Co-Buyer Verses Co-Signer

Many new car loans require a co-signer, especially if the buyer has no credit history or has poor credit history. A co-signer is required in cases where lenders feel the buyer is too big a risk. They want a backup plan in the form of someone who agrees to foot the bill if the buyer does not make good on the loan. The buyer must still meet minimum income requirements for the loan, and the co-signer’s income is not involved.

In contrast, a co-buyer is actually a buyer too. Most often, co-buyers are spouses. They could also be closely related individuals who reside at the same residence or even business partners. Co-buyers can combine their income in order to qualify for the loan, and they are both responsible for monthly payments.

Debt Ratio

Many people do not realize that debt ratio is an important factor in whether or not new car loans will be approved. If you already owe more than your income indicates you can pay, a bank is less willing to take a risk on you. You can calculate your debt ratio by adding up all your monthly bills. Divide this amount by your monthly pay. For example, if you need $1,500 per month to pay your debt and you make $3,000, you have a debt ratio of 1/2, or 50 percent.

GAP Insurance

This insurance covers any amount you still owe on new car loans that is not paid off by the insurance company in the event you total the car. For example, if the car is worth $8,000 and you still owe $10,000, the insurance will only pay what it is worth. Assuming you have a $500 deductible, GAP insurance means you pay $500 instead of $2,500. Some GAP policies even cover the deductible. It is important to note that GAP insurance comes from a third party vendor, not the dealership or the bank.

Loan to Value

The LTV is the ratio of how much you are borrowing to the actual value of the vehicle. Obviously, you would not want to pay more for a car than it is worth. With new car loans, however, there are fees, taxes and other items that may cause the total financed to be above the value. You could also affect the LTV by trading in a car with negative equity. The lower an LTV, the better chances are that you can find a lender.

By understanding some terminology about new car loans, you are in a better position to read and understand your loan paperwork. This means you can spot issues and ask the right questions to promote savings.

Debt to Income

The first step in determining how much of a car loan you can afford is to look at your debt to income ratio. In fact, a bank will look at this as well before they offer financing. Your ratio is determined by taking the amount of money necessary to make payment on existing debt each month and dividing it by the amount of your monthly wages or income. For example, if you need $1,000 to pay your mortgage, a student loan and a credit card and you make $3,000 each month, your ratio is 1/3 or approximately 33 percent. The ratio allowed before a bank will not provide you a loan depends on the bank, your credit history and other factors.

Calculating Actual Expenses

On paper in the above scenario, it looks like you have $2,000 each month left over after bills. However, that only includes your recorded debt. You also probably have to pay utilities, phone charges, insurance and other items each month. In addition, you must spend some portion of your income for groceries, clothing and incidentals. In order to determine how much you can afford for a car loan, you need to calculate your actual expenses. Assume you also have $500 in monthly bills from various sources, you spend $200 on groceries, $150 on fuel, $100 on clothing and $100 on entertainment. That is another $1,050 per month, leaving you with $950 after regular expenses.

Leave a Buffer Zone

Here is where many people run into trouble. After the above calculations, they determine they can afford anything up to $950 per month to pay a car loan. Most people will not go into the dealership intending to spend that much, of course. They may set a goal of $350. Once taxes and other things are added, they may end up with a monthly payment of $400. That leaves $550, which may seem like a great buffer. Depending on your situation, that sort of buffer may allow you to save some money, cover unexpected items and have a bit left over. When you decide how big your buffer should be, however, you need to keep the unexpected in mind.

In the end, how much car loan payment you can handle is a personal decision. Taking the time to organize your finances will allow you to gather all the knowledge and data you need to make the right call for your situation.

Numerous Offers for Change

When you apply for an auto loan at MyAutoLoan.com, you will receive up to four offers from various lenders. You can choose to accept any or none of the offers, so you do not lose anything with the application. In fact, you only stand to gain. If any of the offers include lower interest rates than you have with CitiFinancial Auto or your current lender, you can save hundreds or thousands of dollars over the life of the loan. Since it only takes a few minutes to complete the application process, that is like making a couple thousand dollars an hour. Talk about a way to get your finances in order and get out of debt faster.

