Believe it or not, there are a basic set of requirements that are looked at before any person gets an auto loan to help pay for a new car. There are so many different kinds of auto loans for people to choose from that getting one seems like a very stress-free process. In order to successfully obtain a loan for a new automobile, there are some things that you will need to know.
A common question that people ask: “Is getting an auto loan a lot different than getting another type of loan?” To be completely honest, getting an auto loan is not much of a different procedure than getting other types of loans. If you are familiar of with the basic requirements that you need to get a home loan, then you will probably not have too many problems in getting one for a car.
Where should you go if to get an auto loan? The best place to go is a bank that you belong to or are able to place trust in. Most of the time banks will give their personal members better deals on car loans and will be able to fully explain all auto loan requirements if you have any questions. Like a home loan, they would need to make sure that you are of legal age and that you have enough finances to allow you to make loan payments on time.
If you want to take out a big loan to help pay for a car, then you will need to make sure that you will actually be able to have enough money for it. Banks are not going to be willing to work with you if you have a bad history of making your payments, as will be indicated by your credit score. They also will not be willing to give you a loan for a Lamborghini if you do not have a good enough salary to afford your payments. If you have a fifty-thousand dollar salary and are going to take out a loan to help yourself buy a car that is worth twenty-thousand dollars, the banks will not have a problem with your deal. In this scenario, you would be meeting all auto loan requirements.
In other cases where a person is only making twenty-thousand dollars per year and they want to take out a car loan to pay for a new Aston Martin, the banks will immediately realize that they would not be wise to agree to a contract with this type of deal. If you are looking for a loan to help cover an automobile that you can sincerely afford, then you should go out and get one.
Here goes a recap of the basic auto loan requirements that you will need to be aware of if you try to get this type of loan. The main factor will be whether you have a decent salary that will allow you to make enough money to cover your loan. Another factor will be whether you can prove to the banks that you have a good history of making your payments on time.
They will usually need to have a look at your credit report and see what you have done in the past. Finally, you will probably need to have enough money to make a down-payment on your loan so that they know you are serious and so that they know that they will have a secure transaction. If you follow these requirements, you will not end up dealing with any resistance in finding the perfect loan for a nice new car.
Check also latest posts about: how to save buying new car, how to get new car loan after famous bankruptcy and learn how to refinance car loan.
Savings when buying new car
You should always have a set budget in mind before you set out to purchase a new car. Think about your needs and your budget and the different types of cars you would like to consider. Learn about all the different types of cars and their features to help narrow down the ones that fit into your needs and budget categories. Determine how long you can afford to pay the monthly loan amount and if you have any money available for a down payment. Before you set out to purchase a new car with a loan, find out your credit score and see what area it falls into. Knowing your credit score can help you figure out what your annual percentage rate should be. It can also help you decide if you need to wait on obtaining a car loan because your credit score is a little lower than you would like it to be.
Most of the time the sales price on the car isn't the best price. Be sure to shop around and look for the same car at different locations. Some dealerships and individual car lots are willing to price match or beat their competitor's price. Always do your research online and find out how much people are selling the car for. Pull up the Kelly Blue Book values to find out if the dealer is on the high end or low end of the total value of the car. Find out if the dealer has a refund or return policy. It would be terrible to purchase a car, get it home, only to lose the transmission 3 days later. You should also inquire about an exchange policy when you are buying a new car. Always ask for documentation of an exchange policy or return policy, never take the word of a salesman.
If you are purchasing a used or pre-owned car, ask the dealer for the Buyers Guide. The Buyers Guide is required by the FTC to inform customers about every used car the dealer sells. The Buyers Guide will supply you with all the information you need to know about the car such as the warranty, the mechanical system, the electrical system, and the extended features. Be sure to use a checklist when you are inspecting the car. You should cross-reference the checklist on the internet and have a mechanic inspect the car to ensure it has been properly maintained. If you are buying the car from an individual, ask about the car's history. Questions you should ask include the following:
Bargain Car Links
Save Money with Year End Clearance Sales
Many auto dealers will offer sales at the end of the year to make room for the New Year's models. This web site talks about how you can take advantage of this policy and obtain a new car for a cheap price.
