Car Loans » Car loans

Cash For Clunkers Program

admin — Wed, 29 Jul 2009 02:26:45 +0000

Lately, the U.S. Government passed legislation providing rebates valued from $3,500 to $4,500 when you trade in a car and lease or purchase a brand new car that is equal to or exceeds higher fuel efficiency guidelines.

Cash For Clunkers

The Cash For Clunkers program is a billion dollar federal government system that helps consumers purchase or lease a more fuel-efficient car from a registered car dealer when they trade a less environmental car or truck.

Your car must be less than 25 years old on the trade-in date

Trade-in cars have to be registered and insured continuously for the full year before the You don’t need a voucher, dealers will apply a credit at purchase

System is valid through Nov 1, 2009 or when the money are depleted, which ever comes first.

The system requires the junking of your eligible trade car, and that the dealer disclose to you an estimate of the scrap value of your trade in car.

The junk value, however minimal, will be in addition to the rebate, and not in place of the rebate.

Will your vehicle qualify?

A truck, van, or SUV with a GVWR greater than 8,500 lbs. and lower than 10,000 lbs.

A truck, van, or SUV with a GVWR greater than 8,500 lbs. and less than 10,000 lbs.

GVWR is the max allowable total weight of a car when fully loaded, including the car itself plus fuel, passengers, cargo, and trailer tongue weight.

This is a fixed weight specified by the manufacturer.

You can typically find your auto’s GVWR (1) on the standard certification label that appears on the frame or edge of the driver’s door in most vehicles or (2) in your car owner’s manual.

by Jim Werthers

About the Author:

This is only one of the many programs that the government has put in place to help people affected by the downturn in the economy. If you have lost your job, or know someone that had, check out Unemployment Office for more information about how to get help.

Car Loans, What to Watch out for

admin — Sun, 26 Jul 2009 07:57:13 +0000

Many thing have changed in the Automobile and Banking industries lately But that doesn’t mean that car loans are no longer available to you.

Institutions have become a lot more careful who they loan money to, but that’s not necessarily a bad thing. Look around, interest rates have come way down in some cases I’ve seen 0% APR.

These are loans made directly from the auto-makers or entities of the automakers which are used to entice buyers to make their purchase. Still their a lot more careful about who they give a loan to.

For a long time loans were going to those barely able to afford them and like the Banking Industry they got caught short when those loans started to default.

Does this mean that you wont be able to get a loan if your credit history is less than stellar, of coarse not, it just means that lenders are a lot more cautious and you should be too.

Before you even consider buying a new car you need to be Honest enough to ask yourself some tough questions like:

What are your finances currently like. You should also look at how secure you job is are they laying people off or may your expecting a promotion or raise.

What kind of car do you need, perhaps just some basic transportation or maybe you want the prestige of a Luxury car or something sporty with a little more power.

Keep in mind that these factors will effect not only the price of the car, but also the price of the loan in the form of interest. Remember even though the car dealers are somewhat desperate to sell cars they are well aware of the difference between the car your need for transportation, and the car you really want.

If your buying what you need (basic transportation) they no your desire is not as great, so you can probably work out a much better deal on both Car and loan. But if it’s a car you really want or desire (like luxury or Sporty) their usually more popular so they won’t be so willing to give away the house to get you to buy.

But now were getting off track, how to deal with dealers is another article altogether.

Back to car loans. There are several thing you should take into account and look for when applying for a loan.

First your credit history will always have a bearing on the loan your offered. Poor or average credit doesn’t mean you’ll be denied credit, but it will probably mean higher interest rates.

Be sure you shop and compare, you’ll find large differences from lender to lender and why pay more than you should.

You need to check the loan offer very carefully and watch out for prepayment penalties. In this case if you pay off the loan ahead of time you could receive a large penalty, That means you can’t refinance if your offered a lower rate or even if you hit the lottery and pay it off your hit with the fee (well if you hit the lottery you may not care).

No matter what you should not take a loan with a prepayment penalty, also make sure the loan is a simple interest loan, nothing fancy no amortized or balloon loans, and even stay away from variable rate loans, The current problems won’t last forever and when their over interest rate will rise.

