Archive for January, 2010

« Older Entries

Current Auto Loan Rates: The Facts as They Are

January 29th, 2010 by Michael Phelps | No Comments | Filed in Auto Loans

I have written before that the most important thing to consider when applying for an auto loan is the current auto loan rates. These loan rates are responsible for determining how much you are going to end up paying for the car. So the most important thing you have to me in the look-out for is low car loan rates. In this article Im going to talk to you about the current auto loan rates and give you some extra tips on the best places to look for low loan rates.

First off, you should know that there a 4 main different kinds of auto loan rates:

36 month car loan

48 month car loan

60 month car loan

72 month car loan

Each of them have different loan rates that fluctuate between 6.5% and 14%, sometimes climbing up to the 15% or 16%. The actual rate depends on you location and if you want a new auto loan or a used car loan, but the general rule of thumb is the lower number of months for the auto loan, the lower the car loan rate. Of course if you want a used car loan you should expect slightly higher loan rates than for new cars.

Ive learned that depending on where you apply for your auto loan, you can expect to find lower or higher rates. I wont talk about it in-depth but you can anticipate lower auto loan rates from credit unions and higher but safer rates from the auto dealers.

Auto Loan Rates Different Locations

If you are part of a credit union, youll be able to opt for larger auto loans with lower auto loan rates. You should check your union and compare the auto rates with your local bank to see which one is better. The other place, auto dealers, can offer you auto loans with a slightly higher loan rate but are much safer. When I say safer Im saying that the whole loan process faster and approval rates are much higher.

But dont worry if youre not a member of a credit union or only find high auto loan rates with your auto dealers. There is another kind of auto loan you can apply for called a home equity auto loan. By placing your house as a collateral, youll be securing your auto loan no matter what. Always remember to research for the current auto loan rates until you have nowhere else to look for

Author: Michael Phelps
Article Source: EzineArticles.com
Provided by: Smart cooker

Tags: , , , , , , , , , , , ,

Auto Loan Calculators: Your Smart Choice

January 26th, 2010 by Suzanne Macguire | No Comments | Filed in Auto Loans

The multitude of loans available in the market today has enabled even the ordinary man on the street to chase his dreams. For most of us, a luxury car is an ultimate dream! Such dreams do not appear to be so distant with the easy availability of auto loans in the present financial market. But under certain circumstances, your wish to drive your dream car or buy your dream house can turn into a nightmare if your monthly loan payment exceeds your expectations. Getting a good auto loan is not a matter of luck but of skill, where loan seekers need to take some wise decisions after comparing the terms and conditions of different lenders. Good auto loan rates are available but you need to know the tricks of the trade in order to get hold of them. Auto loan calculator is a smart tool that helps loan seekers to decide the auto loan they want to choose. This will enable them to have an estimate of the monthly payments to be made to the lenders. Most of the auto loan websites have online auto calculators that can be made use of without any extra charge.

Auto loan financing companies take various factors under consideration before sanctioning request for auto loans. Such factors generally revolve around the amount to be borrowed, the loan term, the repayment installments, insurance, credit details, income, the taxes and many more. As such, loan seekers need to have a proper evaluation not only of their financial strength but also of the different terms and conditions of auto loan companies. An auto loan calculator is one of the tools that can offer immense help to borrowers seeking to approach a good lender.

Auto loan calculators can be of great assistance once you are thorough with its multiple functions. It determines the monthly repayment installment of each loan including the capital repayment, interest ingredient, the payment protection insurance or the PPI and much more! The auto loan calculator utilizes the information fed by the borrowers when they provide answers to queries regarding the amount they desire to borrow, the period over which they intend to repay the loan, their household income, credit details and personal circumstances. When all this information is typed into the various fields in the calculator format, the calculator returns the details of various types of loans available along with calculating the monthly repayment installment. If the loan seeker wishes to go for payment protection insurance or PPI, its cost can also be included in the calculation where the borrower’s data exists in the calculating software. If a person has a bad credit history, the auto loan calculator generally conceals the names of lenders who would be unwilling to issue a loan to him for such bad credit score.

The advantage of auto loan calculators isnt just restricted to the above-mentioned points. Borrowers can also examine their complete amortization schedule. There are auto loan calculators equipped with graph options that enable the borrowers to make a comparative study how different loan terms or down payments can impact their monthly payment. Notwithstanding the benefits, loan seekers should always keep in mind that auto loan calculators also work as promotion-enhancement tools for the company. Users should be a little cautious while opting for their auto loans, as the rates provided might be inaccurate sometimes. So, its prudent to use your auto loan calculator as a guide to make way for your smartest choice!