Low Interest Car Loans
This web site provides great tips on how you can save money when you are obtaining an auto loan. You can apply for an auto loan from their web site and compare auto prices from several sources.
How To Buy or Sell a Car and Never Get Ripped Off Again!
This web site provides tips on how to buy and sell a new or used car. It talks about what steps you need to take so you can avoid being ripped off by auto scams and how to save money.
Why are you selling the vehicle?
How long have you had the vehicle?
Are you the original owner?
Have you had any major problems with the vehicle?
Has the vehicle been involved in an auto accident?
When was the last tune-up performed?
Can I take the vehicle to my mechanic for an inspection?
If you are buying a brand new car, the fall season is always the best time to obtain a new car bargain. The auto sales are generally sluggish in the fall and manufacturers are willing to offer large discounts to move the older models off the lot to make room for the New Year's vehicles. The rebates change daily so be sure to ask about the rebate when you go in to buy a new car. Before you go into the dealership, check Edmunds.com and FightingChance.com for the latest incentives that you can use in your negotiations. Many cars have a $3,000 - $6,000 factory to dealer cash incentive. If you don't know about the current rebate, you could lose out on thousands of dollars that will go right to the pocket of the dealership. Many dealers will give up most of their incentive to the consumer, if the consumer asks about it.
Another thing you need to ask about is the "program car". Every dealership has program cars. They are new or fairly new cars that are kept in really good condition. Basically, they are like a company car. The program car is used for test drives by potential customers and generally one of the staff members will keep the car on the weekends. The program cars aren't driven very far so the miles will be low and they will be well maintained. Normally a program car is kept for less than 3 months at a time, so be sure to ask your dealer about it as you can save thousands of dollars on a brand new car that has a few more miles on it.
Most of the time the sales price on the car isn't the best price. Be sure to shop around and look for the same car at different locations. Some dealerships and individual car lots are willing to price match or beat their competitor's price. Always do your research online and find out how much people are selling the car for. Pull up the Kelly Blue Book values to find out if the dealer is on the high end or low end of the total value of the car. Find out if the dealer has a refund or return policy. It would be terrible to purchase a car, get it home, only to lose the transmission 3 days later. You should also inquire about an exchange policy when you are buying a new car. Always ask for documentation of an exchange policy or return policy, never take the word of a salesman.
If you are purchasing a used or pre-owned car, ask the dealer for the Buyers Guide. The Buyers Guide is required by the FTC to inform customers about every used car the dealer sells. The Buyers Guide will supply you with all the information you need to know about the car such as the warranty, the mechanical system, the electrical system, and the extended features. Be sure to use a checklist when you are inspecting the car. You should cross-reference the checklist on the internet and have a mechanic inspect the car to ensure it has been properly maintained. If you are buying the car from an individual, ask about the car's history. Questions you should ask include the following:
Bargain Car Links
Save Money with Year End Clearance Sales
Many auto dealers will offer sales at the end of the year to make room for the New Year's models. This web site talks about how you can take advantage of this policy and obtain a new car for a cheap price.
Low Interest Car Loans
This web site provides great tips on how you can save money when you are obtaining an auto loan. You can apply for an auto loan from their web site and compare auto prices from several sources.
How To Buy or Sell a Car and Never Get Ripped Off Again!
This web site provides tips on how to buy and sell a new or used car. It talks about what steps you need to take so you can avoid being ripped off by auto scams and how to save money.
Why are you selling the vehicle?
How long have you had the vehicle?
Are you the original owner?
Have you had any major problems with the vehicle?
Has the vehicle been involved in an auto accident?
When was the last tune-up performed?
Can I take the vehicle to my mechanic for an inspection?
