|
|
25 Car and Auto Loan Tips Including
Loans for Shot Term Needs
Car Loan Tip No. 76 Auto Title Loans Thru Your Bank
Is
your local bank offering auto title loans? If so, if you own a
car and you badly need a
loan, your
car title can serve as
security for the
loan you wish to take. The good
part about an auto title loan thru your bank is that you are usually
considered for this type of
loan even if you have bad credit
history or you’ve previously declared bankruptcy. And since banks are
generally known for offering better rates, you are better off getting a car
title loan thru a bank than any other lender.
Car Loan Tip No. 77 Requirements for Auto Title Loans
Thinking of auto title loans? If so, you need to prepare the following: your
vehicle,
the original
car title,
auto registration, driver’s
license, proof of insurance, and others to avail of this type of
loan. If you want to give this a
try, there are so many online lenders who are willing to extend a
loan against your
car title. Rates are determined
based on the information you provide when you submit your application
online.
Car Loan Tip No. 78 Auto Title Loans are for Short-Term Needs
Auto
title loans should only be used for real financial
emergencies. These are easy to get loans that
are usually characterized by a short loan term period
(usually two to four weeks) and have high rates of interest. Note that
lenders who are willing to extend these types of
loans target individuals who are
badly in need of cash. For them, this may be a quick way to get a car
because if you don’t pay on the due date, you risk losing your car to the
lender.
Car Loan Tip No. 79 Auto Equity Loans - Tiding You Over
Are
you badly in need of cash? Why not take a look at auto equity loans? An
auto
equity
loan is a type of security interest where you
pledge your
equity in your
vehicle in exchange for cash. A
car
equity
loan can usually be availed thru a bank or
financing company. The money you get can be used to
eliminate another
loan with a much higher rate of interest or
simply for everyday use such as paying the electricity bill, groceries, and
others.
Car Loan Tip No. 80 Break Your Auto Equity Loans Habit
Has
what started as a real need in getting auto equity loans now spun out of
control because of the relative ease in how you get such car loans? You are
not alone. Millions of Americans find themselves getting sucked in to car
equity loans or any loan for that matter that enables them to get their hand
son fast cash. Break this cycle now before you plunge further into debt?
How? Major lifestyle changes are in order. If the task is too daunting,
consult a credit counselor.
Car Loan Tip No. 81 How To Ensure You Get the Best
Auto Loan Rates
There are three
main things you can do to ensure that you get the best auto loan rates.
First, start by checking out the
auto
loan
rates
in your city or state. You can easily get this data online. Second, check
your credit standing as this affects the
loan
rate you’re likely to get. And
third, shop and compare the loan rates offered by online lenders, your auto
dealer AND your local bank. Now, it’s just selection time!
Car Loan Tip No. 82 Online Auto Loan Rates
- Protect Yourself
This is a common scenario
– you are searching online for the best auto loan rates when you are asked
to fill out a form BEFORE you see the car rates applicable to you. Many
people actually stop at this point and leave the online lender’s site. One
of the main fears of people when dealing with online lenders is that the
loan information they provide will be made available to others. As such,
ensure that when you do provide loan information, the site is secured
(normally, you will see https: on the web address).
Car Loan Tip No. 83 The Benefits of Using Online
Car Loan Lenders
Try and get over your
fear and skepticism of using online car loan lenders. These lenders offer
real benefits: no processing fees, availability of handy tools such as loan
calculators you can use, fast processing of auto loan applications (some are
pre approved in minutes!), numerous loan articles you can read and review,
and more! Even if in the end you opt for your local bank or neighborhood
auto dealer, the effort of looking up these online lenders will be worth it.
Car Loan Tip No. 84 Car Loan Savvy - What to Do When You Give a Deposit
Before the car loan - you
must first determine the car. There are a wide range of websites that offer
information on buying used and new cars. These sites offer information on
pricing as well as other information about cars. Always do comparisons on
cars whether used or new to make sure you are getting the best deal
possible. Never give a deposit on a car unless you can get your money back
and try to get this in writing before you give any money for a deposit.