Change for Friendlier Service

There are some companies who seem to spark many customer reviews online. CitiFinancial Auto is one of those companies. While these lenders may work fine for many people, they may not be working for you. If you are dissatisfied with the customer service of your current lender, it may be time for a change. If you have experienced any payment issues or billing mistakes and the company did not resolve the issue, it may also be time for a change. Many people who are not happy with the service or policies of their vehicle loan provider often think they are stuck until they can pay off the loan. This is not true, because there are plenty of companies willing to accept your business. Lenders like CitiFinancial Auto are not doing you favor by lending you money. They are making money on the deal just like any service company.

How to Make the Change

There are two ways you can get away from a lender without affecting your credit score in a negative fashion. The first way is to pay off the loan with cash. Although this will cut ties with the lender and reduce your debt, it is not always practical. If you do not have enough money to pay off the loan with cash, you can pay it off with money borrowed from another lender in an auto loan refinance. By visiting MyAutoLoan.com and completing a credit application, you take the first step toward making that change. Once you receive the offers, you can choose any lender you want. For the best results, you can research each lender online to ensure they do offer the level of customer service you are looking for.

You never have to stick with a lender such as CitiFinancial if you are unhappy with service or loan terms. You can always complete an application through MyAutoLoan.com to see what your other options are.

1.  Do not max out your credit cards or any other lines of credit. The ratio of debt to credit limit affects your credit score in a big way. A recent run on credit also looks suspicious to some banks. It makes it look like you are in the midst of financial distress and may be a high investment risk. If you do use your credit cards to pay for something like a vacation or large appliance, try to pay them down before seeking a car finance loan.

2. Do not miss payments on other debt obligations or allow accounts to reach the point of collection. Pay all bills in a timely manner and work with companies to develop a satisfactory resolution if issues do occur. Late payments can drop your credit score quickly.

3. Do not apply to dozens of institutions when the first four or five offers did not meet your needs. Every time you complete an application, there is a hit on your credit report. Each hit can reduce your credit score by several points, making it even harder to get a loan. If you want to shop around for a loan, consider applying with an online service like MyAutoLoan.com. You complete one application and receive several loan offers.

4.  Do not provide your personal information to companies you are not familiar with or have not researched. This is especially important online. Make sure you are entering your information on a secure server and the company in question spells out their privacy policy. Any time you are completing an application online for a car finance loan, ensure the site address in your browser begins with “https.” Some sites online are scams, seeking to steal your identity.

5. Do not enter a car dealership without preparing. You should have at least some idea about what vehicle you are looking for and how much they sell for in various places. You should also be prepared with information for financial purposes. If you have not received a pre-approved car finance loan offer, you should at least have your financial information with you for application purposes.

By avoiding some common notions about car finance loans, you can increase your chances for obtaining financing for your new car purchase. In addition to doing all the things financial experts advise before getting a loan, you should also avoid behavior that will make you look like a risky investment. Following these do nots will put you in a stronger position when completing a credit application and bargaining over a vehicle.

Riding the Interest Wave

During 2008, the average instant rate for someone with excellent credit who was buying a new car on 60-month terms was around 6.5 percent. Some people were able to obtain lower rates and others did take advantage of occasional temporary zero percent offers. However, some people saw even higher rates and subprime borrowers struggled to win approval for auto finance loans. In late 2011, however, the average rate for an excellent buyer dropped to a bit under 4 percent.

Bank Verses Credit Union

Regardless of your credit history, if you are looking to finance a vehicle purchase in the current environment, you may want to consider a credit union loan. In 2011, the average interest rates across all types of loans and for all types of buyers was about a percentage point lower at credit unions than banks.

Shopping Interest Rates

Not all financial institutions have reacted to the recovering economy in the same way. Many lenders have kept restrictive requirements, making it harder to get auto finance approval from them than with competitors. This is why it is important to shop around for the best interest rate. At the same time, you do not want to put in multiple applications during a short time period. Half a dozen or more pings on your credit report will lower your FICO score, making it less likely you will get the rate you are looking for.

If you want to shop for interest rates and auto finance options without completing credit applications with multiple lenders, you can consider the solution offered by MyAutoLoan.com.  With MyAutoLoan.com, you complete a single application that is reviewed by multiple lenders. Lenders who are willing to offer you an auto finance solution send a proposal through the website. You can review the offers and decide which one is right for you. This means you can see interest rates from multiple lenders easily and without spending a great deal of time on the process.

