There are a lot of people who are having a lot of difficulties these days because of financial constraints, but unfortunately are in need of a auto loan.  They who could use help in financing are in need of ways to obtain financing in order to buy a used car at least.  A used auto loan can definitely help a lot of people in being able to buy an automobile with convenience.  Having a car these days is essential for being able to do a lot of different things.  The mobility that one gets out of having his or her own car can really allow for more flexibility in a person’s day to day tasks.  This is why a lot of people are really looking for an effective auto loan despite having certain budget issues.

The good thing is that an auto loan can be acquired through one of the many online sources that can easily be discovered.  Not all people have the capacity to manage the full price or even the down payment of a brand new or a used car, so any help that they can get out of financing can really enable them to get the car they need.  There are many different ways for people with limited budgets to be able to get a proper used auto loan to aid them in paying off a car that they can use for their necessities. However, it might be difficult to find  the ideal company to apply for a used auto loan from, so being able to recognize the good ones from the bad could prove crucial in a person’s quest for financing.

A lot of lenders may be wary of approving requests for used auto loans from people who have financial concerns, which is understandable.  It would be hard to find a business that’s just willing to release funding for people who may encounter difficulties with paying off loans.  You first have to prepare yourself for the fact that getting an auto loan will need some work, especially with your application.  You will need to get some work done in order to make sure you get approved for a car loan.  Going for financial help from online companies, however, is a lot easier and will rarely require the huge down payments required from regular financial institutions, which can be up to around 30%.

People who have a lower income or have budget concerns can simply search online for web based companies that can support their financing for an auto loan.  There are plenty of financing groups based online that can help people in getting the right car loan for what they need.

These online finance companies will have their regulations in place, but can generally approve of reasonable requests.  Try to do a little research online for some feedback from past clients in order to find out which services are best suited for your needs.

People can still find ways to get a auto loan even with money concerns if they look for companies that are willing to extend their services.  Finding the right used auto loan financer can definitely help people in getting the transportation they need.
Tips and Tools:
Car Buying Tips

Auto Loan Calculator

Tips to Improve Your Credit

Interest Rate Estimator

2011 Ford Fiesta | Subcompact

I love Ford and what it continues to do with innovation.  It’s not like they are the new guy on the block but they have been around and have had their problems with a line up that was really looking “old”.  Now look at them!  They did not take the government handout – didn’t have to and they gained share because of it.  If you want a real bargain in terms of fuel economy, (28 mpg city, 37 mpg highway) this is the real deal – The Fiesta is a bargain and offers a whole lot for just a little.  That’s value!  What the best part?  The 2011 Ford Fiesta starts at just $13,200.

2011 Hyundai Elantra | Compact

 There has been a lot of conversation about this auto and frankly, it’s deserving of the attention.  They have outdone themselves with great styling, good handling and excellent fuel economy. It’s listed at (29/40 mpg), which establishes a benchmark that others will struggle to achieve anytime soon.  Often overlooked by consumers, this Korean compact is really getting some attention – we think it’s mainly about its low price point compared with it’s Japanese competitors. The 2011 Hyundai Elantra starts at just $14,830.

2011 Kia Optima| Midsize

Many autos have held the prized “King of the Hill” platform and it was only a matter of time before a new challenger would emerge.  The 2011 Optima, according to consumer reports, is well ahead of the Honda Accord this year.  It’s been a deserving dethroning – so much value at a very competitive price.  The EPA ratings for the 2.4-liter 2011 Optima at 24 mpg in the city and 35 mpg on the highway with the six-speed manual, 24 mpg in the city and 34 mpg on the highway with the six-speed automatic.  It’s good looking, with great styling and curves but with a market leading warranty program and excellent mpg, it stacks up as a great to be considering.  The 2011 Kia Optima starts at just $18,995.

You can actually arrange auto financing online for the car you want to purchase.  Online, lenders can give quotes almost instantly.   The you can be at home, the pressure is off, and good, rational thinking can take place and you are in control.   Online lenders also offer more preferential rates than their real-world counterparts; this is because they have less overhead and they are not marking up the finance charge to add more profit.  Some websites, like myAutoloan.com, offer the opportunity to receive up to four quotes within minutes of each other. 

The capacity for choice here is significant.  Heck, we all want to have choices and this is the best way to get an auto loan and be in control.  The process works for all 3 of the autos we’ve mentioned today – walk into any dealer empowered because you have your financing pre-arranged.   What this means is that you can literally pick and choose the best auto loan deal for you, and in some cases receive a check by courier the next day, ready for you to walk into the dealership as a cash buyer.

Let us know if you’ve come across some good values or give us some ideas on what you would like to hear about – we’ll do our best to accommodate.

myAutoloan.com

The process does get somewhat more complicated than this, however.  First of all, most people do not get pre-approved for a car loan when they shop around for a new car.  Instead, they approach the dealerships blind.  Even so, most people do not pay for cars in cash.  They need financing in order to buy a decent car, whether it is new or used.  The dealerships and the car finance companies both realize this, and as a result many of them have teamed up.

All car finance companies have partnership agreements with the car dealerships.  They will pay the dealership any time that they hook them up with a new customer.  The dealership can charge extra interest that gets tacked onto the typical car loan.  The end result is that most people end up paying more for their auto loan than they need to.

The best way to go about financing a car is to shop for the car financing before you shop for the car.  This way you can avoid the extra costs that are used to compensate the dealership.  With the internet, it is very easy to get approved for a car loan in a short period of time through websites such as myAutoloan.com.  These sites make it possible to get approved for a car loan before you even start looking at cars.  By doing this, you end up saving a great deal of money on interest.

Another advantage of being pre-approved for a car loan is the fact that it lets you know exactly how much you qualify for.  With this knowledge, you have a better idea of how to negotiate prices while you are shopping.  You can tell them exactly what your limit is, and they will not try to sell you on a car with a higher price.   Armed with this knowledge, the process of finding a new car is much simpler, and less stressful.

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Car buying tips:

Driving is a privilege, not a right.  This fact is unfortunate for many, because having the freedom to drive is a virtual necessity in our modern society.  You would be hard pressed to find a household that did not require at least one working car.  Despite this need, it is almost impossible for the majority of people to buy a decent car outright.  Especially if they have had some bad things happen like a job layoff or health issues.   Instead, they are forced to take out a bad credit auto loan. 

 Unfortunately, the recent financial crises has hurt this process in two ways.  First off, the financial institutions are more strict about who they give car loans to.  Second, economic troubles have hurt a large number of people, enough so that they have lower credit ratings as a result.

Searching for an auto loan with bad credit might seem like a death sentence for your ability to get a loan.  Thankfully, this is not the case.  The reality is that it is almost always possible for  you to take out an auto loan, no matter how bad your credit score might be.  If you are told by the dealership that you can not get an auto loan with bad credit, what they really mean is that the auto finance company they work with will not approve you.  This does not mean that you will be incapable of finding a financial institution to assist you.