Author: Suzanne Macguire
Article Source: EzineArticles.com
Provided by: Pressure cooker

Tags: , , , , , , , , , , , ,

Three Secret Tips On Getting The Best Bad Credit Auto Loan

January 26th, 2010 by admin | No Comments | Filed in Auto Loans

Bad credit auto loans are fashioned for people with below the mark credit rating hence fail to qualify for auto financing with the traditional lenders. These loans are also designed for people who had previous vehicle repossession, bankruptcy; meager income and those with inability to make a specific down payment. Getting auto financing seems like a daunting task if you have bad credit. Not so good credit rating will always get in your way of getting auto financing as bad credit always attract turned down applications.

Tip 1: Planning Ahead

Lack of planning is the mother of all failures. So is the case in a bad credit auto loan. Majority of borrowers make a mistake when they take on an auto loan without prior planning. This always leads to undesired results such as lapsed or delayed payments, high processing fees or high interest rates. Without planning before hand, you might find an auto loan to be more expensive than you anticipated. It is therefore extremely important that you plan for a car loan before taking it. If you have a bad credit history, lack of planning will make matters worse for you. You will still get bad credit auto loan, but without proper planning you will end up in an uglier financial quagmire while holding up a poorer credit rating, no one will save you.

Tip 2: Review Your Credit Rating

If you walk in to any lending institution and make it clear you want a bad credit auto loan, the first thing you are going to be asked for is your credit report. You can be assured they will turn you down if they don’t like what they see. To get the most out of a bad credit auto loan as well as any other loan, you need to review your credit report to ensure there are no errors. If you made bad decisions in the past that impacted on your credit rating negatively it will be wise if you tried to clean that up. This should not however make you feel like the financial world is an exclusive members’ only club.

Tip 3: Consider Direct Lenders and Avoid Subprime Dealership Lenders

Direct lenders are better for your bad credit auto loan than subprime lenders. A subprime lender will consider every person with a not so good credit as a potential risk and will therefore offer auto loan with high interest rates. Mind you, that is not want you want.

As a summary, be on the lookout for opportunities that will enable you get the best out of a bad credit auto loan

.

Ben Malfong has been a part of the auto credit industry for many years and writes and publishes articles to help consumers better understand auto credit and more specifically, auto credit online. Ben answers common questions consumers have about auto credit in his articles and news posts.

Article Source:http://www.articlesbase.com/loans-articles/three-secret-tips-on-getting-the-best-bad-credit-auto-loan-1782973.html

Tags: , , , , , , , , , , , , ,

Auto Loans: The Solution For Commuters

January 23rd, 2010 by Mary Wise | No Comments | Filed in Auto Loans

Public transportation does not always suit your needs and moreover, it is not always available. The solution is to resort to Bad Credit Auto Loans which are easy to qualify for and provide the necessary funds to purchase any vehicle that you need.

Bank Auto Loans Benefits

Some 13% of the working population drives over 100 miles every day to get to and from work. Referred to as stretch commuters, they mostly use personal vehicles for the traveling. But when its time for an aging automobile to be traded for a newer model, it may make perfect sense to go in for bank auto loans. With increasingly limited time on their hands, stretch commuters end up spending most of their week either at work or commuting to and from it.
So naturally once they reach home after a tiring day, looking for the best deal in auto loans is anything but appealing. Thus, bank auto loans may be the easiest and most convenient option for them.

There are advantages as well as disadvantages to bank auto loans. Theres no doubt that bank auto loans are high on convenience for stretch commuters. Most people with checking accounts are likely to have their account with the same bank for several years.
Blame it on inertia but theres no denying that managing finances is much easier when check accounts and bank auto loans are in the same place.

Strong brands and financial strength are essential for banks. This is of great importance to customers who would be hesitant to avail auto loans from questionable financial sources. The biggest advantage is the lower rate of interest in comparison to car dealers.
Bank auto loans offer lower interest rates than dealer loans. A majority of banks pre-approve customers for auto loans in order to have a better position in bargaining on the car lot.