New Verses Used

In the current market, borrows with excellent credit ratings have no issues obtaining financing. Excellent is a score of 680 or higher. Those with subprime credit, or a score of 619 or below, may find the search for auto finance approval a bit more difficult. Many lenders are requiring 20 percent down on new car financing for these buyers. This means a $20,000 car loan would require a down payment of $4,000. Experts state data for car loans throughout the past year seems to indicate that those with subprime credit situations will likely have more luck in the used car market.

Make a Change for Better Service

If you went to a restaurant and the wait staff was extremely rude or the food was served cold, you probably would not return the next night. Even if you were willing to give the place a second chance, if the problems were repeated, you would take your appetite and money elsewhere. It may be possible to do the same with your vehicle financing. Although stellar credit will make car loan refinancing easier, you may be able to find another lender even if your credit is only fair. Begin by looking online for reputable lenders who are willing to refinance vehicle loans.

Make a Change to Save Money

Sometimes, individuals purchase a vehicle at a higher than desired interest rate due to poor credit history. Some people go ahead with the interest rate because they need the car for work or other purposes and cannot afford to be without a vehicle. If you were in such a situation, but have corrected your finances over time, you may be able to command a better interest rate. Instead of sticking with the current loan structure, check out options for refinancing. Something as small as half a percentage point in interest could save hundreds or thousands of dollars over the life of the loan. When dealing with a high interest financial arrangement, the sooner you make a change for the better, the more you save.

Make a Change to Optimize Your Budget

If you are on a tight budget or financial plan, the day your car payment is due each month can make a huge different. For example, if the car payment and mortgage are due in the same week, it might be hard to stretch your paycheck during that time. Some banks will work with you to change the due date for your loan, but others are not willing to do so. If you need a change in payment date or loan structure, you might consider car loan refinancing as a way to optimize your budget. You should only make such a move if you can secure a loan that will not cost more in fees or interest, however.

Car loan refinancing is a great way to correct past financial mistakes or get ahead with current debt. When done properly, refinancing can save money or provide a way to pay off bills faster. You should only refinance your automobile loan through reputable banks or online lenders and should never use credit cards to refinance your vehicle loans.

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.
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About the show:
Tire Kickers Radio covers the business of buying, selling and leasing automobiles. This show lets you peak under the hood and see behind the scenes of the automotive industry. 411 for automotive sales professional and consumers, alike.

Jake and Eve have a variety of topics that should be of interest to basically anyone who owns a car.  On some of the past shows, they have  discussed how Dealers can make the consumer buying experience more convenient.   For example: The Registration process and using the Drivers License as tools to assist the customer by looking for key elements such as expiration dates.

On another show they talked about the Auto Cap program, and DA Consumer Fraud Units and how to utilize those entities if you feel that a dealer is operating unfair business practices.

Yesterday, they had on myAutoloan’s very own Heather Dietel to talk about lending and the auto finance world. 

Overview:

Again, the website is wsRadio.com

1. How the economy is affected when people are defaulting on their loans.
2. How can consumers make getting a car loan easier?
3. What are some options that the consumer may have that can benefit them with their loan?
4. When banks are looking to approve, what is the hardest item they need to overcome?

Very interesting and when we get the Podcast, we will post that into this article.  It’s a lot more interesting than having me try to outline the conversation.

Follow on Twitter : twitter/tirekickersrdio

Follow on Facebook: facebook/evegreyproductions

2011 Lincoln MKZ | Luxury

Frankly, with all the models in the luxury sedans market, having to identify one that seems to have more value is a tough one.  Really did some research in this area and think that the 2011 Lincoln MKZ’s balanced approach wins over the best Germany or Japan offers.  We’re not talking all-out performance, but value. The MKZ is a perfectly competent luxury sedan that comes nicely equipped. It also offers a delicate balance of tout handling and a smooth, comfortable ride.  The 2011 Lincoln MKZ starts at just $34,645.