The fact of the matter is, this is probably for the better anyway.  When you take out an auto loan through the dealership, the dealership gets a cut of the profits, meaning that the terms of the loan are higher than they truly need to be.  It is actually a much better idea, no matter what your financial situation, to get a direct online bad credit auto loan instead. 

There are several reasons for this.  For one, you get the opportunity to shop around and find the best interest rate.  You also may get approved for a larger amount.  Perhaps more important than anything else, you will know exactly how much you are approved for, before you evens start looking at the cars.  In this way, you know which cars to look at, and what prices you need to talk the dealership down to in order to find the best option.

A direct lender is also much more likely to give you a loan if you are in a bad credit situation.  No matter who you go through, a bad credit score means that you will end up paying more in interest, but you won’t have to worry about being denied.  Several direct lenders will also offer a much better deal on a bad credit auto loan than the traditional lenders.

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Car Buying Tips  

Auto Loan Calculator

Tips to Improve Your Credit

30 Second Video

Should you want to purchase a used car and wish to have it financed, but do not know where or how to go about it, then this info is for you.  Where do you find financing for a used car loan?  In most cases getting any used vehicles financed will involve paying higher interest rates than any new car loan.  Also having any used car financed could involve a higher rate down payment, but that also varies depending upon your credit score. 

When you are ready to get a used (previously owned) car financed from a dealership then first you will want to choose a certified pre-owned auto that will be on site and available from the dealers car lot.  Then begin with some negotiating for the price and purchase of this used automobile long before ever getting yourself involved with any arrangements for the financing.  In some cases when a sales person is trying to let you know just what kind of monthly payments it is that you are wanting, he or she will take that information and use it to manipulate the terms of the financing equation so this way you will be stuck paying more than is needed for the car.  That’s just how the car buying game is, but you can eliminate that if you use an on line lender and get more than one quote online.

You can get yourself plenty of used car quotes, right over the internet, before you ever start making any deals towards the purchase of a used car.  When you are online be sure to check the terms of the used car loan and also the rate of the interest at one of the many websites that will offer you this kind of information. This will help you eliminate some of the games that get played at the dealership.  Going online for financing will result in you getting some of the best rates available via direct to consumer financing and could help you get the best sales price for your used car.  Start looking around for some alternative financing for a used car loan should you be planning on purchasing a used (previously owned) car.  Many of the lenders will offer a lower interest rate for newer cars than used cars. Finally be sure to know just what your credit score is whenever you are ready to discuss any financing options.

 Remember, the higher your credit score, the lower the rates.  Should you have a score above 680, you should be able to get very fair terms in regard to any financing of a used vehicle, via your online source.  Good luck and good shopping.

Tips and Tools:
Car Buying Tips  

Auto Loan Calculator

Tips to Improve Your Credit

30 Second Video

From the school run in the morning, to the basketball game after school, if families are not mobile, then the whole lifestyle will suffer.   Fortunately, the high price of most autos does not prevent the majority of us from buying one.   This is because most people can afford to set up and maintain an auto finance agreement or said differently, get an auto loan.   This is how cars are purchased these days.  

However, many people still tend to choose the car they want, and then head out to the dealership.   Once there, they become intoxicated with the fact that the car they want is there in front of them, and then get sucked into what becomes a very quick buying process.   While it may not seem quick, as you wait in the salesperson’s office for the phone to ring and tell you that your credit is good, chances are you haven’t thought it through.

There is a wealth of options out there for securing good auto loan finance.   Many of these good options appear online.   Even as the use of the internet grows, many people still are not  aware of the fact that they can do all of their research for the type of car and get pre-approved for an auto loan online  – you can even buy a car online if you want!

You can actually arrange the auto loan financing  online for the car they wish to purchase.  Online, lenders can give quotes almost instantly.   The buyer is at home, the pressure is off, and good, rational thinking can take place.   Online lenders also offer more preferential rates than their real-world counterparts; this is because they have less overhead.  Some websites, like myAutoloan.com, offer the opportunity to receive up to four quotes within minutes of each other.  

The capacity for choice here is significant.  Heck, we all want to have choices and this is the best way to get an auto loan and be in control.   What this means is that you can literally pick and choose the best auto loan deal for you, and in some cases receive a check by courier the next day, ready for you to walk into the dealership as a cash buyer.

So if you are thinking of buying a car, hold on for a minute.   And then log on, and take a look at your options first.   You may be pleasantly surprised, as well as better off financially.

Tips and Tools:
Car Buying Tips     Auto Loan Calculator    Tips to Improve Your Credit
30 Second Video

The easy way to get your car financing – Do your homework.  Car finance – The easy way to finance your car. Car Finance is so easy, but it is not easy to get it at favorable interest rates, especially at dealerships.  To find the car finance loan you should try to get financed for a competitive APR loan.  This always has to do with your current credit rating so don’t just think you can walk in anywhere and get a 0% loan.   It is necessary to make your payments low on your finances and repay all of your debts – this minimizes a default.  

Let’s look at why you may decide a loan with an interest rate is a better deal.  Zero percent auto refinancing is only for perfect borrowers Very few people will qualify for 0%. 0% Car Financing May Not Be Right For You.  Why Car Finance is an Easy way to your car financing solution.  If you got this far, I’m impressed – I just wanted to see if anyone actually read these things.  I just came up with a group of eclectic ideas and thoughts and started typing. Soooo,  If you are, I might as well go on and make it at least look impressive.

Secured Car Finance Get Approved for Your Car.  In an Article Posted: December 15, 2010 Comments: Share. Secured car finance can avail you both new car finance and used car finance.  But this type of car finance needs a properly research plan.  If you are planning to buy a costly car, then a secured car finance loan is the best choice for you. The main theme of secured car finance is longer reimbursement periods and low interest rate. And unsecured car finance themes are just the opposite.  What does that mean?  LOL, ah, see the pretty butterfly?

Secured Car Finance Get Approved for Your Car Best Cars Trucks Home / The 0% Financing Craze: A Good Deal. Lincoln. The list of automakers offering interest-free financing deals just got better.  Most of the captive manufacturers have got several models for clearance.  Pick up a 2011 with 0% pretty easy if you can qualify with good credit.   The 0% financing Craze: A Good Deal – U.S. News Rankings and Reviews articles. Check out the auto buying guide.

Car Finance: Best Option for Your Dream Car Experts said it would disappear as interest rates rose. Turns out, they were wrong. 0% Auto Financing Is here – Deals can be found, you just have to look for them – myAutoloan.com Dec 13, 2010 per Samuel Smith. Knowing about the interest rates of a couple of car finance dealers and comparing them to know which best suits your affordability is the best way.  Go figure, do ya think?

myAutoloan.com : Get easy new or used car loan online with low interest rates for people with bad credit, no credit or even bankruptcy. 

It gets even better if you have good to perfect credit because you can get multiple loan offers and pick the best one.  Get guaranteed approval car finance even with no cosigner.  To find such offers you can check your local newspaper or can search through web or classifieds of car dealers.  Apply for your next AUTO LOAN just like that – All Credit Situations Accepted.  Online Car Financing – Online Car Finance at the lowest Rates.