Bank Auto Loans Drawbacks

Among the disadvantages of bank auto loans, the best rates are not always for bank auto loans. Despite financial strength, banks may not be able to offer the best auto loan rates. According to a recent study the average interest rate by banks on bank auto loans of 48 months is nearly 2% more than the ones from credit unions.

Never place all your eggs in one basket. Though it may be convenient consumers dont have to put all their finance requirements in the same institution. With plenty of other deals available, you get credit preferences that are almost perfect. Those taking auto loans with bad credit or damaged credit score for whatever reason may be refused. They may then have to finance their car with a bad credit loan, which their bank may not always offer.

Searching Online For Car Loans

While time to spare may be difficult for stretch commuters, anyone with a requirement for car finance would find it worthwhile to research as much as possible on banks, credit unions and auto finance specialists. Researching online from the comfort of your home is best for rates, terms and product benefits. Investing extra time instead of the easy option of bank auto loans can mean saving money.

Bank auto loans usually offer a financing period ranging from 12 to 72 months. This makes it a long term relationship with a lender. There is also the option of shorter-term loan with smaller rates but much larger monthly payments. In making payments it is the interest and not the principle that is paid in the beginning. Its essential that you calculate the interest rate for shorter termed auto loans against the longer termed auto loans. The latter requires smaller monthly payments but could eventually involve paying more interest. Online-financers not only offer better interest rates on bank auto loans but are also less likely to penalize for prepayment.

Author: Mary Wise
Article Source: EzineArticles.com
Provided by: WordPress plugin Guest Blogger

Tags: , , , , ,

Is Auto Loan Industry a miser?

January 21st, 2010 by admin | No Comments | Filed in Auto Loans

Trends show that with time auto loan industry is improving. Today obtaining a car loan is much easier than it was a year back. Banks and lenders have become proactive and call you to offer you an automobile loan much before you plan for one. However, getting approved/ authorized for an auto loan is much more difficult than applying for it. Lenders are very much keen on the consumer’s credibility. They do not want to take the risk of car repossession as they prefer avoiding it rather than finding a new buyer for the repossessed car. Though the interest rates for auto loan is not as sensitive as home mortgage loans, still banks feel that its an issue to be worried about. Consumers generally keep this payment at a lower priority and delay or do not pay the interest amounts regularly. Thus to avoid such situation, each bank/ lender carries an in-depth research about the consumers before granting them the car loan. Consumer’s credit score is analyzed in three categories:

  • Prime (750+)
  • Near-prime (620-749)
  • Sub-prime (620)

“Auto Loan Industry cannot be a miser till the time when auto manufacturers close down their factories. It is just due to the current slump in the economy, that lenders are careful while granting loan. Most of the consumers have the fear of losing their automobiles, in order to pay other high priority bills. Though having a personal car is very comforting, it can cost you a lot. Help yourself out of this situation by getting your car loan modified according to your terms. Auto Relief Group is a leading company in providing Auto Loan Modification service. Loan modification can help you to reduce your monthly payments, extend term, renegotiate loan amount, avoid repossession, etc. Remember that you are not the only one going through this situation. This tough time is for all those who have already taken auto loans but are unable to pay them back”, says Anthony Tribunella, Director of Operations at Auto Relief Group.

“Auto loans are still readily available for you. All you have to do is maintain your credit score and plan you payments. If you already have one, ARG can play as a third party between the client and the lender and negotiate terms resulting in mutual satisfaction. You can lower your auto loan payments up to 50 % if you work with Auto Relief Group. Go for a loan modification which is worth it”, Anthony signs off.

About Auto Relief Group:

Auto Relief Group was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck.

For more information on Auto Relief Group and its scope of services,

Visit: http://www.autoreliefgroup.com/default.aspx

Contact:

877.216.7203

877-259-3559

877 842-7667

autoreliefgroup@gmail.com

Anthony Giudice is a president and CEO of 5 international companies.

Article Source:http://www.articlesbase.com/loans-articles/is-auto-loan-industry-a-miser-1760666.html

Tags: , , , , , , , , , , , , , ,

What You Should Know Before You Get An Auto Loan

January 20th, 2010 by Connie Barker | No Comments | Filed in Auto Loans

When considering the purchase of a new auto, many of us simply do not have cash lying around to pay for it. Therefore, an auto loan becomes a necessity. There are many things you should know before obtaining an auto loan. First and foremost, realize that there is a wonderful opportunity awaiting you on the World Wide Web- an online auto loan. There are many companies that offer online auto loans, and with just a bit of research, you will be able to determine what type of auto loan is best for you.