Car Loan Tip No. 85 Auto Loans - Beware of Dealer Scams VI
Often, car dealers will add ‘extras’ to auto loans as part of the ‘deal’
or ‘so you don’t have to waste time getting it done elsewhere’. Don’t fall
for this scam; this is just a ploy to increase the auto loan figures. For
example, car dealers throw in window etching for $500 when in fact you can
get this easily done for as low as $50(!) if you bring the car elsewhere and
have it done there.
Car Loan Tip No. 86 Auto Loans - Beware of Dealer Scams VII
Everybody gets tempted by
0% rates on auto loans! But beware - special funding arrangements apply mostly
to select (i.e., slow-moving or hard to sell) car models and the 0% come-ons
are usually just that – a come-on. If you are up to date with car models and
their market prices, and prevailing loan rates, you will soon realize that
even if the loan is presumably 0%, the price of the car itself has been
jacked up.
Car Loan Tip No. 87 Auto Loans - Getting Around the Dealer
No quite ready for auto
loans? If you are the non-confrontational type and fear that a car dealer
might dupe you into a high-priced car AND a high APR auto loan, then opt for
the easy way and CALL the dealer first.
One of the effective
things that you can do to get information is to get on the phone and call
different dealerships. Two things to keep in mind when making that call is
not to accept a refusal to talk over the phone and don't talk with a dealer
who demands your presence before offering you any information.
Car Loan Tip No. 88 A Bank Auto Loan May Offer Friendlier Terms
Are you avoiding a
bank auto loan? Do not disregard your local bank. True, they may be a bit
more strict but they are also know to offer the lowest annual percentage
rate (APR). Further, if you are a current client, they may be a more lenient
when it comes to previous credit problems. In the end, it never talks
to a bank’s loan officer; it is just another way of ensuring that you are
thorough with your ‘shop and compare’ routine.
Car Loan Tip No. 89 Auto Loan Schemes - Low Interest Rates and No Down
Payment Deals
Sometimes there are auto loan advertisements that offer low interest rates
or no down payments. Be sure to check that this does NOT entail that the
car's price is higher than it would be on other deals (i.e., as compared to
people who pay cash or has pre-approved financing). If in doubt, ignore the
advertised special and try to see how much another car (of the same type) is
priced. It also never hurts to ask the dealer to explain (and compare) how
this ‘deal’ differs from others.
Car Loan Tip No. 90 Covering Auto Loan Details - How Much IS that Car?
Sometimes, there’s so much ‘hoopla’ at car dealers that you don’t really
know how much the car is worth. Auto loan value, known also as loan value,
book value or retail value, refers to the assessed worth of the car you
like. It is based on many different factors – make and model, manufacturer's
suggested retail price and car rates, transmission type and mileage (for
second hand cars). Other features such as airbags, sophisticated audio
system and vanity accessories also affect the value of the car.
Car Loan Tip No. 91 Auto Loan Terms - Shorter IS Better
Do
NOT give in to the temptation of low monthly payments if this means a long
loan term. Some lenders even convince you to extend a
loan
period to as long as 10 years! Realize that by doing so, your
interest payments sometimes
equal or even exceed the
loan value of the vehicle. Go
ahead, calculate the
interest ratio of the
loan arrangement by dividing the
total
interest over the value of the
vehicle. You’ll be surprised to
find out that you’re
interest payments ALONE amount
to 50% to 80% of the actual
car
value.
Car Loan Tip No. 92 It's Time to Get a Bad
Credit Car Loan
Getting a bad credit car loan can indeed be a bad idea but do you really
have a choice? To start paying off debt or improving your credit rate, you
need to work, and to get to work, you need a car. So yes, a bad credit car
loan may indeed be a not so nice but necessary choice. Still, do not succumb
to convenient (less requirements) or easy (fast approval) auto loans. You
still need to shop and compare for the best bad credit car loans.
Car Loan Tip No. 93 Bad Credit Car Loans - How Much More in Interest?