Financing you may be interested in 0% interest – dealer financing, rebate and credit union or bank auto loan, or rebate and manufacturer financing – “Calculate”.  ConsumerReports.org – Auto financing calculator Car Finance is available from on line lenders like myAutoloan.com but, if your car dealer is the middleman for another auto finance company, your 0%+ interest auto loans might not be available. 

The points the dealers lose on low or no interest loans will cost you something, that’s for sure.  The online auto financing is available and it offers students low interest rate car financing.  The competition between online lenders is severe, and for this reason, students have fair option to get low interest car auto loans.  A fair idea to the students on what is necessary preparations need to be carried out before going for car auto loans.   The Reality behind Zero Interest Auto Loans is that you must have good credit.   Be prepared to have a co-signer to get you started.

Zero interest car loans can offer you savings of buying a car with cash with convenience of financing.  That said, these 0% auto financing deals can be tough to find.  One of best ways to sample loan agreement interest rates could be complicated animals, but they are something you must k now regarding any time financing a car.  Investing in a.  It is also really worth keeping in mind that whenever you are planning to obtain a sample loan agreement fresh car the eye billed might be either at first or even totally established with 0%.  Imagine investing in a car which is brand-new and which usually charges 15000. Although this could appear too costly for many, don’t get discouraged.  How to Find 0% Financing Car Deals Online sample simple loan agreement rates of interest and curiosity.

Tips and Tools:
Car Buying Tips     Auto Loan Calculator    Tips to Improve Your Credit

30 Second Video

We think that some of the banks that took the government bailout still aren’t lending as often as they could;  it just does not seem fair, they know it, and they probably don’t care.

You could try a dealership car loan – but their interest is to see you pay as much as possible, not get you a deal.  Some unscrupulous dealers hit you with backdating, penalties, hidden fees, and variable interest rates that should be considered illegal.  Well guess what, because of the new economic crisis legislation, they actually are — but only for banks.  An unscrupulous car salesman or dealership can still do whatever he or she wants.

Enter the internet and myAutoloan.com.

The methods of borrowing money are constantly evolving, and it’s in all our best interests to evolve with it.  Today, there is no reason to put yourself under the thumb of any dealership F&I manager, as myAutoloan.com actually has lenders work  for your business.  When you apply with a bank or a car dealer for a  car loan, you generally get one offer, their terms, take it or leave it.  You are so deep into the car buying process that you are not going to walk away.  However,  when you apply with myAutoloan.com, you get multiple offers (up to 4) from different sources, who now have to compete for your business, driving down your cost of borrowing money.  Also, good credit is rewarded as it should be — the better your credit score, the more and better offers you receive.  Then you can choose which is best for you, not someone behind the desk, looking to get the highest interest possible.  This might prove helpful as well – car buying tips.

For starters, myAutoloan.com is a BBB accredited business with an A+ rating, an absolutely essential distinction in the financial sector.  Their site integrity is preserved by GeoTrust, the best in the business when it comes to online security.  You can trust your information is safe with the business, and safe from predatory outside sources.

Finding out about myautoloan.com is easy — check out this  30 Second Video  for an entertaining and informative introduction.  We hope to serve you soon, and best of luck getting your new car!

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Tips to Improve Your Credit

Free Auto Buying Guide

Advantages to Online Financing

Negotiate the vehicle sales price and auto financing separately. Make sure that you have your financing before you go to the dealer.  This gives you a negotiating advantage, and the salesperson will see you as a cash buyer with pre-approved financing.  You will get the lowest available rate from many online financing companies.  Once you are approved, you will receive a bank-approved check to take to the dealer.  Another advantage to using an online lender is that most will not charge higher rates if you are looking for a sports car or luxury vehicle.  Many sites have a payment calculator that you can use to determine how the interest rate, purchase price, loan term and down payment will reduce your auto loan payment.

Know Your Credit Rating

If you have a poor credit rating, expect to have a higher interest rate and down payment requirement.  Get your credit report and score from the three major reporting agencies so you know what the lender sees.  Do this before you apply for a loan or visit a car dealership.

Research several online finance sites to determine what the interest rates are in your area.  Make sure you are satisfied with the information about the lender before signing an agreement to allow them to pull your credit report.  Inquiries appear on your credit report, and can hurt your rating.  Lenders might become concerned and view this as your inability to acquire credit if they see you are applying to several lenders at once.

New or Used?

Should you get a new or used auto loan? In part, that depends on where you get the financing. More people are making used car purchases. Used cars depreciate at a slower rate than new cars, and lenders consider used cars to be better short-term collateral. However, there is minimum difference in the interest rate.

Tips and Tools:
Car Buying Tips                                Auto Loan Calculator

Tips to Improve Your Credit     30 Second Video

Auto Refinance Review                Auto loans

Finding auto loans for used cars can be a nerve racking experience. There are many websites out there that are willing to sell your information the moment that you type it in.  It is important to use a trusted website when comparing rates for lenders when buying a used car.  There are only a very few websites that are a great resource to help you find the best deal possible when buying a used car.  Most are lead buying sites that sell off your information to a lead generation network.  Anytime you see a site that says “100% Approved” or “98% funded”, it should raise the hair on the back of your neck.  Don’t be fooled.  Legitimate sites have their address on them so that you know where they are originating – others are coming out of China, India, Pakistan and Europe.  They look real but frankly, you get the short end when you apply. 

With most lending sites, you will get one car loan offer or a decline.  There is one site that get’s you up to four loan offers and lets you choose which one is best for you. It’s really pretty cool to get even two auto loan offers since all you have to do is pick the cheapest one!  These are direct loans so there is no markups – look closely, as you can tell which sites are real and others that are simply to good to be true.  (They aren’t)  By comparative shopping for an auto loan online, borrowers can save thousands of dollars over the course of the loan, don’t have to deal with the finance game at the dealership and become both empowered and “like a cash buyer”

If you have bad or even terrible credit you can still find a lender.  It’s certainly a lot harder but it can be done.  Look for a lending site that will help you find someone to finance your used car.  These lenders probably have multiple lending partners with most lenders being well known financial institutions.  You will not get as many lenders begging to give you an auto loan, because your low credit rating means that you are viewed as a risk, but you will be able to find something.  Heck, getting two offers is better than arguing with a F&I guy at the dealership.    Sometimes you have to take what you can get so that you can get yourself out of your jam and rebuild.  Here is a good source of information to improve your credit. Improve Your Credit Score

Be sure to do some comparative shopping when buying your car, but also be sure to do some comparative shopping when finding a financer for that car!  By using the internet you can save yourself thousands of dollars on your next used car purchase!

Tips and Tools:

Free Auto Buying Guide

Car Buying Tips

Auto Loan Calculator

Tips to Improve Your Credit

By using online resources to get the lease buyout loan you need for your purchase of an auto lease buyout, you can easily access the capital you need in just a matter of minutes.  There are many sites you can utilize for this process, but there are some sites that are better than others in this industry.