2012 Ford Mustang | Sports

Well, here we are with another Ford – as I’ve said before, I just love what they have done both in style and in quality.  But this fun to drive Mustang is sporty and very good looking.  Wow, I think I’m in love, lol.  Great looking and an excellent racecar like handling with powerful brakes.  I think it is the best Mustang since the Shelby.  It offer all that I’ve mentioned in a package that everyone can afford – all the while the truck space is so big that you won’t have issues with road trips or shopping.  It’s the ultimate value in the sports car class. The 2012 Ford Mustang starts at just $22,310.

2011 Honda Odyssey| Minivan 

Here is a nice minivan with a lot of perks, nice seating arrangements that fold flat and a great compliment to when you need to haul things home from Lowes.  The new Odyssey sports a number of design tweeks that really make the auto appear much sportier and visionary than before.  Nice interior compliments the design but you won’t believe how comfortable this minivan is!  We think it has some excellent value.  The 2011 Honda Odyssey starts at just $28,075.

So what is the best way to get one of these auto financed?  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.  Again, myAutoloan.com is a proven choice.

Another idea and 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.  You’re going to need good credit to do so.

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.

Make sure you are clear if the interest rate is fixed or flexible – We recommend that you never take a flexible rate car 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 – so as long as the rates are low, grab a direct loan soon.  Since they are currently low, get it fixed because we all know they are sure to rise down the road.
 

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General Motors dealers in the United States reported 215,358 total sales in June, an 11-percent gain compared to June 2010 according to a GM press release on Friday July 1. The gain was the result of continued solid retail demand for the company’s wide selection of fuel-efficient vehicles. Retail sales for GM’s brands rose 16 percent for the month, compared to a year ago, and were 4 percent higher than May.

For the month, Chevrolet Cruze had retail sales 153 percent higher than the Chevrolet Cobalt it replaced, and total sales above 20,000 for the third straight month. The 32 MPG highway-rated GMC Terrain and Chevrolet Equinox compact crossovers saw a combined retail sales increase of 78 percent during the month.  Passenger car and crossover retail sales also rose substantially, up 33 percent and 24 percent, respectively.

“With continued strong consumer demand for GM’s fuel-efficient vehicles, June was another solid month for us,” said Don Johnson, vice president, U.S. Sales Operations. “The month caps a successful first half of 2011 for us in the U.S. market – our sales are up and we’ve gained share profitably”, as reported in Forbes’ by Agustino Fontevecchia.

In the first half of 2011, GM dealers in the United States have reported 1,261,633 vehicles sold – a 192,056 unit increase over the first half of 2010 – leading to total and retail market share gains.

Passenger Cars
Total sales of GM passenger cars increased 28 percent during June, compared to a year ago. Retail sales for cars rose 33 percent for the month on the continuing strength of the Cruze, which was up 153 percent compared to the Chevrolet Cobalt it replaced. The Cruze Eco, which delivers an estimated 42 miles-per-gallon highway, accounted for 17 percent of the model’s sales during the month.

For the year to date, retail sales for GM’s full-size pickups are up 12 percent, while total sales of 259,101 units represent a 12-percent increase compared to the first six months of 2010.

Month-end dealer inventory in the United States stood at about 605,000 units, up about 21,000 units compared to May and about 168,000 units higher than June 2010.

It’s so nice to hear good news about the auto industry!  Let’s hope more good news is to follow.

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

However, before applying for an auto refinance loan it is important to calculate how much benefit you can glean from it.  Just like a loan mortgage calculator, you can use a car refinance calculator to evaluate the prospect of getting substantial reduction on your payment.

If you want to get reduction on your interest payment, you can maintain the same auto loan term or reduced term.  If you prefer to have smaller monthly payment, you have to extend the loan terms.  But with a longer term, you end up paying more interest which increases the cost of your auto loan.  Keep in mind that whatever approach you adopt, will depend on your financial goals.

Before applying for an auto refinance loan, you have to be sure about the present valuation of your car.  Your car may have a depreciating value.  So, if the present value exceeds the amount you owe, you are mostly likely to get potential lenders for refinancing your automobile.  But if the value is less than you owe, you may find it difficult to get your auto refinanced.

There are no fees or obligation when you apply with myAutoloan.com for your auto refinancing program.  The ideas is to get several quotes/offers that are legitimate and ones that the lender will stand behind instead of trying to tick you.  All offers from myAutoloan.com are actual offer to fund – and again, there are no fees or obligation to apply and find out what you do qualify for.  If you can save money by reducing your interest rate, you can simply let the offer expire.