If you are buying a brand new car, the fall season is always the best time to obtain a new car bargain. The auto sales are generally sluggish in the fall and manufacturers are willing to offer large discounts to move the older models off the lot to make room for the New Year's vehicles. The rebates change daily so be sure to ask about the rebate when you go in to buy a new car. Before you go into the dealership, check Edmunds.com and FightingChance.com for the latest incentives that you can use in your negotiations. Many cars have a $3,000 - $6,000 factory to dealer cash incentive. If you don't know about the current rebate, you could lose out on thousands of dollars that will go right to the pocket of the dealership. Many dealers will give up most of their incentive to the consumer, if the consumer asks about it.
Another thing you need to ask about is the "program car". Every dealership has program cars. They are new or fairly new cars that are kept in really good condition. Basically, they are like a company car. The program car is used for test drives by potential customers and generally one of the staff members will keep the car on the weekends. The program cars aren't driven very far so the miles will be low and they will be well maintained. Normally a program car is kept for less than 3 months at a time, so be sure to ask your dealer about it as you can save thousands of dollars on a brand new car that has a few more miles on it.
hOW TO get a car loan after bankruptcy
it's still possible to get a car loan after bankruptcy if you have the need and the desire, despite what some may think. At the end of the day, there's no real secret to getting a car loan after bankruptcy; however, keep in mind that you may end up getting a higher interest rate than what you'd like, and the overall process will be much more difficult.
From a purely business sense, nationwide major loan lenders typically only concern themselves with cold, hard data, and the biggest factor that will be jumping out at them will be that you declared bankruptcy. It's a giant, waving red flag that shows up on your credit report, and can tarnish the report even a decade after the end of the bankruptcy proceedings. In these instances, consult local banks and credit unions in your own area of residence, where there may be people who know you as more than a statistic.
Often, the people who are working for these banks and unions will look beyond the data. You can indeed get a car loan after filing bankruptcy, as your options are larger in number than you realize; keep in mind, however, that these are still businessmen and can't ignore the fact you declared bankruptcy in the past.
Some factors they will examine are the circumstances behind your filing for bankruptcy; it's possible that there is a plausible, normal reason that is independent of your ability to manage money that caused the need to file for bankruptcy. There are factors out of your hands, like medical expenses you didn't expect, or long term illnesses or disabilities that prevented you from conducting business. Life throws you these curve-balls, and if loan lenders know about this, you can make your chances of getting a car loan after bankruptcy better.
What some people don't know is that you can add a consumer statement to your major credit reports, in which you can declare the circumstances behind your financial troubles to anyone who looks at it. Put a consumer statement on all the credit reports on you, in order to show them why you filed. Be sure it is concise, don't write a novella in the text of your consumer statement, just write the facts.
With this done, as you apply for a new car loan, the lender will view this information and consider in terms of your filing for bankruptcy, having a much better idea of the reasonable circumstances behind your financial troubles, and will be more willing to give you a break. There are a myriad other things you must do to help yourself along in the process, but this initial step is a fantastic tactic for improving your credit and your life.
If you'd like to know more about what you can do about getting a car loan after bankruptcy, search online for more articles and sources of information.
From a purely business sense, nationwide major loan lenders typically only concern themselves with cold, hard data, and the biggest factor that will be jumping out at them will be that you declared bankruptcy. It's a giant, waving red flag that shows up on your credit report, and can tarnish the report even a decade after the end of the bankruptcy proceedings. In these instances, consult local banks and credit unions in your own area of residence, where there may be people who know you as more than a statistic.
Often, the people who are working for these banks and unions will look beyond the data. You can indeed get a car loan after filing bankruptcy, as your options are larger in number than you realize; keep in mind, however, that these are still businessmen and can't ignore the fact you declared bankruptcy in the past.
Some factors they will examine are the circumstances behind your filing for bankruptcy; it's possible that there is a plausible, normal reason that is independent of your ability to manage money that caused the need to file for bankruptcy. There are factors out of your hands, like medical expenses you didn't expect, or long term illnesses or disabilities that prevented you from conducting business. Life throws you these curve-balls, and if loan lenders know about this, you can make your chances of getting a car loan after bankruptcy better.