The best sites you can use are businesses that let you compare multiple offerings from different lenders.  Look for things on the website that say, “up to 4 lenders” as an example.  These businesses can help you find the very best rates and the best overall deals available at any given moment.

Your first step should be the step of finding one of these businesses that let you compare multiple lenders at one time.  Once you have found one of these businesses online, you are ready to start the application process.

The application process is very simple too.  Simply create your account, then enter some basic information about yourself and enter the type of loan you would like to acquire to complete the application.  As we have been discussing, Auto Lease Buyout is what you are looking for.  Once you click submit, you will be given multiple offers to review.

Now that you know how to get an auto lease buyout loan online, you can see that the process of buying your leased vehicle could not be easier.  Once you have decided that you would like to buy your car, you should go to a site that lets you compare multiple offers at one time.  By using these sites, you can be certain that you are getting the best deal available to you right now.
Tips and Tools:
Car Buying Tips     Auto Loan Calculator     Tips to Improve Your Credit

One of the first places you could start is with your own bank. As a client you may usually find better deals on interest rates right from your own local banker.  It’s nice if you have direct deposit because some banks give you a bit more leeway in rates.  Then start shopping online.  Getting multiple quotes, is good – knowledge is power so being able to see how much you can qualify for, or determining what the maximum amount of money is that you can get a loan for is extremely helpful.  How much you can spend and what the interest rates are and what your monthly payments could be keeps you out of the dealerships finance office and saves you about 2 hours of time.

With a few online lenders, once you have been approved, you could be given a blank check that is good up to a certain amount or the maximum amount you have been approved for.  This can be used simply by going to a dealer and shopping for what you like – negotiating the price of the auto and knowing that in essence, you are a CASH buyer.  Why, they don’t have to get you approved, you will be writing them a check up to your authorization amount.  Also, knowing that you have the financing taken care of gives you leverage while negotiating with the dealership on make and model you like.  Often times this can be a great way to find the car you want to drive away in that same day.

In today’s financial markets, it’s not a given that you will get the best rates on your loan – getting the best interest rate does not have to be difficult and with a little effort, it may actually be easy.  Once you have decided to purchase a vehicle you can plan ahead before hand to make sure that you get what you want.   Getting preapproved for a car loan is one of them. What are those things that influence your rates?  It’s your credit history, the down payment amount and employment history that drive the rates that you will receive.  So if you are getting ready to buy a car, know that by planning ahead you can save you a lot of money.  Good luck and good shopping.

Tips and Tools:
Car Buying Tips
Auto Loan Calculator
Tips to Improve your Credit

Look for a lending site that will help you find someone to finance your used car.  These lenders probably have multiple lending partners with most lenders being well known financial institutions.  You will not get as many lenders begging to give you a loan, because your low credit rating means that you are viewed as a risk, but you will be able to find something.  Getting two offers is better than arguing with a F&I guy at the dealership.    Sometimes you have to take what you can get so that you can get yourself out of your jam and rebuild.  Here is a good source to improve your credit.   Tips to Improve Your Credit

Finding auto loans for used cars can be a crazy and unpleseant experience.  There are many websites out there that are willing to sell your information the moment that you type it in.  It is important to use a trusted website when comparing rates for lenders when buying a used car. There are only a very few websites that are a great resource to help you find the best deal possible when buying a used car.  Most are lead buying sites that sell off your information to a lead generation network.  Anytime you see a site that says “100% Approved” or “98% funded”, it should raise the hair on the back of your neck.  Don’t be fooled.  Legitimate sites have their address on them so that you know where they are originating – others are coming out of China, India, Pakistan and Europe. 

These sites look real but frankly, you get the short end when you apply.  With most lending sites, you will get one loan offer or a decline.  There is one site, myAutoloan.com,  that get’s you up to four loan offers and lets you choose which one is best for you.  It’s really pretty cool to get even two auto loan offers since all you have to do is pick the cheapest one!   These are direct loans so there is no markups – look closely, as you can tell which sites are real and others that are simply to good to be true.  (They aren’t) By comparative shopping for an online auto loan Lender, borrowers can save thousands of dollars over the course of the loan, don’t have to deal with the finance game at the dealership and become both empowered and “like a cash buyer”.  By using the internet you can save yourself thousands of dollars on your next used car purchase!

Tips and Tools:
Car Buying Tips
Auto Loan Calculator

Well, your credit rating will be extremely important.  If you have demonstrated a poor financial background then this will show on your credit report and you will be seen as more of a risk from any auto lender.  As a result, the car loan interest rates that you have to pay will always be higher.  A good credit rating will help you to achieve much more affordable and competitive auto loan interest rates.

The year of the vehicle is also important.  In general used cars loans will have higher interest rates than new cars.  Essentially, auto loans are secured loans with the vehicle as collateral, and as such the older the car is, the higher the interest rates on it are likely to be.

The length of the auto loan is certainly important as well, and interest rates can vary significantly depending upon how long the auto loan is taken out for.  In general, the longer the loan is, the higher the interest rate will be, and therefore many people choose to take a shorter term car loan if financially viable.

The amount financed is another factor that will influence the interest rates on your car loan.  Most lenders will have a minimum amount to finance guideline, usually no lower than $5000.  If any auto loan is below this amount they will have trouble trying to make any money off it, and if they were to approve a loan amount under their minimum it would usually have the highest possible interest rates attached to it.

Finally, state guidelines will also play a part in any car loan that you want.  Many states have maximum cap rules which will prevent them from charging any auto loan rate they would like.

Need more info? Check out “Car Buying Tips”

Tips and Tools:

Auto Loan Calculator

Tips to Improve Your Credit

30 Second Video

To begin with you will need to compile a list of auto financing options.  Dealing direct is a good way to save money and dealing with a company that searches for the best offers in auto loans is also a good way to go. Only through requesting and comparing quotes would you have a clearer picture on the various financing options. The time taken is now far less thanks to the net.  Companies like myAutoloan.com provide this matching and multiple offer process.  There are many websites you can visit that would allow you to understand the comparison between the various auto loans and financing deals without constantly being left confused. As there is now intense competition for customers you may find that there are some excellent deals to be had through online brokers.  Again, myAutoloan.com is a proven choice.

One of the better options to consider would be a large down payment that would then allow you to qualify for a shorter term and potentially a lower interest rate.  Of course there are also zero down payment options available for those people on a tight budget but they really are hard to qualify for.

In most cases the period of the auto loan would be anywhere from thirty six months up to seventy two.  If you were to choose the longest term then the overall cost is likely to be greater than if you could pay back the balance in a short time.  Choosing 48 to 60 months should provide you with the best rates.

Do not be afraid to negotiate with the lenders call center people you speak to.  Most would be happy to alter the conditions slightly to guarantee your closing an auto loan.  Make sure you are clear if the interest rate is fixed or flexible – We recommend that you never take a flexible rate car loan or auto refinance loan. Though a fixed rate is easier to understand it may end up costing more over time whereas a flexible interest rate would mimic the prevailing market conditions, as long as the rates are low.  So if they are low, get it fixed because we all know they are sure to rise down the road.
 

