved for a
low interest auto loan. By shopping online for a used car loan,
you can find financing based on your qualifications. Comparing
lenders will help you find the best rates. But you can also
select terms that give you the most favorable loan financing.
Get Pre-approved For A Car Loan
To get the best deal on a used car loan, get your financing
before you buy a car. Pre-approved loans give you the most
options. You decide how much you want to borrow and what rates
you will accept. It also gives you an edge when buying a car.
Looking for financing first also gives you time to check out
lenders. Instead of asking where you can get a car loan, you
can be asking who’s got the best financing deal for you. Online
broker sites help you make side by side comparisons of multiple
offers. So even if you have a poor credit history, you still
have several financing options.
Explore Your Options
Auto loans come in all shapes and sizes. Those differences in
terms means changes in the rates you will be charged. For
example, the shorter your loan term, the lower your rate. A
large down payment will also reduce your rates. So will buying
a used car from a dealership.
While you are looking to get pre-approved, you can also
negotiate with the lender about fees and rates. For instance,
making automatic payments will reduce your rates with some
lenders. You may also want to eliminate any early payment fees
in case you choose to sell the car or refinance the loan.
Consider A Co-Signer For Better Rates
A co-signer with a better credit score will help you get lower
rates on your auto loan. Lenders base their credit decision on
the co-signer’s score, even though you pay for the loan. This
is one way to reestablish your credit history while paying near
market loan rates.
No matter the car loan terms you choose, don’t rush into any
contract. Read the details of loan estimates and compare it to
others. With hundreds of lenders competing for your business,
make sure you are getting the best deal.
About the Author: View our recommended used car loan online
http://www.abcloanguide.com/autoloans.shtml online. Also get
help with mortgage refinance lenders
http://www.abcloanguide.com/refinance.shtml online.
Source: http://www.isnare.com
Saturday, May 5, 2007
Auto Loans Factory
Beware of Used Car Dealers that Sell Accident Damaged Cars by Nicholas Jensen
Spanos Imports of Daytona has learned that it is far more profitable to fraudulently sell ACCIDENT DAMAGED imported cars than it is to sell them as they are represented. Furthermore, they have done it on more than one occasion.
About a month ago, I purchased a 2000 SAAB 9-3 from Spanos Imports. The car was sold as a "great" used car in "excellent" condition - still "under the factory warranty". However, this SAAB has suffered a front end collision. Furthermore, it was not properly or completely repaired. Worse yet, the accident was intentionally covered up with a new bumper cover and body trim. If that isn't bad enough, like many other auto accidents, this one did not show up on Carfax.
I found the accident damage when I brought the car to SAAB service for warranty repair on the air conditioning unit. The front end accident had caused the vehicle's horn to puncture the air conditioning condenser coil.
Later, SAAB service uncovered that the tubular steel bumper was cracked in three places and the body panels on the car were out of alignment. Of course, none of this $3,000+ damage is covered under the factory warranty the car was sold with. Factory warranties do not cover damage due to accident or misuse.
Nimnicht SAAB of Jacksonville told me that a SAAB authorized dealer would not have even sold me a vehicle in this condition due to safety reasons alone. Spanos has refused to provide any compensation or repairs on the vehicle. They have also refused to take the vehicle back. The resale value on my vehicle is only a fraction of what I have just paid - $13,000 (on a loan with interest). Spanos Imports of Daytona is a licensed dealership in the state of Florida.
I have since contacted individuals from across the nation that have purchased vehicles from Spanos Imports. Although Spanos is a small "boutique" dealership, they have still managed to burn more than one with this terrible way of doing business. They sell cars on Ebay and through other venues. With this kind of concealed damage, some may not know of the problems until months after they have purchased. Such accident damage poses a safety hazard, extreme loss on vehicle value, and expensive repair bills. These cars are being sold in "like new" condition with balances on the factory warranty. It is complete fraud.
Nicholas Jacksonville, Florida U.S.A.
Check out the Spanos Ripoff Report for more details on this problem. Spanos Ripoff Report
About the Author
Consumer.
Spanos Imports of Daytona has learned that it is far more profitable to fraudulently sell ACCIDENT DAMAGED imported cars than it is to sell them as they are represented. Furthermore, they have done it on more than one occasion.
About a month ago, I purchased a 2000 SAAB 9-3 from Spanos Imports. The car was sold as a "great" used car in "excellent" condition - still "under the factory warranty". However, this SAAB has suffered a front end collision. Furthermore, it was not properly or completely repaired. Worse yet, the accident was intentionally covered up with a new bumper cover and body trim. If that isn't bad enough, like many other auto accidents, this one did not show up on Carfax.