How much you will save from refinancing your auto depends on your total loan balance, earlier loan APR interest rate, new refinancing loan interest rate and the revised length of your loan term.  You can browse the Internet to search for lenders or come to myAutoloan.com that has lenders willing to work for your business by providing their best rates.  When you are ready, apply and see what happens.  If you meet the lenders guidelines, you will qualify for obtaining a new auto refinancing loan offer.  It’s your call from there! Good luck and happy shopping.

Guest Blogger Patricia Briggs provided the above entry – Thanks Patricia

Another question that we regularily get is: How many times can we check our credit without affecting the score?

Although it’s true that your credit score may fall slightly (2-3 pts) following some types of credit checks, experts and credit bureaus all say that when you shop around for auto, student or mortgage loans during a short time frame, it results in a single inquiry. If you have good credit, multiple inquiries may have zero effect on your score. Credit cards are a different story but we are primarily talking about auto loans and getting pre-approved for auto financing here.

To prevent credit score damage due to multiple hard inquiries over a short time period, scoring models recognize that borrowers often shop around for the best loan. We call it “Smart people Shop” so why would you get a lower score for being smart? You don’t! “Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan,” FICO’s consumer information advisor explains. For purposes of calculating the credit score, “inquiries for mortgage lending and auto finance (new, used & refinance) purposes within a given period of time, generally 14 days, are counted by credit scoring systems as a single inquiry,” says the director of public education for credit bureau Experian. We have heard this ourselves, directly from each of the credit bureaus and have posted this fact in our FAQ’s and on our website. “There is no limit to the number of inquiries for those purposes,” he says.

While auto, mortgage and student loan applications over a brief period are treated as a single inquiry, that isn’t the case for credit cards. For consumers, “this means that each additional credit card inquiry can potentially hurt your score — although by less than 5 points each in most cases,” says the consumer operations manager for myFICO .Com. “For this reason, randomly applying for credit cards is not a good idea. Instead, when credit card shopping, consumers should first do their homework by comparing rates, terms and features being offered by lenders, and then only apply for the cards that best meet their needs.”

Still, it’s unlikely that credit checks will prevent you from borrowing. “Inquiries alone will never be the reason an application is declined,” he says. That means as long as your credit report shows a record of on-time payments, you don’t need to worry much about having your credit checked from time to time.

Auto Refinancing

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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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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More and more, smart car owners are looking to auto refinance in order to save money.  With the rise of online lenders, shopping for auto refinancing is easier than ever, and with lower interest rates it’s a great time to refinance your automobile.

Auto Refinance Made Easy

Refinance your auto through myAutoloan.com – it  is quick, easy and can save you money.  Taking just a few minutes of your time to fill out the auto refinance application can save you thousands of dollars.

How Auto Refinance Works

Getting an auto refinance loan is a quick and easy process.  You are just swapping out your current, high interest rate loan for a lower rate loan.   There is no cost to find out if you can lower your payment and or interest rate.

There is no application or balance transfer fee when you refinance your automobile.  Also, since you’re replacing the old loan with a completely new loan, you can choose any loan term and payment plan when you get auto refinancing.  Even so, remember the way to get the lowest interest rate and save the most money is to make the refinance loan term equal to or shorter than the old loan.

myAutoloan.com Auto Refinance

The best way to compare auto refinance loans is to get multiple quotes from national lenders.  With myAutoloan.com, you get to pick from up to four auto refinance loan offers from auto lenders . . . That’s why we say it’s “Your Loan, Your Way”.

A consumer can easily survive changing trends in the economy with a clear understanding of all of the available credit products.  Some complex financial situations call for refinance.  Auto refinance is a type of credit transaction that allows you to retool aspects of your current car loan.  In the simplest terms, you may qualify for a loan that features different terms than your original car loan.  In some cases, this will provide for a lower interest rate or monthly payment.

What Is Auto Refinance?

Specifically, auto refinance involves requesting a loan that will be used to pay off your current car loan.  You may choose to use a different creditor than the one that originally financed your automobile.  The new financier will take possession of the title after paying off your current car loan.  After carrying out this transaction, you will be bound to the terms of the new agreement.