To start with you should understand that the best deals in auto loans are now available online.  Or at least the information is accessible through the net.  When you first start to search for first time buyers car loans you may be overawed by the sheer number of options available.  Understand that the most important criteria are the interest rate and the amount you would need to payback each month.

One of the most important considerations will be your credit history.  The lender will not grant any car loan, no matter what the size, before first of all checking your credit report.  This is so they can have an understanding of the risk involved with lending you money.  If you have a history of bad credit then the chance of being approved for a car loan will be reduced.  Even if granted, the interest rates and other terms may not be so desirable.  Always do what you can to maintain and improve your credit rating especially if you are going to be applying for a car loan.

The lender will also want to know about your current income.  If you are in a stable job then the car loan can come through much quicker.  You will need to prove that you have the ability to make the car loan repayments on time each month.

Save yourself some time by checking out an auto finance calculator, available on the myAutoloan.com web site.  Knowing how much you can afford to borrow and what types of payment amounts will be required based upon auto loan amounts is pretty important. 

If possible, make a large down payment as this will usually put you in good standing with the car loan lender and also reduce the time needed to pay back the balance.

Did you know there are better times to get a new car loan than others? Many people have theories, but studies show there are 2 times when it’s best to get a new car loan.  Most people have heard of the “first”, best time to get a new car loan: the end of December.  Car dealers are always looking for customers at the end of the year.  When people are concentrating on buying holiday presents they aren’t thinking about getting a new car.

Car loan companies are pressed for business in this strange economy so they work hard to entice new car buyers.  The next year’s model cars are coming onto the lots starting in July and this year’s 2010 models need to be sold to make room.  If you’re looking for a great car price and loan deal for a new car, the end of December is a good bet.

Mid July to October is the second best time to get a new car loan.  Car manufactures offer their dealers special rebates to clear out older models.  Most of the incentives aren’t discovered by the consumer unless they use the Internet to research potential deals.  Car salesmen are motivated to sell because they get the difference between the invoice price and the rebate.

New Car Loans-Know Your Options

There are two main types of new car loans.  The first is called an indirect new car loan, where the consumer gets their new car loan from a dealer.  This new car loan type is called indirect because the dealer has a relationship with multiple car loan lenders.  The dealer gets paid a fee for placing the new car loan with a specific lender and 9 out of ten times, marks up the interest rate that you pay.  That’s a participation fee they get on top of other fees.

The other new car loan type is a direct to consumer car loan.  The direct source is different because the dealer is not involved in the sale, you essentially eliminate the middle man.  That means that you get the lowest rates if you take the time to shop and compare rates.

At myAutoloan.com we get up to 4 loan offers for you by matching you and the top 4 lenders – thus you have complete control and decision making power.

New Car Loan Options Online

Online lending allows you to shop for the best new car loan on a direct basis.  Shoppers visit car loan financing sources online who match their loan to lenders most apt to finance it.

There are many advantages in finding your new car loan online.  It’s free!  It’s fast!  Some new car loan approvals can be received in as little as 1 hour.  When you receive multiple loan offers you can choose the new car loan that best fits your individual needs.

Another benefit is most car loan lenders will send you a site draft, which acts like a check, so there’ no need to negotiate with the dealership.  The customer can shop at the dealership as though they are a cash buyer.  The dealership is then asked to take the deal or leave it!

What’s the Best New Car Loan for You?

You have choices to make about your new car loan because there are several types of new car loans available.  You’re the consumer and the car loan lenders want your business.  You can get new car loans from many sources and the online new car loan companies know it.

The most competitive new car loans aren’t found by going directly to a bank or credit union anymore. Dealerships are out for profit at all costs.  Don’t overlook the new car loan alternative, go online!  Getting a new car loan online can be faster and more convenient!

Visit us at myAutoloan.com

Tips and Tools:
Car Buying Tips  

Auto Loan Calculator

Tips to Improve Your Credit

30 Second Video

You may find that you have to qualify for some of the best interest rates and pay back terms that are being offered, but it’s worth checking them out.  The difference between a few percentage points in interest could turn out to be a substantial amount of money.  If you know the exact make and model of car you’d like, check out all of your options on it.

When you compare rates of auto loans you should take into consideration all of the financial terms and make sure you understand exactly how the auto loan works.  If things sound complicated to you, be sure to ask for clarification.  Once you sign a contract, you will be legally bound to it.

You may want to compare auto loan rates by visiting a few dealerships, banks, and other lending institutions in person.  It might save you some leg work if you do it over the phone, and to speed things up considerably, you might want to try searching for the best deal for your car loan over the internet.   Use the tools to understand monthly payments, and how much you want to borrow by checking out the auto loan payment calculator.   We don’t mean to brag but may we suggest a great place to get updated and get the current auto loan rates – myAutoloan.com

An online search will let you narrow down the region you’re looking in and you can also zoom in on the make and model of car.  If you are interested in financing your auto loan, try myAutoloan.com – This will let you compare multiple offers from national lenders.  You may also want to concentrate your search a little further and could perhaps choose a 100-mile radius where to compare auto loan rates. 

Whatever you choose to do, just gather information until you are ready to move forward.  By getting approved before you start shopping dealerships you become a cash buyer and it’s so much easier to negotiate price when you know where you need to be on price.  Happy shopping.

If you have a good credit history, you will probably not have any problems getting the auto loan you need. However, without a good credit history you might have some difficulties getting an interest rate you can afford. The lack of a good credit score does not mean that you are somehow irresponsible. Everyone has the occasional financial set-back. Unfortunately, lenders do not know you personally and need to rely on your credit score to determine whether or not they should lend you money.

Therefore, you should first find out whether or not you have a good credit score. If you have a good credit rating, above 700, you can walk into a dealership with confidence. If your rate is not as high as you would like, you will be able to take steps to compensate for your poor credit rating.

You can get your credit report free once every year, but your credit report does not contain your actual credit rating. There are two ways you can get your numerical credit rating.  The first is to pay a company to send it to you. The second way is to sign up with a company that offers you a free credit score.  You will need to sign up for a trial of their credit services in order to receive your score. Make sure that you cancel your membership before the trial period that you have. Otherwise, you might be charged.

If your credit rating is below 700, try and raise it before you buy a car. Work on servicing and paying down any debt you have.  Make payments on time or early.  Within a year, you should see a marked improvement in your credit score. If you have never taken on any debt, such as an auto loan or credit card, credit agencies have no credit score for you.  This is also called a “thin file” and means that there is not enough credit history to review.  A non-existent credit score can look just as bad as a low credit. Apply for a credit card and use it, making your payments on time each month.  Go to your banker or credit union and obtain a small personal loan.  The amount can be $1,000 so the point is to pay it on time, and payoff. This will let lenders know that you are responsible when dealing with your debts.