Remember to have the lender go over the following before you sign anything. You need to know the interest rate on the loan along with the type of loan. you should also know the number of months of the loan and how much of a down payment is required.

You may get the best deal from the dealer through the manufacturer, but don’t count on that be sure to shop around for the best deal. If a lender (especially these days) can’t give you a deal that you can afford or accept, leave and go somewhere else if your prepared to do that you’ll eventually get a deal you can live with.

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Auto Loan For Bad Credit Fast

admin — Fri, 24 Jul 2009 16:49:37 +0000

Times are tough. Times are tougher if you need an auto loan for bad credit. Whats a car buyer to do under these circumstances? Here’s a solution that will help you.

Want to be treated like gold when you walk into a car dealership? Get pre-approved at an online site designed to offering auto loans for bad credit. Suddenly, lenders compete for your business! Now you are back in control! You will get the best interest rate possible, as you walk into the dealership pre-approved.

Has this happened to you? You need an auto loan for bad credit, but it puts you at a disadvantage when walking into a dealership. Not only do you have to negotiate for the car, you also have to fight for the rate. When customers come in looking for an auto loan for bad credit they will pay top dollar for the car. They must settle for the car the dealer chooses. They end up paying an outrageous interest rate for the privilege!

The advantages of getting pre-approved at an online site designed to offer auto loans for bad credit are simply amazing. Online, lenders compete for your business! That puts you back in control! That gives you the best interest rate possible. That allows you to walk into the dealership pre-approved.

As you’ve discovered, when you start looking for an auto loan for bad credit you not only pay top dollar for the car, and settle for the car the dealer chooses, you are also stuck with an outrageous interest rate! Not only do you have to negotiate for the car you also have to fight for the rate.

To have a fighting chance in an economy like this, you have to have reliable transportation. Bad credit auto financing can help you get your credit back. The last thing you need to do is pay an outrageous price for a car the dealer chooses with an outrageous interest rate. All that equates to an outrageous payment you can’t afford.

Auto loans for bad credit are readily available online with lenders waiting to offer you the best deal possible. If you need bad credit auto financing, this is the only way to go about buying the car YOU want! If you have bad credit and need an auto loan it does not mean you need to settle for what you get. Auto loans for bad credit websites keep you in control and can save you thousands while restoring your credit.

Ask yourself, “If I could obtain credit within 24-hours for an auto loan would I do it?” Would it help to know that the loan application is easy? It’s short has no hassle and no obligation. Go right now to the website where you will find best auto loans for bad credit matched to your exact needs. Go here to Get Approved Now! You can now plan for tomorrow’s trip to the auto dealer.

by David Johnson

About the Author:

David Johnson has been doing auto loans for bad credit for 15 years and has helped over 100,000 people get approved. His vast network of bad credit car financing lenders can get anyone approved in minutes!

Important Information To Know About Successfully Applying For A Car Loan Without Hassles

admin — Thu, 23 Jul 2009 17:06:48 +0000

Car loans are important for consumers who intend to purchase a car. However, they are the most misunderstood type of loan. There is a lot of confusion involved with car loans, especially by younger people and the elderly. Car loans are easy to apply for, yet some people are cautious of doing so.

A primary piece of confusion is that all car loans are bad, and will cause you to pay double or more of what the car is worth. If you have poor credit, this could be true, but even people with terrible credit are not in that situation. Car loans are much more lenient on lending. Of course, taxes and interest will be part of the closing deal, but it still isn’t double the price of the vehicle.

Leases and loans are commonly combined together when people think of them. There are people out there that actually think they are the same thing. A loan is very different however, and gives you completely ownership of the vehicle. A lease is like paying for it for a trial and then getting another. You never truly pay anything off for keeps. A car loan is superior in the sense that it is easier to pay, and much cheaper in the long run.

Car loans should be used as a car loan, and nothing more. Many people use different loans for cars. While some others may work, its best to use a loan designed specifically for the purchase of a car. Using a payday loan or a high interest loan can cause future financial problems.