Why Would I Want to Participate in Auto Refinance?

Banks choose the interest rates of loans based on those set by the Federal Reserve.  Since these interest rates change during different economic conditions, a creditor may be able to offer you a lower rate at specific times.  Right now, the rates could not be any lower as the rates from the Federal Reserve are low because of our current situation in the US.  For example, following the housing crash of 2008, the Federal Reserve pushed interest rates to historic lows. This allows banks to charge a lower interest rate on consumer loans.  Until the economy get moving again, the rates are going to stay low so there is clearly a window of opportunity.

If your car was financed during a period marked by higher interest rates, you may benefit from a refinance auto loan.  Some consumers participate in auto refinance to lower monthly payments.  Others pursue this course to reduce the overall total required to retire the debt.

Ultimately, this is a personal decision that must be weighed very carefully.  However, there are several situations where the average consumer benefits from seeking an auto refinance agreement from a new creditor.

Tips for Pursuing an Auto Refinance Arrangement

Clever shopping is important when shopping for a car loan refinance.   Luckily, you can find a variety of creditors online.  The world wide web enables you to unleash the competitive power of the market with limited effort.  In the past, you had to spend hours on the phone to accomplish the same feat.

However, carefully consider the fine print in your auto refinance contract.  You will be required to retire this debt.  Select an agreement that you can comfortably afford during tough economic times.  Also, consider how the new agreement affects the total value of the debt.

An auto refinance loan allows you to craft comfortable new terms.  It is important to consider every detail when making such an important decision.  Investigate how auto refinance might improve your financial situation.

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The primary trap that car shoppers fall for is the idea that they have to accept a car loan from the lender that is partnered with the dealership. This is a complete fallacy.  If you have bad credit and the dealership tells you that the finance company will not provide you with a loan for the car that you want, this does not mean that you are not able to get a car loan. Furthermore, if you do get approved, you don’t have to accept the interest rate that they offer.

It is a much better idea to take out a car loan from a third party.  This is a practice called direct lending.  Car loans made directly with the lending company are a much better deal. When you finance indirectly, letting the dealership set up the loan with the finance company, the lender pays the dealership a “share of the interest rates earned.”   They do so in order to encourage people to finance through them, rather than another company.  Out of convenience, most people choose not to find an independent lender.  As a result, they end up paying more in interest, so that the lender can share the marked up rate.

It is a far better deal to find an online car loan lender.  In the past, it was somewhat difficult to shop around and find the best lender, but this process has been dramatically improved in recent years.  Ah, the internet has changed everything.   It is now possible to receive car loans and compare interest rates online.  This makes it much simpler to find a company that offers great deals on car loans.

Whether you have good credit or bad credit, there is a lender available online that can help you.  One of the best in the business is myAutoloan.com.  They are able to provide car loans to people with bad credit or great credit.  Many companies that offer car loans to people with bad credit are deemed untrustworthy, but myAutoloan.com has received an A+ rating from the Better Business Bureau.

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Free Auto Buying Guide

If you are looking for the best car loans available, then you need to find a lender that you can trust.  You need a lender who provides you with car loan options that meet your needs, while not taking advantage of you in the process.  This is a reality to all consumers, thanks to direct lending. With direct lending, you will receive up to four different car loan offers from lenders who we trust to look out for your best interests.

You will be better prepared to negotiate an excellent car price, new or used, when you know ahead of time that you have the financing ready to go.  Let’s face it, some dealerships will try to talk you into their car loans.  Compare the offer that you choose with what the dealership offers – if’s it better then take it but we think you will find that there simply is no competition.  We work hard to give consumers better car loans by giving you a choice – up to 4 real lenders, with real loan offers.  We work hard to teach consumers everything they need to know about car loan financing and we work with lenders who guarantee our customers the absolute best available and lowest cost finances.

We are a direct lender and we are trusted enough to be licensed in 48 out of 50 states.  We do not have any fees or charges added to a car loan quote.   We pride ourselves on providing consumers with the education necessary to select the best possible car loans.  We are licensed as a direct lender.  We have an excellent BBB rating – check us out, we are real.  This means that we cut out the middleman and save you money – lots of money.  We know how dealerships love to inflate interest rates and charge extra fees to give themselves a greater profit.  We don’t want that to happen to you!   Again, we charge no fees or blind charges.  We will get you the car loan you need and enable you to walk into any dealership with a same-as-cash check in your pocket.