Sometimes, however, you just cannot wait to buy a  new car.  Your old car might have been in an accident and you need a car to get to and from your job.  If you do not have time to improve your credit score, consider asking a trusted friend or family member to be a cosigner.  Make sure that you can make the payments before you ask a friend to co-sign for you. For many individuals, getting an auto loan is the most stressful part of the car buying experience. Want to reduce some of the stress?   Search online for a real lender, or someone that you can see is really in the auto lending business and apply.   Better yet, if you can get multiple quotes from auto finance companies like myAutoloan.com, you can compare and save time and frustration that you would have to go through at the dealer.  Fortunately, if you do your research in advance you will be fully prepared for the auto loan process.

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A private party auto loan is a loan where a bank or credit union gives the loan to the consumer when they purchase a motor vehicle from a private person.  What is great about these loans is that the lender utilizes the car you are purchasing as collateral. If you cannot pay your loan as agreed, then the bank repossess the motor vehicle.  This helps the bank or credit union give out loans more frequently and easily than through a car dealership.

Now, of course, this means that the consumer works with a private individual instead of a car dealership.  However, dealing with a private individual has its advantages thanks to this loan process.  The consumer is able to facilitate a relationship with both the lender and the individual selling the motor vehicle.  Extensive communication with the seller aids in getting to know the car in greater detail and will allow you to get a CarFax report to verify the background and condition.

A relationship with the bank or credit union helps when negotiating the loan in question.  At a dealership, the loan process and seller of the auto are all through the car dealership.  Banks work through a dealership in a process known as an indirect loan, and are very strict in their loan requirements.  They also allow dealers to mark up the loan so you invariably pay more interest than you would if you went direct to a lender.  There is more flexibility when working directly with the financial institutions than when you use the car dealerships and dealer financing.  It is important to know that when you work directly with lenders will also save you money because you will be getting the lowest APR available, especially when you can get more than one quote on financing.  Dealerships always have a significant mark-up on the autos they are selling.  By using a private party auto loan, you simply work with the seller directly (aka, a private party who is usually selling their car), which will allow you to negotiate and most likely, keep money in your wallet.

To find a lender and get an all in one multi-quote offer, simply go online to myAutoloan.com while searching for cars you want to investigate at the many used car sites, at the same time you are searching for a loan.   Since most lenders provide online forms, you can work out everything online instead of at a busy car dealership.  It’s always best to compare side by side, the offers, so that you can select the offer that is best for you. 

Keep in mind, however, that online lenders are of equal quality to any bank lender through a car dealership.  In fact, they might even be the same ones.  The lenders will require typical information for any loan with specific requirements.  These include, but are not limited to, a social security number, consistent residency of at least two years or your last two residences for more than 6 months, and proof of age and employment.  Many national lenders require a minimum income of at least $500 a week or $26,000 annually with proof that you were employed at your last two jobs for at least 6 months.  Always remember these facts, no matter how much you can save with a private party auto loan that the loan is still a loan and the auto will be used as collateral.

Always check your credit score when deciding to purchase a product like a motor vehicle.  Once you know your credit, try a private party auto loan.  You will save money and purchase the car you want thanks to a person-to-person auto loan.

The question is – what is auto finance going to cost you and how can you guarantee that it will not have adverse affects on your personal budget?

In the past, getting an auto loan has traditionally been getting the dealership to provide financing options for you.  It is never cheaper than getting a direct loan from an online finance company or even a direct loan from a participating bank loan. The interest rates on online quotes or bank loans are always lower than those obtained from an auto special financing dealer.  You still have to shop because they all have different rates but do your homework and you will be OK. There are many car dealers who will readily assist you in getting the right kind of financing for your car, all you have to know is that they will charge you more for the interest.

The rates are sometimes competitive, as each dealer wants to get as many cars sold as possible. Nowadays even if you have immense amount of debt or have filed for bankruptcy you can still be eligible to obtain auto financing for your car. Auto finance works the same way bank loans do. It is, after-all, a loan that you are taking from the car dealer.  We still recommend that you go direct first to see what competitive rates are and then, if you choose to, check out the dealer pricing.

As you can clearly see, purchasing a car cannot get any easier than this.

Technology, however, has also made it possible for individuals to get loans for an auto loan using non-conventional methods, such as the Internet.  Here you do not need to go to a dealer to sit in the penalty box, waiting for a finance manager to bring you a special deal he was only able to get for you today, and only if you sign within the next 30 minutes will it be administered. You can normally apply over the Internet and get approved within as little as 15 minutes.  Yes, if you are working with a legitimate licensed lender, such as myAutoloan.com, you won’t have any problem being treated right.

All in all it depends on whether or not you want to pay the installments every month. Remember to read the fine print; it can save you from making a $10,000 mistake by taking an interest rate that is 2% higher than what you can get from a direct lender.  Buying a car is a big decision, which will have an impact on your personal finances, so you need to be wise. Check out companies until you find one that will best suit your needs.

You’ve decided to acquire another vehicle–great! Before rushing off to the dealership, you’ll need to consider how much you can afford in monthly payments. Deciding this point will determine whether you look for used or new auto financing.

Once you know about how much you can afford in monthly payments, it’s time to think about what type of loan you want from auto loan finance companies. Options for financing a car include loans for autos, new vehicles, used vehicles purchased through a dealer, private party vehicles, auto refinance, and auto lease buyouts.

Keep these points in mind when choosing an auto finance company specializing in vehicle loans:

1. Do I want to buy from a car dealer or from a private seller?

2. Do I want to purchase outright or lease the vehicle? Auto Lease buyout loans are commonly required at the end of the lease period if you choose to keep the car.

3. Will I be paying off my loan on-time or early? Some loans carry stiff prepayment penalties. Not all but just be aware.  Most reputable auto finance companies tell you up front if there are fees involved.  For most, the process is free and with no obligation.

Action Steps
The best contacts and resources to help you get it done

Learn about Auto Financing
Study the different types of auto financing solutions.  Each one will have pros and cons, depending on your situation. Get familiar with how a lease works, read the fine print and precautions about financing an auto directly through a dealer, and get tips on how to fix less-than-perfect credit.  There are a lot of places that this information is available but here is our recommendation after years and years of auto lending experience looking out for the customer.

We recommend:  Read and understand the sections of our Auto Buying Guide that provide you a quick guide to the steps involved in buying and financing a car.  It’s down to earth and easy to understand.

Get automotive financing even if your credit isn’t so great
If you have had credit problems in the past, does that mean you’re reduced to driving whatever you can afford to pay for with cash? Not necessarily.  Some companies making car loans specialize in customers with bad credit.  We work with many of those companies so that we have done the legwork and that will save you tons of time.   Many vehicle financing companies have partnerships with car dealers prepared to offer bad credit car loan programs on car and truck loans.  You may be able to pre-qualify for a bad credit auto loan regardless of past credit challenges.   We never know until you apply and there is no cost or obligation to find out, even if you decide to purchase.