Lets examine the different types of online auto loans that are available:

Long-term-These auto loans are usually only offered with the purchase of a new car, and typically last for a term of either 36, 48 or 60 months. This type of auto loan features a smaller monthly payment, but you will end up paying more over the life of the loan. One problem that can arise when having a long-term auto loan is that the value of the car may fall below what you actually have left to pay on the loan.

Short-term-These auto loans have higher monthly payments, but over the life of the loan you will end up paying less, and will probably also be offered a lower interest rate than that which is available with a long-term auto loan.

There are also numerous different avenues you can take to secure an auto loan. Different types of institutions offer different types of auto loans, and you should investigate all available options before deciding what type of auto loan is best for you.

Credit Unions-If you are a member of a credit union, you will be able to apply for a larger auto loan with a smaller interest rate than at some other institutions. Be sure to check with your credit union to see what types of financing they offer for auto loans.

Auto Dealers-It is much easier to secure an auto loan through an auto dealer than by other conventional methods. Although the interest rate will be a bit higher on this type of auto loan, it is processed more quickly, and approval rates are high.

Home Equity Auto Loans- By offering your home as collateral, you will be able to secure an auto loan. Although this type of auto loan carries with it the potential for a higher interest rate, there are some tax advantages that can offset the costs incurred by the higher interest rate.

Dont forget to do your online research when searching for an auto loan. You may just find an online auto loan that suits your needs without ever having to leave the house.

Author: Connie Barker
Article Source: EzineArticles.com
Provided by: Guest blogger

Tags: , , , , , , , , , , , ,

Choosing the Right Auto Loan Online

January 20th, 2010 by Lal Krishna | No Comments | Filed in Auto Loans

Buying a new car or a used car need not give you headaches anymore. Getting auto loans has become easy; you can now choose from online auto loan lending networks or get an auto loan from your car dealer. And there are many auto loan options available to choose from.

The competition to provide auto loans has boiled down to better, and faster, deals for car loan borrowers. So if you apply for an auto loan today you can probably drive home in your dream machine by the evening!

Choosing the correct auto loan requires some homework on your part – you should be willing to do some research. Not that it is difficult; you can easily do it on the Internet.

First and foremost, you need to evaluate your credit status. You need to ascertain how much of a car loan you can afford. This is important before deciding on to the car to buy. Auto loans require monthly payments, so it should be an amount that fits into your monthly budget. Many auto loan sites have auto loan calculators which can give an idea as to how much your auto loan is going to cost you each month. Once you have worked this out, you can get ready to apply for your auto loan.

Again, the Internet is a great help here. There are thousands of auto loan sites where you can apply for an auto loan online. Completing those forms is usually a breeze: just fill in a few fields and click on the ‘Submit’ button!

Generally the online lenders offer interest rates 1-2 per cent lower than that offered by the auto dealers. That money saved can be used to bear the other costs associated with buying your car.

Online auto loan forms ask for your basic banking details, your job status, and residence proof. Online applications are processed immediately by lenders in the network near to your place of residence. Approvals usually take less than an hour, and more important, on most sites this is a free service. Better still, an approval does not put any obligations on you about taking a loan from that lender.

If you have a clean credit status and a co-signer, then consider your loan semi-approved! The good thing about auto loans is that you can get one even if you have a less than perfect credit history. Most auto loan lenders offer bad credit auto loans. However, some lenders may charge you higher interest rates and a larger down payment because of your bad credit status. Some lenders also restrict the choice of cars models if you have a bad credit status.

Once the loan is approved, you will get loan offers from the lenders and you can choose the loan that you want.

The main criteria for choosing an auto loan should be the rate of interest and the loan period. The loan period for an auto loan is usually three to five years. You can ask for a longer period on your auto loan, say, seven years. But it is always better to repay the loan within a shorter period; that will put a lower interest burden on you. You must also find out from the lender if they allow faster repayment of auto loans without penalty charges. If they do, you can opt to repay the loans faster a few months later (depending on your income) and save on the loan charges.

Auto loans are available for new and used cars. Usually, the loan charges on used car loans are higher than that for new car loans. Research the various auto loan options available and always read the fine print of the loan agreement before you decide on your auto loan.