What some people don't know is that you can add a consumer statement to your major credit reports, in which you can declare the circumstances behind your financial troubles to anyone who looks at it. Put a consumer statement on all the credit reports on you, in order to show them why you filed. Be sure it is concise, don't write a novella in the text of your consumer statement, just write the facts.
With this done, as you apply for a new car loan, the lender will view this information and consider in terms of your filing for bankruptcy, having a much better idea of the reasonable circumstances behind your financial troubles, and will be more willing to give you a break. There are a myriad other things you must do to help yourself along in the process, but this initial step is a fantastic tactic for improving your credit and your life.
If you'd like to know more about what you can do about getting a car loan after bankruptcy, search online for more articles and sources of information.
Capitaloneautofinance.com
Capitaloneautofinance.com is the official corporate web site for Capital One Auto Finance, Inc.,also known as Capital One Auto Finance.Captial One Auto Finance is the largest online auto lenders in the united States,and a member of Capital One (NYSE:COF).
Capital One Auto Finance offers consumers multiple forms of loan products,including new car loans,used car loans, auto refinance and auto buying program.
website
www.capitaloneautofinance.com
www.capitaloneauto.com
Company Name Capital One Auto Finance, Inc.
Snail Mail
1680 Capital One Drive Suite 1400
McLean, VA 22102
USA
Phone: 1-800-689-1789
Email Address: comment@capitaloneauto.com
Chairman and CEO: Richard D. (Rich) Fairbank
Capital One Auto Finance core products
Auto Loans: New and Used Auto Loans, apply auto loans online
Auto Refinance: refinance car at a low rate
Auto Buying Program: new & used car price quotes
Capital One Auto Finance offers consumers multiple forms of loan products,including new car loans,used car loans, auto refinance and auto buying program.
website
www.capitaloneautofinance.com
www.capitaloneauto.com
Company Name Capital One Auto Finance, Inc.
Snail Mail
1680 Capital One Drive Suite 1400
McLean, VA 22102
USA
Phone: 1-800-689-1789
Email Address: comment@capitaloneauto.com
Chairman and CEO: Richard D. (Rich) Fairbank
Capital One Auto Finance core products
Auto Loans: New and Used Auto Loans, apply auto loans online
Auto Refinance: refinance car at a low rate
Auto Buying Program: new & used car price quotes
How to refinance car loan
If you're looking to refinance a car loan and you're not really sure where to start, then take a few minutes, give this a read and afterward you'll know enough information to go through with it if it still sounds like something you'd like to do. Refinancing anything is never an easy decision, but it's always a great way to give yourself a little bit more breathing room when it comes to your monthly expenses and personal finances. Although refinancing your car or auto isn't the most common way for most people to ease their financial situation, it's becoming a more popular every day as more and more people are feeling the economic crunch.
In the following sections we'll be covering these four main topics when to refinance:
- Refinance Car Loan Or Home Loan?
- Refinance Car Loan With Bad Credit?
- Refinance Car Loan Hidden Fees?
- Refinance Car Loan Savings?
Once you have read through these sections, you should have a much better feel for what car loan refinancing is all about and whether or not it's a good opton for you to consider.
Refinance Car Loan Or Home Loan?
If you are trying to decide which is the better option, to refinance a car loan or a home loan, there are a few differences that you should probably be aware of. First of all, the one thing that's probably most important in this whole process is your credit score, which will basically determine whether you are eligible for a loan or not and if you are eligible what rate you will be given. This is the same for both home and car refinancing and should be given some serious attention before beginning this whole process. Don't worry though, if you don't have great credit I'll tall you some ways to improve your chances for a refinance car loan in the next sections.
The next thing for you to keep in mind is that a refinance car loan isn't tax deductible and a refinance home loan is, which could mean some serious savings during tax season if you went the home route. But, there are some additional costs that go along with getting a refinance home loan that are excluded from refinance car loan such as getting an appraisal before the refinancing can begin.These smaller costs can begin to add up in the long run which might make the car refinancing a better option for you.
