New Car Loan
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
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