Have one company do the legwork of finding car credit
The Internet has revolutionized how we do a lot of things, including how we look for auto loans. Look for websites that are secure, first of all.  Next, verify that you are under no obligation if you enter your information on a website. Bottom line, use the ease of the Internet to make auto financing fast, easy, secure, and hassle-free.  You know you are at the right place, right?  That’s exactly what we do and 7 years and millions of customers stand behind us.

We recommend:  (I wonder who that might be, LOL) myAutoloan.com  – They can put an end to applying at several sites on the Internet and driving all over town trying to get the best deal on your auto loan.

Tips & Tactics
Helpful advice for making the most of our Auto Buying Guide

Be extremely careful with your personal & business information while doing research on financing a car.  Make sure you are dealing with a reputable company with a good track record to prevent possible theft of your identifiable information.  BBB information can be a real time saver too.

Research, research, research.  Get quotes on automobile financing from several providers by using a finance company that will show you up to 4 loan offers and not run you around testing you with a one at a time approach.   myAutoloan.com does!
Be wary of automotive financing car dealers claiming to specialize in financing bad credit loans.  Make sure the vehicle is actually worth the stated price. Some less than honest dealers artificially inflate a vehicle’s price, generously reduce that inflated price, and finance the balance at high interest rates.

How it works – The auto refinancing process is similar to the mortgage refinance process, but it does not have the costs and fees normally associated with the mortgage process. Basically, you obtain a new car loan at a lower rate to replace your first loan.  Ten years ago, auto refinancing was pretty rare.  They were available but just not much was known about them.  Now that interest rates have dropped dramatically and we continue to sit in this recession, auto refinancing has become increasingly popular. If you decide that you want an auto refinance loan, consider letting myAutoloan.com assist you in the process.  It’s fast, easy and there are no fees or costs to see if you can lower your payments or reduce the APR% on your auto loan. Apply for a no obligation, no fee auto refinance quote online to see how current rates might save you some money.

How much can you save – Refinancing can save you a lot of money, if you play your cards right. For example, if you currently have an auto loan for $23,000 at 11% APR for 5 years, you’ll pay $500 a month. If you can refinance this loan payment to $400 a month, you can save $6,000 over the life of the loan! The higher your current loan rates are, the more you can save by refinancing. Many of our lenders offer auto refinancing rates around  4.75% -6% APR.  Of course, it always depends on your current credit rating at the bureaus.

Who should refinance – Any individual who have an expensive auto loan or who wants to reduce their monthly payments, or lower their rates should consider auto refinancing.  Consumers with expensive loans from a car dealer can save big by refinancing with a lower rate from myAutoloan.  If your credit scores have improved significantly since your original car purchase, you should be able to reduce your rates which will save you money in the long run.

What are the requirements – Not all auto loans will qualify for refinancing. Since most lenders require you to have at least $7,500 due on your current loan in order to refinance, you might want to recheck and take a look at your balance.  There are also common restrictions on the age of the car and the car’s mileage.  Generally that means that if you have less than 70,000 miles and the car is less than 6 years old, you should have no problem getting an offer.  Plus, you may need to have a credit score say 525+ or so to qualify for a competitive refinance rate.

What are the dangers – While auto refinancing can help you save a lot of money in some situations, it may not always be a good decision. If you are thinking about refinancing, be sure to evaluate if it is really going to help you out because of payment reductions or APR % decreases.  Just don’t kid yourself before you really take a good look and make sure that it’s a smart thing to do.  By that I mean just be aware that a refinance loan may extend the term of your car loan in order to reduce your monthly payments. This could result in increased costs over the life of your loan.  So again, I’m just trying to make sure you are thinking this through so that it’s to your advantage, based upon your circumstances.  For most people, it’s a no brainer – if you can save some cash, just do it!

Refinancing allows borrowers more flexibility and freedom with their auto loans and with the cash that they save. People with expensive auto loans are no longer stuck with them for the life of the loan. Use them wisely and it’s clearly to your advantage! Find out today if an auto refinancing loan can help you save money and let us help you see just how easy it can be.  We would love to show you what we can do.

Refinancing your car loan is an ideal way to lower your overall interest cost or reduce your monthly payments.  If you get lucky, you can do both.  By using an online multi-lender auto loan finance company, you can be assured that you are finding the lowest rate.  To be sure you are getting the best offer; follow these three tips before you refinance your vehicle.

1. Know Your Goal

Before you refinance your auto loan, decide what your goal is. Do you want a reduced interest payment or have a smaller monthly payment? With your goal in mind, you can choose terms that will best meet your needs. To find reduced interest payments, it is best to have improved your credit rating. One easy way to do this it to pay your credit cards down to 50% of their limit. You can also find lower interest rates by choosing a loan shorter than the typical five year period. Regardless of what you are looking for, it does not hurt your credit score to look and apply for an auto refinance loan.

Remember, smart people shop and the credit bureaus score it as only 1 inquiry, within a two week period.  To reduce your monthly payments, look for a loan for a longer period.  You don’t even have to find lower interest rates to lower your monthly payment. However, you will be paying more in interest payments over the course of your loan.  Just review your options and make a good choice for you, and know what you want to accomplish on the short term.

2. Go Online But be Prepared

To speed through the refinance process, gather all your financial information, for the auto you want to refinance, such as lender, monthly payments amounts, estimated payoff amount and current rate.  It’s not critical that you have the VIN number or exact APR’s or amounts, but if that info is handy, have it ready and with you as you apply.

If you don’t know the current balance on your loan, you can call your current lender to get the exact amount.  Having a copy of your last tax forms will also make filling out the forms for quotes or a loan application easy.

3. Compare Quotes – Get your Refinance Auto Loan

When you are ready to find an auto loan, compare quotes before you pick a lender. You can get quotes from online lenders from our site – all you need to do is apply.  What we do is match your application up with our lender base and electronically post lender approval information on our site.  It is secure and completely private so that you are the only one that can see the information.  Getting multiple offers is important to you so that you can have a choice and pick the offer that is best for you. Your Loan – Your Way.

Not a bad approach, right?  You don’t want to get locked into a deal that you can’t pay early.  While rates and terms are important to compare, you also be aware that there are no fees for applying or using us for your auto loan. Select the rate that works for you and take it from there.

After a small amount of paperwork, you can have your new lender pay off the old one and you are on your way to saving some money.  Good luck and let us know if you have questions.

I’m really not trying to be judgmental but as they say, you do the math.  Let me summarize.

Point 1
A vehicle getting 15 mpg and averages 12,000 miles per year uses 800 gallons a year of gasoline.  A vehicle getting 25 mpg and averages 12,000 miles per year uses 480 gallons a year.  So, the average Clunker transaction will reduce US gasoline consumption by 320 gallons per year

Point 2
Cash for Clunkers DOT officials reported 690,000 vehicles sold during the program – so that’s 220.8 million gallons per year.

That equates to saving close to 5 million barrels of oil per year. I repeat—per YEAR.  5 million barrels of oil is about ¼ (25%) of one day’s US consumption.  And, 5 million barrels of oil costs about $350 million dollars at $70/bbl.

