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.

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.

Auto Loan for Bad Credit Online

admin — Thu, 09 Oct 2008 21:21:03 +0000

While it may be true that getting an auto loan with bad credit can be difficult, it is not impossible as many people are led to believe. Many people are able to get car loans even when their credit is damaged. Sometimes they can even get their car loans without a detailed credit check.

The way all these people get bad credit auto loans is by applying for them online. For many people an auto loan for bad credit online is the best way (even the only way) that they can get financing for an automobile. Here’s some of the benefits to applying for a bad credit auto loan online.

Low Interest Rates

As I’m sure you already know, the lending companies make their money from fees on the loans and from the loan interest. Mostly they make their money from the interest though. Since online lenders don’t have large offices and numerous employees to support they are able to lend money at lower interest rates. This benefits you directly since with lower interest your monthly payments are also lower.

Another way that keeps online auto loans cheap is the amount of competition online. So many auto lenders are vying for your business that they need to keep their fees and rates as low as possible to attract customers.

Simple and Easy Approval

Getting an auto loan from an offline lender can be quite a trial. You spend hours at the bank or in the dealership waiting for your loan to be approved only to find that the terms and rates are higher than you expected or that you’ve even been denied completely. It’s frustrating and can even lead to you paying more than you can really afford for your car loan.

When you apply online for a bad credit auto loan there is no pressure and the process is both quick and straight forward. The applications take just minutes to fill out and the loan is often approved within minutes as well. Plus, since you’re in your own home you can take the time to review the offer without feeling pressured by a salesman.

Easy to Compare Online Auto Loans

Because you can get quotes and approvals so quickly online it is also easy to compare auto loans from online lenders. There are many auto lenders online and most of them offer auto loans for bad credit. You can get quotes from as many as you want and then compare the terms and rates of each. This makes it easy for you to have a clear and complete picture of what you’re getting into before you sign any loan agreements.

The Right Way to Refinance Car Loans

admin — Thu, 11 Sep 2008 22:35:40 +0000

Even if your credit isn’t perfect it’s still easy to refinance car loans online. Refinancing your car loan can help you in several ways. Plus, finding online auto refinancing is so easy thanks to the number of lenders trying to get your business. The downside is that you will need to meet some criteria to refinance car loans.

Benefits to Refinance Car Loans

Car loans can be refinanced for a variety of reasons. Mostly though auto loans are refinanced to save money on the monthly car payments. When you refinance your car loan you can get a better interest rate and you can also lengthen or shorten the term of your loan.

If you bought a car when you had bad credit or even if you had good credit and your credit has since improved you can get a better interest rate by refinancing the car loan now. A better credit score justifies a better credit rate. A reduction of several percent can save you significantly on your monthly auto loan payments.

Requirements to Refinance Car Loans

Now the bad news. You will have some requirements to meet in order to refinance your car loan. First of all the cars value must be greater than the the amount you currently owe on the car loan. If you owe more than the car is worth this is called an upside down loan and you won’t be able to refinance the auto loan.

If you can, reduce the amount you still owe and then try refinancing the car loan. This will mean either increasing your monthly payments temporarily or making a lump sum payment. Two other requirements you’ll need are that the car must be less than 5 years old and the total amount still owed on the car loan must be at least $7500 although you may find some online lenders who are willing to drop this requirement.

How Does the Car Refinancing Process Work?

It’s simple to refinance car loans. First you’ll need to get the remaining loan balance from your current lender. Then, go online and find and auto refinance company and complete their online application. You’ll be asked about the make and model of your car, the model year, any options like power brakes, CD players, alarm systems, etc. You may also be required to supply the VIN on the application. The really nice thing is that online auto refinance approvals are instant.

Selecting an Auto Loan Refinance Lender

While selecting the right refinancing lender is important, it is an easy part of the process. This is because there are so many lenders online competing for your business that you can get several quotes from different lenders in a short period of time and compare the offers. Then simply accept the best one. Online lenders mean that when you refinance car loans you can now pick and choose the loan that will save you the most money.