Finally, if you're in somewhat of a hurry then dealing with a refinance car loan is going to much easier and much quicker than the things that you'll have to include in a home refinance loan. For instance, there is no appraisal needed for a refinance car loan because Kelly Blue Book is the authority on determining values for cars and autos. These differences really speed up the refinancing process with a car, making it a much quicker option than that of a home.
In the following sections we'll be covering these four main topics when to refinance:
- Refinance Car Loan Or Home Loan?
- Refinance Car Loan With Bad Credit?
- Refinance Car Loan Hidden Fees?
- Refinance Car Loan Savings?
Once you have read through these sections, you should have a much better feel for what car loan refinancing is all about and whether or not it's a good opton for you to consider.
Refinance Car Loan Or Home Loan?
If you are trying to decide which is the better option, to refinance a car loan or a home loan, there are a few differences that you should probably be aware of. First of all, the one thing that's probably most important in this whole process is your credit score, which will basically determine whether you are eligible for a loan or not and if you are eligible what rate you will be given. This is the same for both home and car refinancing and should be given some serious attention before beginning this whole process. Don't worry though, if you don't have great credit I'll tall you some ways to improve your chances for a refinance car loan in the next sections.
The next thing for you to keep in mind is that a refinance car loan isn't tax deductible and a refinance home loan is, which could mean some serious savings during tax season if you went the home route. But, there are some additional costs that go along with getting a refinance home loan that are excluded from refinance car loan such as getting an appraisal before the refinancing can begin.These smaller costs can begin to add up in the long run which might make the car refinancing a better option for you.
Finally, if you're in somewhat of a hurry then dealing with a refinance car loan is going to much easier and much quicker than the things that you'll have to include in a home refinance loan. For instance, there is no appraisal needed for a refinance car loan because Kelly Blue Book is the authority on determining values for cars and autos. These differences really speed up the refinancing process with a car, making it a much quicker option than that of a home.
Car loans with low APR
This article discusses about the car loans with 0% APR for 60 months - hope you were amazed by these offers from the dealers and the lenders.But there is much more than what you imagined about the usefulness of these 0 percent interest car loans.Why would a dealer give the car financing at 0 percent interest - one of the reasons is that there many cars that are fuel efficient and remain unsold.So many dealers would want to sell them off to the people who do not mind buying these cars at 0 percent financing.So this is one way of marketing their business.So finding the 0 percent car loans for the most fuel efficient cars is going to very hard.You will be able to find these offers for cars that are not so fuel efficient.Remember that the lender would not select a majority of borrowers because of their poor credit scores.Credit score is a major factor to get approved by the lender.So there is no use in applying for these zero interest car loans without a credit rating of above 700.But this score is not fixed and you can apply for them if you are above 650.
Things to remember about the zero percent car financing:
If you do not have a good credit score [above 680],it is better to wait for a little more time and then apply once the credit improves.Remember that credit score improvement is not a difficult process at all.By getting new credit cards and then paying the payments to the lender every month,you can see the credit scores escalating - do not ever close the old credit accounts.Having a long regular payment history will do massive benefits to you credit.Once the credit improves,getting the zero percent auto financing becomes easy and you would have an edge over other applicants.It is better to think twice before getting these sort of financing.Like i said before,there are possibilities that the car bought at 0% is not very fuel efficient.It is much better to get a car with the most fuel efficient engine as it would save a lot of money in the long run.
Things to remember about the zero percent car financing:
If you do not have a good credit score [above 680],it is better to wait for a little more time and then apply once the credit improves.Remember that credit score improvement is not a difficult process at all.By getting new credit cards and then paying the payments to the lender every month,you can see the credit scores escalating - do not ever close the old credit accounts.Having a long regular payment history will do massive benefits to you credit.Once the credit improves,getting the zero percent auto financing becomes easy and you would have an edge over other applicants.It is better to think twice before getting these sort of financing.Like i said before,there are possibilities that the car bought at 0% is not very fuel efficient.It is much better to get a car with the most fuel efficient engine as it would save a lot of money in the long run.
Subscribe to:
Posts (Atom)