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Car Loans for College Students

Posted on Aug 30, 2011 by Thalia Green
Aug 30

Student Car LoansCollege student car loans are special types of loans that are targeted towards the financial needs of college students who need reliable transportation. Many banks and credit unions will offer a special category of car loans that have lower interest rates or a discount off of the regular interest rate offered to non-student car loan customers. With college student car loans, a college student can find flexible options for repayment of student car loans. Special perks that are offered only with college student car loans can include the option to extend the repayment terms, a waiver of loan administration fees, lower interest rates, and additional discount rates.

 

Typically, student car loans are only available for car loans above a specific dollar amount, and this can vary from lending institution to lending institution. Some car dealerships may have pre-existing relationships with banks or credit unions to provide student car loans. Additionally, students typically have to meet a certain minimum number of college class hours in order to be considered a student to qualify for student car loans.

 

If the car dealership does not offer student car loans, the best way to locate college student car loans is to contact local banks and inquire about college student car loans. It can also be helpful to check with the financial office of the college or university to discover any local resources that can be of assistance to students who are trying to afford to purchase a car. Beyond the traditional banks and credit unions, there are also a number of companies that specialize in providing student car loans to students regardless of credit history. It is critical to read the fine print when applying for these types of student car loans to make sure the terms are clear.

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Best Time to Buy a Car is Now

Posted on Aug 29, 2011 by Thalia Green
Aug 29

Best Time ti buyIt's no secret that the economy's fits and starts over the past several years have been hard on automakers. Many consumers simply can't make big purchases, and many of those that can are choosing instead to pad their savings in the event of prolonged financial struggle.

 

However, this scenario, coupled with historically low interest rates from the Federal Reserve, is making it a tremendous time to seek a great deal on a new car or auto loan. With the fall auto financing forecast looking weak again, dealers have little choice but to stimulate sales through attractive incentives, which is a win for consumers in the end.

General Motors, for example, is currently piloting zero financing on new vehicles in many areas through its partner, Wells Fargo. The best thing any car shopper can do right now is be patient, be willing to wait and use the power of the Internet to find the best available information and the best available deal.

Automakers recovered rather nicely from some very dismal days in 2008 and 2009, when hardly anything was moving off their lots. That recovery gives the industry quite a lot of hope for the future. However, it was fear that drove customers away from auto lots at that time, and with the recent U.S. debt crisis and ensuing stock market turmoil, conditions are similar for a relapse into that climate of fear of large purchases.

That's what dealers DON'T want, and it's precisely why this is a great time to buy for consumers. Interest rates remain very low, and the Fed has said they will remain low for the foreseeable future. Buyers should use this knowledge to their advantage and go out and find a great deal.

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Car Loans Online

Chase and Chrysler Group have joined forces

Posted on Aug 29, 2011 by Thalia Green
Aug 29

Chase and Chrysler Group have joined together in a financial partnership to offer new-vehicle loans to prime customers. Currently, Chrysler Group has an ongoing relationship with Ally Financial. Ally Financial is currently the largest preferred lender for General Motors (GM) and Chrysler Group. However, both auto manufacturers are actively involving additional lending partners. The deal with Chase will offer Chrysler customers more options for financing a vehicle.

 

Chase said in a statement, 'All Chrysler group dealers who participate will offer retail financing to prime and near-prime customers for the current lineup of Chrysler backed nameplates.' Chase currently has preferred-lender status in the United States for Jaguar, Subaru, Mazda and Land Rover. The bank also states that they already offer retail and commercial financing to all Chrysler brands. The low-interest rates and other incentives are a new financial offering backed by Chrysler Group. Chrysler also offers leasing through Ally and U.S. Bank. Santander Consumer USA currently provides financing for near-prime and subprime loans for the automaker.

 

How Chrysler Group's partnership with Chase will affect Ally has yet to be determined. A spokesman for Chrysler has said that Ally Financial will remain as the lender of choice for all of Chrysler's brands. Ally intends to lessen their dependency on cut-rate financing, as well as becoming less dependent on two auto manufacturers. This move means that Ally may give up some of its market share. The lender is looking to expand its range of offerings in the used-car market, as well as take the risk with subprime loans. Ally is also interested in seeking business with other auto manufacturers. The lenders subvented retail loans through Chrysler dropped to $500 million in the second quarter of 2011, a 63-percent drop from the second quarter of 2010.