I found the accident damage when I brought the car to SAAB service for warranty repair on the air conditioning unit. The front end accident had caused the vehicle's horn to puncture the air conditioning condenser coil.
Later, SAAB service uncovered that the tubular steel bumper was cracked in three places and the body panels on the car were out of alignment. Of course, none of this $3,000+ damage is covered under the factory warranty the car was sold with. Factory warranties do not cover damage due to accident or misuse.
Nimnicht SAAB of Jacksonville told me that a SAAB authorized dealer would not have even sold me a vehicle in this condition due to safety reasons alone. Spanos has refused to provide any compensation or repairs on the vehicle. They have also refused to take the vehicle back. The resale value on my vehicle is only a fraction of what I have just paid - $13,000 (on a loan with interest). Spanos Imports of Daytona is a licensed dealership in the state of Florida.
I have since contacted individuals from across the nation that have purchased vehicles from Spanos Imports. Although Spanos is a small "boutique" dealership, they have still managed to burn more than one with this terrible way of doing business. They sell cars on Ebay and through other venues. With this kind of concealed damage, some may not know of the problems until months after they have purchased. Such accident damage poses a safety hazard, extreme loss on vehicle value, and expensive repair bills. These cars are being sold in "like new" condition with balances on the factory warranty. It is complete fraud.
Nicholas Jacksonville, Florida U.S.A.
Check out the Spanos Ripoff Report for more details on this problem. Spanos Ripoff Report
About the Author
Consumer.
Friday, May 4, 2007
Auto Loans Factory
The Three Biggest Questions When Buying a Car by Mike Hamel
The biggest question in the car buying process is whether to buy new or used. The second biggest question is what make and model to purchase. The third most important question is where to get your financing.
#1 New or Used
The average new car costs more than double what the average used car does. (The Kelley Blue Book pegs the average new car price in 2005 at $26,100 and the average used car price at $13,000). It's not surprising, then, that used cars outsell new cars three-to-one.
New car loan rates are about the same as used car loan rates. The major difference between the two is the length of the loan. Most used car loans are for no more than 36 months whereas new car loans can be 60 or even 72 months long.
Remember to take depreciation into account. Depreciation is the difference between the Manufacturer's Suggested Retail Price when you bought the vehicle and what it's worth now. Some new cars lose as much as one-third of their value within a year. On most vehicles, depreciation settles down to about seven-to-ten percent per year after the first three years.
Which brings us to . . .
#2 Make and Model
One way to slow depreciation is to buy a make and model with a prestigious nameplate. Models that depreciate faster than most include: Jeep Grand Cherokee, Ford Explorer, Ford Taurus and Lincoln Continental. Cars that hold their resale value longer include the more expensive makes like Lexus, Mercedes-Benz and BMW.
To learn more about which makes and models offer the best value in today's market, you can research several auto review sites online. You can also use the Internet to check everything from the performance ratings to the safety records of the vehicles you're interested in.
Be sure to test drive any vehicle you are considering under varied road conditions. If the vehicle is used, ask to see all maintenance records and check its history on CarFax. And don't forget to have your mechanic give it a thorough inspection. If you are buying new, try to pay as close to the factory invoice price as possible. You can look up factory invoice pricing online.
#3 Car Financing
Many experts recommend getting your financing before you start car shopping. This puts you in a better bargaining position because the dealer knows money won't be an issue. (They also won't have the chance to run you through their finance department, which is a good thing for you!)
Of the 60 million new and used cars sold annually in the U.S., about 27.5 million are financed by subprime loans to buyers with less than perfect credit. If you have bad credit--a FICO score of 620 or lower--you will need one of these loans.
You will not qualify for the new car offers advertised on TV, like the "0 Down," "O Interest" or "Low APR" deals. However, you can still get a good deal on a bad credit car loan from Internet lenders like Auto Loans In Seconds. Their free online application process lets you know exactly how much you can borrow, and at what rate.
"Consumers should shop around for financing with the same vigor that they shop around for a car," says Jack Gillis, public affairs director for the Consumer Federation of America. "One or two percent can erode all the money you negotiate in a good price."
About the Author
None
The biggest question in the car buying process is whether to buy new or used. The second biggest question is what make and model to purchase. The third most important question is where to get your financing.
#1 New or Used
The average new car costs more than double what the average used car does. (The Kelley Blue Book pegs the average new car price in 2005 at $26,100 and the average used car price at $13,000). It's not surprising, then, that used cars outsell new cars three-to-one.