Author: Lal Krishna
Article Source: EzineArticles.com

Tags: , , , , , , , , , , , ,

Using Auto Loan Calculators Advantageously

January 20th, 2010 by admin | No Comments | Filed in Auto Loans

Luckily, the economy has shown signs of recovery and finding the best auto loan deals are on everyone’s mind. Getting a good deal on an auto loan is dependent on your knowledge about auto loans so it is crucial you know when you are truly getting a good deal and when it is all just a set up. An auto loan calculator is what makes such a judgment practical and easy. There are a number of auto loan interest calculators online that you can use for free to determine just how much that dream car of yours will cost. The calculator can also be a great help in determining prematurely whether you will qualify for a certain auto loan or not.

While searching online for a good auto loan deal, you may very easily get disoriented and confused while trying to determine the percentage markup with respect to the price of automobile of your interest. Looking directly at the numbers can occasionally be misleading. People often don’t know about the service charges, and other fees that are usually added up into the total and which are not part of the obvious package and yet equally essential to be added to receive the true sum total of the amount you would have to finally pay. An auto loan therefore gives you a better picture of what an auto loan will cost you than you can yourself calculate.

Plenty of people who don’t know too much about auto loans usually just punch up all the figures into a calculator and try to determine whether a deal is beneficial or not. They usually forget to consider their credit score which plays a very important role in all such deals. This is where the auto loan calculator actually comes in. The auto loan calculator takes into consideration your credit ratings, any prior credit history, your mortgages and any other loans as well as al the fees and charges that the terms of a loan explain, thus giving you a fairly accurate understandings of your standing in terms of a certain loan and whether you will be able to comfortably afford paying the installments of a certain loan in time.

It truly is a great idea getting an auto finance loan for purchasing a new car for the majority of American citizens – even rich Americans prefer buying cars through the process of an auto loan and paying it off via monthly installments.

Chase Stanton has been a part of the auto loan industry for many years and writes and publishes articles to help consumers better understand the auto loans and bad credit auto loans. Chase answers common questions consumers have about auto financing in his articles and news posts. To read more about Chase and his other auto loan articles or if you would like to apply for an auto loan or a bad credit auto loan, just visit his website: nationwideautolending.com.

Article Source:http://www.articlesbase.com/loans-articles/using-auto-loan-calculators-advantageously-1756281.html

Tags: , , , , , , , , , , ,

What Type of Auto Loan Should You Get?

January 20th, 2010 by admin | No Comments | Filed in Uncategorized

The market today is flooded with all types of auto loan options that range from bad credit auto loans to auto loans for people who have good credit. For a person who is in the market for an auto loan this can be very confusing as it makes it hard for them to choose the right type of auto loan. This article will discuss the various types of auto loans offered so that you can understand which type of auto loan works best for you.

A quick auto loan, as the name suggests, is an auto loan which is processed in a hurry, and many times the lender will not check your credit report prior to approving the loan. Some quick auto loans can be approved in less than 24 hours making it a great option for anyone who is interested in getting an auto loan in a hurry. One of the biggest and unknown of drawbacks of quick auto loan is that it is often accompanied by a very high interest rate. This interest rate can some times be well over 10% making it an expensive option.

Most dealers offer car financing options to their clients. For some clients the dealer might offer an auto loan which allows them to drive off with their new car in just a few hours time. However as with the quick auto loan mentioned above the biggest drawback of this type of auto loan is that it’s really expensive. There are service charges, and other hidden charges in addition to the high interest rate charged. Many car dealers will also not extend an auto loan to people with bad or fair credit.

An auto loan offered by a bank or a financial intuition works best for most people. The interest rate on this auto loan is not very high but it’s still expensive. However banks are great for people who have good credit but then again people with good credit can always get much better interest rates from online lenders and other lenders as well. But this will require that people with good credit shop around both online as well as visit local lenders to find the best interest rate which they can get. This requires time as well as it can be a bit of a hassle.

Jason Samuels has been entrenched in the auto loans industry for numerous years and writes articles to help consumers understand the upsides and drawbacks of getting auto loans and bad credit auto loans. Jason is amazing at answering common, everyday questions in his articles and news posts. To read more from Jason and his other articles or if you would like to apply for an auto loan, auto credit or a bad credit auto loan, just visit his website: Loans4Drivers.com.

Article Source:http://www.articlesbase.com/loans-articles/what-type-of-auto-loan-should-you-get-1756285.html

Tags: , , , , , , , , , , , , ,

« Older Entries

Powered by Yahoo! Answers