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Used Car Loans

Private Party Used Car Loans

Posted on Aug 29, 2011 by Thalia Green
Aug 29

Used car LoansA private-party, used car loan is the type of financing required when the buyer is purchasing a vehicle from the owner (aka a private party) and not from a dealership. It is basically a person-to-person contract where instead of cash being transferred, the buyer is taking a loan to purchase the vehicle. Just as with any loan, it is important that one find a reputable agent to facilitate the deal so both the customer and the private party selling the vehicle are in complete agreement with the terms of the contract.

 

Just the same as when one walks into a dealership and decides to buy a car, there are steps that need to be taken in order to ensure the loan is secured and satisfies both parties. As a result, it’s imperative to shop around for a trustworthy lender that is able to offer the best and most affordable rate. Private-loan lenders’ score are available online. Once research is complete, it is time to contact each lender and find out what financial benefits they are offering, including interest rates, terms of the loan, length of the loan, etc. Simply looking for the cheapest quote is not always best. It is important the lender have a first-class reputation with individuals and companies alike.

 

It is extremely beneficial to the buyer that they have a high credit rating or credit score. The better the credit score, the better the chances of getting accepted for a loan and more importantly, the better chance of getting a low rate of interest. So before applying for a loan, it is imperative that one pays off any outstanding debt if this is possible. Also, one can check for any mistakes or inaccuracies on their report to clear them up.

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Used Car Loans

Best Car Loans for Bad Credit

Posted on Aug 29, 2011 by Thalia Green
Aug 29

Bad Credit Car LoansThere are several financing companies that will help you get a car, even if you have bad credit. By taking advantage of getting a bad credit car loan and making payments on time, it can help you rebulid your credit and provide you the freedom that comes with car ownership. Here's a few of the best car loan options for bad credit.

 

CarLoan.com

CarLoan.com is operated by the Interactive Financial Marketing Group, LLC located in Richmond, Va., which has been around since 1989 and accredited by the Better Business Bureau (BBB) since 2003 and currently holds an A+ rating.

Applying online at CarLoan.com takes about a minute, and most approvals happen within 48 hours. Basic requirements are: you must be 18 years old or older, have a monthly income of $1,600 or more, and have a steady job and place of residence.

 

FundingWay.com

FundingWay.com is run by Auto Credit Express, which achieved BBB accredidation in 2004 and holds an A+ rating. They will base their loan decision not merely on your credit score, but will take a broader look at your situation.

Basic financial requirements include: $1,500 gross montly income for credit scores less than 625, all bankruptcies should be discharged, must be older than 18 yers and a U.S. resident, and you must purchase an automobile from one of their car-dealer partners.

 

Auto Loan Solutions

Auto Loan Solutions also holds a A+ rating with the BBB. They are partnered with a wide selection of automobile dealers across the United States, and have a simple secure online application that is processed immediately.

Gross income requirements at Auto Loan Solutions are a bit higher than the other options, at $2,500 per month; but they can offer stability and a second chance that many with bad credit need.

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Bad Credit Car Loans

Interest Rates for Car Loans

Posted on Aug 27, 2011 by Thalia Green
Aug 27

Car Loan ratesToday's difficult economic environment has a silver lining for people with good credit ratings who are looking to purchase a new or used vehicle. Car loan rates have fallen to new lows, resulting in reduced borrowing costs for car buyers. These interest rates are largely driven by the yields on the intermediate three-year and five-year U.S. Treasury notes. As people flock to the safety of treasuries, these yields have fallen dramatically, resulting in corresponding reductions in car loan rates.

 

The nationwide average three-year new auto loan rate, as of August 19, 2011, is only 3.87 percent, which is 0.44 percent lower than the prior week. The average rate for three-year used car loans is just 4.79 percent. It is important to note that these low rates are generally only available to those with excellent credit ratings who are in solid financial shape. Lenders continue to be very cautious in their lending to ensure that they are not left holding bad or non-performing loans.

 

Other financial resources for those looking for the best interest rate on a car purchase are the auto manufacturers themselves. With the current economic uncertainty, car makers are offering powerful incentives to drive sales of vehicles. These incentives include extremely low interest rates, which can be anywhere from zero to 1.9 percent. These incentive loan rates are offered by several auto manufacturers, both foreign and domestic.

 

Moreover, it appears that this favorable interest rate environment for borrowers will persist for quite some time. The Federal Reserve recently announced their commitment to keep short term interest rates near zero for nearly two years. Furthermore, with the economic uncertainty continuing unabated, investors continually seek the safety of Treasuries, which maintains the downward pressure on consumer loan rates. Indeed, there has never been a better time for car buyers.

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Interest Rates

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