There is no way around it – bad credit car loans mean higher interest rates.
But just how high? It is not surprising to avail of an
auto
loan with a 12% and upwards
interest rate compared to a 6% to 7%
interest rate for people with good
credit standing. That’s a big difference
indeed. So if you can delay the loan, see if you can improve your credit
score first. If not, try to get a loan with interest rates nearer 12%
(instead of upwards!).
Car Loan Tip No. 94 How To Get Out of a Bad Credit Car Loan
Ok,
you are better off financially now and although you appreciate the car you
got via a bad credit car loan, you do not want to pay those high interest
monthly payments anymore. The answer? Car loan refinancing. Pay off your
current auto loan with another car loan that you take from another lender.
The difference? The second lender charges a much lower APR. The dynamics is
that with the new lender with the lower interest rate, your monthly car loan
payments are smaller and easier for you to maintain.
Car Loan Tip No. 95 Bad Credit Car Loan - Easy Bad Credit Fix
If
you can wait a bit, improve your credit score before you get a bad credit
car loan. This will reduce the interest rate applied on the loan and entail
lower monthly payments. Start improving credit with these steps: (1) Pay
your bills on time! If you can, pay a bit more than the minimum amount due.
(2) Never max out your credit limit! If possible limit charges to only 50%
of your credit limit.
Car Loan Tip No. 96 Lowest Auto Loan Rates thru Your Employer
Sometimes, you don’t need to look far at all to get the lowest auto loan
rates. Does your company have low interest auto loan benefits? If they do,
take advantage of it. Getting a low interest on auto loans from external
sources can be risky so why not go for this option that’s readily available
to you? Your company’s financing scheme can save you hundreds of dollars on
interest payments. If your company is in the financial services industry,
all the more you should avail of their car loan benefit.
Car Loan Tip No. 97 Factors Affecting Your Chance at the Lowest Auto Loan
Rates
Looking for the lowest auto loan rates. Consider these factors.
-
Look for loans that use prime lending rates. These are rates based on
the average loan rates of banks and other financing institutions. It
gives you a good idea of what the best money rates are for a certain
period in the market.
-
Cars that have great
value get better rates. For used cars, the better the condition it is
in, the better its value. As for new cars, a model, make and brand
considered great by lenders can mean better rates.
Car Loan Tip No. 98 Lowest Auto Loan
Rates for Great Credit Score Holders
If
you have a great credit rate (higher than 650) then you have a great chance
at getting the lowest auto loan rates the market can offer. So if you have
this high a credit rate, demand nothing else but the best car loan deal! Of
course, other factors such as other loans taken and the type and price of
the car you want to purchase affect the loan interest rate a lender will
apply on your auto loan.
Car Loan Tip No. 99 The Perfect Candidates for a
No Credit Car Loan
A ‘no credit’ car loan
solves the dilemma that over 50 million people in the US face – they do not
have enough data on file to generate a valid FICO score (i.e. credit score).
So if you are a student, recently widowed or divorced, a new immigrant to
the United States, or just someone who’s never had a need to establish
credit before, then no credit auto loans are for you. Go online to jumpstart
your search for the right lender!
Car Loan Tip No.
100 No Credit Car Loan - Lender Selection Tips
Just
because you require a no credit car loan does not mean you cannot be picky.
After all, there are many lenders out there just out to scam you. Keep these
in mind.
-
How long the lender has been in the credit lending business? Do they
have a good reputation?
-
How many borrowers does the lender serve annually?
-
Is the lender’s site readily showing a loan or repayment chart where
their standard interest rate is seen?
75 More Auto Loan Tips
25 Tips To Help You Choose
A Good Auto Loan - 25 Car and Auto Loan Tips Including How to Choose Your Loan And Knowing the
Numbers
Car Loan Tips 25 To Them to Help you
Get Loan That's Right For You - 25 Car Loan Tips Including Improving
Your Credit Score and Getting Good Rates
25 Car Loan Tips Including Online
Approvals - Tips Include Understanding Balloon Loans And Loan
Rebates
|
|