New car loan rates are about the same as used car loan rates. The major difference between the two is the length of the loan. Most used car loans are for no more than 36 months whereas new car loans can be 60 or even 72 months long.
Remember to take depreciation into account. Depreciation is the difference between the Manufacturer's Suggested Retail Price when you bought the vehicle and what it's worth now. Some new cars lose as much as one-third of their value within a year. On most vehicles, depreciation settles down to about seven-to-ten percent per year after the first three years.
Which brings us to . . .
#2 Make and Model
One way to slow depreciation is to buy a make and model with a prestigious nameplate. Models that depreciate faster than most include: Jeep Grand Cherokee, Ford Explorer, Ford Taurus and Lincoln Continental. Cars that hold their resale value longer include the more expensive makes like Lexus, Mercedes-Benz and BMW.
To learn more about which makes and models offer the best value in today's market, you can research several auto review sites online. You can also use the Internet to check everything from the performance ratings to the safety records of the vehicles you're interested in.
Be sure to test drive any vehicle you are considering under varied road conditions. If the vehicle is used, ask to see all maintenance records and check its history on CarFax. And don't forget to have your mechanic give it a thorough inspection. If you are buying new, try to pay as close to the factory invoice price as possible. You can look up factory invoice pricing online.
#3 Car Financing
Many experts recommend getting your financing before you start car shopping. This puts you in a better bargaining position because the dealer knows money won't be an issue. (They also won't have the chance to run you through their finance department, which is a good thing for you!)
Of the 60 million new and used cars sold annually in the U.S., about 27.5 million are financed by subprime loans to buyers with less than perfect credit. If you have bad credit--a FICO score of 620 or lower--you will need one of these loans.
You will not qualify for the new car offers advertised on TV, like the "0 Down," "O Interest" or "Low APR" deals. However, you can still get a good deal on a bad credit car loan from Internet lenders like Auto Loans In Seconds. Their free online application process lets you know exactly how much you can borrow, and at what rate.
"Consumers should shop around for financing with the same vigor that they shop around for a car," says Jack Gillis, public affairs director for the Consumer Federation of America. "One or two percent can erode all the money you negotiate in a good price."
About the Author
None
Thursday, May 3, 2007
Auto Loan Factory
Auto Loan After Bankruptcy - Beware Of Shady Lenders
By Carrie Reeder
If you have a recent bankruptcy but need an auto loan, you may
be surprised at how easy it still can be to get approved for an
auto loan. Because the bank can protect themselves by using the
vehicle as collateral for the loan, it's much easier to get
vehicle financing with past credit problems than it is to get a
new credit card or another kind of unsecured loan.
There are many finance companies online competing for your
business, to finance your vehicle. Just beware of unethical
lending practices. People with bad credit are often prey to
lending scams. Bad credit borrowers have fewer lending options
than other borrowers and some finance companies take advantage
of that fact. Here are 3 things to do to protect yourself from
an unethical auto finance company.
1. Compare Rates Among at Least 3 Different Lenders Online - If
you have 3 or more loan offers to compare, you are much less
likely to take an offer from a lender who is charging excessive
interest rates. If you have 3 or more interest rates to compare,
you will have a good idea of what the average interest rate is
that is being offered to people with credit problems for auto
financing.
2. Get Financing Before You Visit a Dealer - If you are going
to buy your car from a dealer, make sure you get your financing
before you actually visit the an auto dealership. Dealers and
lenders often make agreements to work together to charge the
borrower a much higher interest rate than they could otherwise
get by shopping around. If you have your financing ahead of
time, you won't have to accept the financing they offer you
there.
3. Apply With Reputable Lenders - If you are applying with
lenders who are established and reputable, you minimize your
chances of being taken advantage of.
About the Author: View our recommended
http://www.abcloanguide.com/carloanafterbankruptcy.shtml
lenders. Carrie Reeder is the owner of
http://www.abcloanguide.com, an informational website about
various types of loans.
Source: http://www.isnare.com
By Carrie Reeder
If you have a recent bankruptcy but need an auto loan, you may
be surprised at how easy it still can be to get approved for an
auto loan. Because the bank can protect themselves by using the
vehicle as collateral for the loan, it's much easier to get
vehicle financing with past credit problems than it is to get a
new credit card or another kind of unsecured loan.
There are many finance companies online competing for your
business, to finance your vehicle. Just beware of unethical
lending practices. People with bad credit are often prey to
lending scams. Bad credit borrowers have fewer lending options
than other borrowers and some finance companies take advantage
of that fact. Here are 3 things to do to protect yourself from
an unethical auto finance company.