When you are prepared to get your car loan, you should thoroughly examine your budget. Never go for something that is more than you can afford. This is dangerous to your financial status as well as your vehicle. If you cannot afford the payments, the car will repossessed and you will lose all of the money you spent on the past payments.

Last, you should always do some research. There are tons of car companies and car loan offices around the globe. That leaves you looking at plenty of options. Even in your own hometown, there is likely to be at least 2 car dealerships. Search high and low to find the best car loans at the best prices.

Closing Comments

Car loans are necessary loans for those that intend on getting a car. After all, not too many can afford to pay 10k+ for a vehicle in cash. Make sure you know what you are looking for ahead of time.

by Steve Smith

About the Author:

Steve Smith writes for All About Loans. Our visitors can apply online for all types of loans, we specialise in short term payday loans, and car logbook loans. Visit today. This and other unique content ‘finance’ articles are available with free reprint rights.

4 Places to Get Carloans

admin — Tue, 14 Oct 2008 20:37:57 +0000

If you’re like most people you need to take a carloan when purchasing an automobile. It doesn’t matter if it’s a new car or used car that you’re buying, in either case you need to make sure you can afford the monthly payment on your carloan. Let’s face it, you’ll be paying that loan for quite a few years so it’s best to make sure that it fits within your budget.

There are 4 basic ways to get carloans. All 4 cases will work for most people, but in all cases you’re going to get the best interest rates if you have a good credit history. Whenever lenders feel you can be relied upon to repay a loan they will offer you better terms and rates. Here are the 4 basic ways to go about getting carloans:

Banks – Banks are one of the first places many people think of going to get approval for a carloan. Of course banks are experts at lending and they are often a good place to start your search for a carloan with a great interest rate. Keep in mind though that the better your credit history is the better your chances will be of getting approved for carloans at a bank.

The best bank for you to apply at is one that you already have accounts or loans with. Many times they will offer better terms on carloans to existing customers because they already have a good idea of what type of customer you are. However, don’t stop here, banks are just your first stop searching for the best carloan.

Credit Unions – Credit unions are similar to banks with the exception that they are private lending institutions whereas banks are public lenders. Credit unions can offer very good terms on carloans, but usually they only want to work with individuals that have very good credit records. They don’t like to take on risky loans so if you have bad credit a credit union may not be the best place for you to get a carloan.

Car Dealer – This is where many people end up getting their carloans since it is so easy to simply apply for the loan where and when you’re buying your car. This can really work against you as the dealership knows that once you’re emotionally attached to the car they can get you to take financing that may not be as good as you could get elsewhere. Car dealers interest rates can vary widely and some will even pad the rate to get a higher commission from the lender.

On the other hand, car dealers want to sell you a car and if necessary they may be willing to negotiate more than banks or credit unions. The dealers can also get creative with your car loan and have access to many different lenders when trying to get you approved. See what kind of rate the dealer is offering, but don’t make the dealer your only source for a carloan.

Online Lenders – In the past few years online lenders have become very popular for carloans. Because they don’t have the high expenses of offline lenders they can often offer very low rates and are quite competitive when it comes to offering carloans. Plus, once you’re pre-approved for a carloan from an online lender you’ve got more room to negotiate with the car dealer as they now see you as a cash buyer.

Finding carloans for any car can be quite simple once you know where to look. Begin with a realistic budget and shop around to several types of lenders so you can compare carloans and get the best deal. Shopping for a carloan is really no different than shopping for the car itself and you should take advantage of the different options available to you.

Getting the Best Car Loan Rate

admin — Mon, 13 Oct 2008 19:24:45 +0000

If you want to get the best car loan rate then going online to look for car loans is your best bet. No longer are you trapped into whatever auto loan rates you can find locally. The internet has made it possible to shop across the nation for your auto loan. That still doesn’t mean that you should take the first offer though. You’ll still want to do some research to find the best car loan rate and that means contacting several lenders and possibly even negotiating the terms of your loan.

The best way to start your quest for a low interest car loan is to compare a variety of auto loan companies. Only after getting a quote from each and comparing the interest rates, terms and repayment schedules will you know that you’ve found the best deal.