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Tips to Improve Your Credit

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If you are thinking about purchasing a car, you will need to find out about your own credit score as this can have an effect on the out come of obtaining an auto loan.  Since you already know you will need some funds to buy an automobile, you will need to get auto financing - and you will want to know just how your credit score affects your car loan  rate.

Your score can consist of several factors and one of the most important is your payment history.   Any late payments or missed payments you have had will certainly have an effect on your rating and thus your credit score.  Also, all of your credit card balances are taken into consideration whenever loans are being estimated.  There are a few other things as well that are taken used in determining whether or not you can obtain any auto loan, like checking and saving accounts and any personal loans or any mortgage payments.

One good reason why having a good history of credit is so important is that it will certainly determine any eligibility you have for a car loan.  This can also have an effect on the interest rate you will be charges to secure your loan.   Your ability to pay off the car loan is evaluated along with any money that you may have borrowed and now need to pay back.

Any loan interest rate will be dependent upon your history of your credit.  Interest rates are lower for the people who have a good history of credit.  In most cases, people who have an average or a low credit rating, will need to pay a higher car loan rate towards the interest on a loan.

Whenever you go and apply for auto loans with any dealership, they use a credit report.  Then according to your credit score, the dealer will make a lending decision and interest rate based on your score.  They usually mark up the interest rate so consider using a direct lender and finance outside of the car buying efforts.  The thing to remember is that all dealerships will charge you a higher rate  of interest on any auto loan.

The credit rating that you have will make all the difference in whether you can be approved for your auto loan and what the interest rate will be.  It may be worthwhile to check out car buying tips to help save you the most cash or tips to improve your credit.  It is highly recommended that you try to keep any credit you have in good condition by paying your bills on time.  The score of any credit report will always be the deciding factor in determining your eligibility for a car loan and the rate that you will pay.

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Tips to Improve Your Credit

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As of January 2011, new federal rules were initiated where creditors must notify consumers when their credit report has been used to provide them credit on less-favorable terms than other consumers.  These are what they call “risk-based pricing” rules under the Fair and Accurate Credit Transactions Act of 2003.  Risk-based pricing occurs when a lender offers a different interest rate and different loan terms based upon their credit history and creditworthiness.  That means that if you have been notified, you can obtain a copy of your credit report for FREE.  This way you can immediately review your credit report for accuracy – important because things do happen that create an error reporting situation.

Here is a new twist – instead of providing the risk-based pricing notices, a creditor may decide to provide you, when you apply for credit, (such as an auto loan or an auto refinance loan), with a free credit score and information about that score.  This expands the existing requirement that mortgage lenders must give consumers the credit scores they used in whether or not they decided to grant you a loan.  Right now there is a credit score disclosure requirement in FACTA, but it will only apply when you are trying to finance a home.  Under final rules issued in 2009 by the Federal Reserve Board and FTC, credit card issuers and other lenders must tell you when they’ve been granted credit on worse terms than other consumers, based on their credit report or on a credit score.

With risk-based pricing, if a lender came back and offered you less favorable terms for an auto loan because of your lower credit score, you were not provided a notice of that.  It was not considered an adverse action of you accepted their offer.  Now if you get credit granted on less favorable terms, and they are using risk based pricing, they will have to tell you that you are getting a higher interest rate because of your credit history.  So, let’s face it, awareness is important when it come to your credit and now you will know when you are getting a higher price as a result of your credit score and your credit history.  That’s the first step in getting you to correct it and improve it so that you save money when you need to apply for credit.

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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.

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Auto Loan Calculator

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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.

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Car Buying Tips     Auto Loan Calculator    Tips to Improve Your Credit
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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.

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Save money on your current interest rate

The interest rate you received on your loan at the time of purchase may not be the best rate you can get. Shopping around for a lower interest rate and refinancing your auto loan can save you interest in the long run. Lower interest rates on an auto loan refinance will reduce your monthly payments while keeping the life of the loan at the same terms.