1. Compare Rates Among at Least 3 Different Lenders Online - If
you have 3 or more loan offers to compare, you are much less
likely to take an offer from a lender who is charging excessive
interest rates. If you have 3 or more interest rates to compare,
you will have a good idea of what the average interest rate is
that is being offered to people with credit problems for auto
financing.
2. Get Financing Before You Visit a Dealer - If you are going
to buy your car from a dealer, make sure you get your financing
before you actually visit the an auto dealership. Dealers and
lenders often make agreements to work together to charge the
borrower a much higher interest rate than they could otherwise
get by shopping around. If you have your financing ahead of
time, you won't have to accept the financing they offer you
there.
3. Apply With Reputable Lenders - If you are applying with
lenders who are established and reputable, you minimize your
chances of being taken advantage of.
About the Author: View our recommended
http://www.abcloanguide.com/carloanafterbankruptcy.shtml
lenders. Carrie Reeder is the owner of
http://www.abcloanguide.com, an informational website about
various types of loans.
Source: http://www.isnare.com
Wednesday, May 2, 2007
Auto Loan Factory
Auto Loan After Bankruptcy - Beware Of Shady Lenders
By Carrie Reeder
If you have a recent bankruptcy but need an auto loan, you may
be surprised at how easy it still can be to get approved for an
auto loan. Because the bank can protect themselves by using the
vehicle as collateral for the loan, it's much easier to get
vehicle financing with past credit problems than it is to get a
new credit card or another kind of unsecured loan.
There are many finance companies online competing for your
business, to finance your vehicle. Just beware of unethical
lending practices. People with bad credit are often prey to
lending scams. Bad credit borrowers have fewer lending options
than other borrowers and some finance companies take advantage
of that fact. Here are 3 things to do to protect yourself from
an unethical auto finance company.
1. Compare Rates Among at Least 3 Different Lenders Online - If
you have 3 or more loan offers to compare, you are much less
likely to take an offer from a lender who is charging excessive
interest rates. If you have 3 or more interest rates to compare,
you will have a good idea of what the average interest rate is
that is being offered to people with credit problems for auto
financing.
2. Get Financing Before You Visit a Dealer - If you are going
to buy your car from a dealer, make sure you get your financing
before you actually visit the an auto dealership. Dealers and
lenders often make agreements to work together to charge the
borrower a much higher interest rate than they could otherwise
get by shopping around. If you have your financing ahead of
time, you won't have to accept the financing they offer you
there.
3. Apply With Reputable Lenders - If you are applying with
lenders who are established and reputable, you minimize your
chances of being taken advantage of.
About the Author: View our recommended
http://www.abcloanguide.com/carloanafterbankruptcy.shtml
lenders. Carrie Reeder is the owner of
http://www.abcloanguide.com, an informational website about
various types of loans.
Source: http://www.isnare.com
By Carrie Reeder
If you have a recent bankruptcy but need an auto loan, you may
be surprised at how easy it still can be to get approved for an
auto loan. Because the bank can protect themselves by using the
vehicle as collateral for the loan, it's much easier to get
vehicle financing with past credit problems than it is to get a
new credit card or another kind of unsecured loan.
There are many finance companies online competing for your
business, to finance your vehicle. Just beware of unethical
lending practices. People with bad credit are often prey to
lending scams. Bad credit borrowers have fewer lending options
than other borrowers and some finance companies take advantage
of that fact. Here are 3 things to do to protect yourself from
an unethical auto finance company.
1. Compare Rates Among at Least 3 Different Lenders Online - If
you have 3 or more loan offers to compare, you are much less
likely to take an offer from a lender who is charging excessive
interest rates. If you have 3 or more interest rates to compare,
you will have a good idea of what the average interest rate is
that is being offered to people with credit problems for auto
financing.
2. Get Financing Before You Visit a Dealer - If you are going
to buy your car from a dealer, make sure you get your financing
before you actually visit the an auto dealership. Dealers and
lenders often make agreements to work together to charge the
borrower a much higher interest rate than they could otherwise
get by shopping around. If you have your financing ahead of
time, you won't have to accept the financing they offer you
there.
3. Apply With Reputable Lenders - If you are applying with
lenders who are established and reputable, you minimize your
chances of being taken advantage of.
About the Author: View our recommended
http://www.abcloanguide.com/carloanafterbankruptcy.shtml
lenders. Carrie Reeder is the owner of
http://www.abcloanguide.com, an informational website about
various types of loans.
Source: http://www.isnare.com
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