Point 3
Our Government “gave” each Clunker Trader approximately $4,500 per car for 690,000 transactions which cost US Taxpayers $2,877,000,000–not including Washington’s astounding Administrative costs.

President Obama said in his speech to auto workers in Ohio recently, “One of the other efforts we undertook was the Cash for Clunkers program. Folks said that wouldn’t work either. That program was good for automakers, it was good for consumers, and, by the way, it was good for our environment.”   What I did not read in that speech was that it was good for taxpayers, and here’s why.

We all invested and paid (through our taxes) more than $3 billion+ $150,000,000 to administer, to save $350 million.

And the return on investment is….Priceless

Getting a new car loan? Now is the time to also check on insurance rates for your new car. Get a very competitive quote for car insurance available, as you do your research for auto financing, at BestCarInsurance.com.

myAutoloan.com’s used car loan rate for cars purchased at a franchise dealer is currently being advertised at 6.74 percent for car loans up to 36 months and the auto loan rate is 6.94 percent for loans between 37 months and 60 months.

Used car loans for purchasing an auto from a private party loan is a lot higher than purchasing from a franchised dealer. The current rate of loans up to 36 months is 7.19 percent and 7.79 percent for auto loans between 37 months and 60 months.

Rates for doing an auto refinance are at 4.75 percent for auto loans up to 36 months and 5.64 percent for car loans between 37 months and 60 months.  Leased buyout loans, buying your leased auto and financing the purchase, are at 8.08 percent for car loans up to 36 months and 8.45 percent for car loans between 37 months and 60 months.

See all the rates available by going to myAutoloan.com’s home page – rate chart is there.

In the second quarter, 0.80 percent of car loans were 60 to 89 days past due, up from 0.66 percent during the same period in 2008.  Thirty-day delinquencies rose 14.6 percent in the second quarter to 3.06 percent, up from 2.67 percent the previous year.   Combined, 30- and 60-day delinquencies amount to $25.5 billion in loans at risk. 

Why is this significant?  That’s because it prompts lenders to tighten their lending criteria.  The result is that it pushes many consumers out of the market altogether.  Sure some buy used but many just drop the purchase to wait out the strict requirements being applied.
 
Michigan was among only three states to show a reduction in 30-day delinquencies, according to the study’s findings. The other two were Alaska and Nebraska.
 
At some point the lending markets has to turn so that pent-up demand eases.  However, for right now, it’s a tough market and consumers are not getting much of a break on the cost of financing, that is unless you’ve got a high credit score.  In the meantime, we all wait. 

For the balance of the year SAAR (Seasonally Adjusted Annual Rate) figures will probably close the year out at just under 10 million per month annualized.  Next year by February, we should see things starting to break free.  Let’s hope that prediction holds!

The Transportation Department is preparing to suspend its $1 billion “Cash for Clunkers” program by the end of Friday, after it had all but run out of money, but said it would still honor the vouchers until midnight.  What’s going to happen now is that Congress will be approving another $1 billion dollars for the program so that they can leave for vacation and talk about how successful the ‘Clunkers’ program is. 

My math may not be the best but at a 10,000,000 sales rate for the year, with 6 sales days per week, that is about 32,000+ cars/day sold in the US. The CARS program will support a maximum of 285,000+ cars if everyone only gets $3500, and 222,000+ if everyone gets $4500 (The actual number lies somewhere in between). At around 32,000+ cars/day, that translates into 7-9 days of sales if every car purchased qualified for CARS. If only half qualified, then that would be 14-18 days.

It sure looks to me like someone didn’t bother to check their math to see how much of a difference this would make, or how long it would likely take to burn through the money.

The surprise revelation came FOUR DAYS after the program started and prompted an urgent series of meetings on Capitol Hill and at the Transportation Department to figure out if and how it would replenish the funding.

Transportation Secretary Ray LaHood made a round of calls to members of Congress notifying them that the program was out of money, talking to Sen. Carl Levin, D-Detroit, among others. He was making a push to try to find funding to keep the program alive.

It’s not clear what will happen if dealers submit more requests for vouchers beyond the $950 million in the program but I’m hearing that all the vouchers will be honored if submitted by midnight today. The remaining $50 million is set aside to cover administrative costs.  You know, for another $50 million plus $950 million more, we can do it all over again.

The White House said late Thursday it was considering its options.  I just can’t imagine what those would be, can you?

“This is simply the most stimulative $1 billion the federal government has spent during the entire economic downturn,” said U.S. Rep. Candice Miller, R-Harrison Township. “The federal government must come up with more money, immediately, to keep this program going.But action must be taken fast, as the House was set to adjourn today for its August recess and not return until after Labor Day.  I’m still betting that they will approve more money before they leave for vacation to listen to their constituency.

In an article posted by Michelle Krebs of Edmonds, she noted that dealers think the CARS.gov gauge is in reality on empty. Dealers and dealer organizations have expressed their concern to government officials as the program began, 4 days ago, that they had far more transactions in the works for consumers to trade their clunkers for more fuel-efficient vehicles than the program had in funds. Dealers have always feared they would be left holding the bag for the vouchers of up to $4,500 if the government funds ran out.

On Wednesday night, sources said the National Automobile Dealers Association surveyed its dealers to gauge how many Cash for Clunker transactions they had in the works. The average number of working deals for the 1,900 dealers who responded amounted to nearly 14 transactions, with more deals qualifying for the top $4,500 voucher than the $3,500 voucher.

The program offered consumers up to a $4,500 voucher for turning in vehicles that in the case of passenger cars got no more than a combined city/highway 18 miles per gallon. To qualify for the full $4,500 the new vehicle purchased must have a 10 mpg improvement. To get a $3,500 voucher, it needed a 4-mpg to 9-mpg boost. The program is limited to vehicles no more than 25 years old, which the owner must have owned and insured for the previous year.

Well Time will tell – what will congress do?  What pressure will the White House put on Congress?  Will the American People support it or blow it off? I’m still saying they will approve another Billion or two dollars of your tax money to keep it alive.  Stay tuned ………

The government of the United States is offering $3,500 and $4,500 vouchers for vehicles traded in toward the purchase of a new car.
Here is a quick overview of the Cash for Clunkers program.
1) Visit the www.CARS.gov for current information about the program.
2) Determine if you qualify for the program and locate a dealer.
3) When you purchase or lease a new vehicle the dealer handles the submission to the NHTSA.
4) NHTSA ensures that your purchase meets all of the requirements.
5) About 10 days later the NHTSA credits the dealer if all requirements were met.

There are several restrictions to the program and it doesn’t last forever.
• New car purchases only (no used vehicles allowed)
• Car must be purchased between July 1, 2009 and November 1, 2009
• No cars older than 25 years
• You must be able to drive your car to the dealership for trade in
For a complete list of restrictions visit www.cashforclunkerfacts.com

Don’t wait. This is a first come first serve program. The funds to the program are limited and it will end before November 1, 2009 once the funds are gone.

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