Luckily it’s now quick and easy to compare loan rates among lenders. The online lenders application process is quick and many online auto lenders will either email you quotes from a variety of lenders or actually let you compare quotes online side by side. The online auto brokers work with many different lenders and they negotiate very good rates. In fact, because they negotiate so well, you’re likely to get a better rate from an online auto lender than you will at the dealership or through your local bank.

You do want to make sure that your quote is as accurate as possible so make sure you fill in as many details as possible when requesting a quote. There are many factors that go into making a credit decision and just one small piece of missing information could cause your quote to go up by several points in interest.

Another way to get the best car loan rate is to balance your interest rate with the length of the loan. A shorter duration loan will get you a better interest rate, however the monthly payments will also be higher. You’ll need to look into your budget to determine how much you can afford on your monthly auto payment and whether it makes sense to go for a lower rate and higher payment or a longer term loan with a higher interest rate, but lower monthly payment.

If you’re trying to get the best car loan rate then you should try to put at least 10% down on the car and 20% or more is even better. A large down payment will help you in two ways. First, it will lower the interest rate on your loan. And secondly it will lower the amount you have to borrow as well. Definitely a good start on your loan.

One final benefit of being pre-qualified for your auto loan is that you’ll be better prepared to negotiate a good deal from the auto dealer. Car salesmen will see you as a qualified buyer and will do whatever is necessary to get you to buy from them. You will be able to negotiate for a lower price, higher trade in value and additional rebates and get the best car loan rate ever.

Cheap Car Loan

admin — Thu, 18 Sep 2008 17:44:05 +0000

With people trading cars in faster than ever getting a cheap car loan is an important thing to most people. Even if you don’t change cars faster than you change shirts you would still want to find a cheap car loan when you’re ready to trade in your reliable old car for a wonderful new model. The best advice I can give you when searching for a cheap car loan is to take the time to research and compare loan options from several auto lenders before committing to a loan. With so many lenders out there competing for your business it’s actually not too hard to find a cheap car loan.

Now on to the details of finding a cheap car loan:

Do your auto loan research upfront

Like I said, there are plenty of lenders out there that want to finance your next car purchase. It really is a buyer’s market, especially with the current economy and you’re not obligated to finance your car loan with any specific lender, so feel free to refuse an offer if you don’t like it. You really need to get quotes from several auto lenders and then compare them side by side to see which one has the best terms and rates. Look at everything, including the fine print. This may take a little time, but the results are well worth it. And if you go online to search for cheap car loans you can speed up the process substantially.

Attain and keep a good credit rating

A good credit score will make it easy for you to negotiate the best possible interest rate. If your credit rating is currently a bit weak you may want to wait a few months before buying a new car and take that time to strengthen the credit report.

Increasing your credit score does take time, but you can do it. Making sure all of your payments are on time is the first step towards a higher credit score. If you can also pay off some loans or credit cards that will help, but don’t close the accounts after paying them off, especially if they are older accounts. In general you’ll find that the higher your credit score the lower your interest rate and the cheaper your car loan will be.

Have a large car loan down payment or trade-in

It makes sense that the less money you borrow the lower your monthly payments will be and you’ll also pay less in interest over the life of the car loan. Always do your best to get the most possible for your trade-in and even better have cash to put down on the new car purchase. In some cases you may benefit from selling your old car privately rather than trading in and using that cash as a down payment. This will depend on whether or not you can get more money for the car privately, but it’s worth a shot.

Get auto financing before you go to the car dealer

You dealer will offer you financing, usually through the finance arm of the auto company whose car you’re buying. Now, this offer may be fine, but in most cases you can get better rates from a credit union or bank. If you already have auto financing before you go car shopping you’ll be in a much stronger position to negotiate financing and even the price of the car itself. This way you’ll get both a cheap car loan and a cheaper car price.

Overall, getting a cheap car loan isn’t too difficult if you’re willing to put in some legwork of your own. Take the time to shop around for a car loan and get prequalified and next time you go car shopping you’re sure to get both a cheap car loan and a cheaper car price.