Lower your monthly payment

If you are currently having financial problems and are looking for ways to reduce your monthly expenses, refinancing your auto loan is a good way of acheiving this goal.  You can extend the term of your loan, reducing payments, but, this means you will be paying for this auto for a longer time than expected.

Reducing the term of your loan

You may want to choose to reduce the term of your current auto loan, reducing the overall interest you pay on the loan. Your monthly payments may be increased slightly by doing this, but, the savings in the long run are significant.

Getting equity from your current auto loan

You may want to get cash from your current auto loan.  You can acheive this by refinancing your auto loan.  If you have been able to payoff most of your current loan in a timely manner and have actually paid in advance, there may still be equity in your vehicle.  Refinancing your current loan at this time could enable you to take cash out – this is very lender dependent so it’s always worth asking.  Don’t take cash if you don’t have to – it gets a bit expensive in the long run.

To refinance an auto loan, you will need to shop around in order to get the best deal.  There are many auto refinance lender online that will help you through the process.  No matter what your reason for refinancing an auto loan, getting the best deal for you is most important.  Getting multiple quotes is always the easiest and fastest way to see what is available.  There are a lot of websites that talk about refinancing but they are really not licensed lenders – they are lead companies that sound like lenders – see if they have a BBB rating if you really want to see who is on your side when you apply.

Many online refinance auto loan companies will help you to compare prices from a number of suppliers.  This helps you to look at what is being offered in the way of interest rates.  These online refinance auto loan comparison companies are an invaluable tool in making your decision.

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Car Buying Tips     Auto Loan Calculator    Tips to Improve Your Credit

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One of the best places to find an auto refinance loan is through myAutoloan.com, an online source.  They are able to take your information and instantly offer you four refinance offers, which is a much higher amount than other lenders.  In addition, the better your credit score the more offers you will get.  However, even if you have less than good credit, this company can guarantee that you get at least four offers.

When utilizing this company, you can walk into a dealership with a check and have more power when it comes to negotiating the price of the automobile you are interested in.  In addition, you will not have to deal with the dealership on getting a loan that usually offers a much higher interest rate.

myAutoloan.com is an online lending platform and a licensed lending company, which means you can find out just how much you can qualify for with a new loan or how much you can refinance when it is convenient for you.  This is a huge plus as no consumer wants to take time out of their busy schedule to go from lender to lender to find what they consider is a fair offer.  That’s one reason why online refinancing loan companies are growing in popularity.  Many people have concerns dealing with security on these sites, which is a legitimate concern.  However, myAutoloan.com is a secure site and they don’t sell your information to unscrupulous or no name companies.  It’s also worthy to consider that it is accredited by the Better Business Bureau.  This means that consumers can rest assure that they are dealing with a reputable company.

If you are in the process of trying to find refinancing for an existing auto loan, or even are considering buying another vehicle and looking for financing, myAutoloan.com can be a great way to make sure that you are finding the best possible auto refinance loan with the best terms available.

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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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Refinancing an auto loan is different than refinancing a mortgage.  It is much more simple to do than what people think.  If you are looking to take advantage of these low interest rates you can get an idea of how much money you can save each month by doing some comparative shopping online.  By comparative shopping auto refinance rates you will have the opportunity to see dozens of different rate quotes from different lenders in just minutes.  Using a secure website like myAutoloan.com will give a borrower the ability to see how much money he can save every month as well as over the course of the loan. See for yourself using this calculator.

If you are having problems making your monthly payments on your car check out myAutoloan.com.  Here you can get quotes for free for an auto refinance loan.  You can get your interest rate lowered or even increase the term of your loan, or both!  Either way you will have a lower monthly payment and may be able to pay less in interest over the course of the loan.

This is much different than searching for mortgage rates.  You do not have to meet any lenders face to face at any time and there are not hundreds of papers to sign.  It is a five minute process of plugging in your personal information, and based on your credit rating, income, debts and other personal financial information myAutoloan.com will produce at least 4 lenders that are willing to work with you.

Even if your credit rating is not ideal, myAutoloan.com will find you a lender!  Check it out today and take advantage of these historically low interest rate by refinancing your auto loan!!

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Auto Loan Calculator

Tips to Improve Your Credit

30 Second Video

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.

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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