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Securing used car loans

Posted on Jan 24, 2012 by Thalia Green
Jan 24

Owning a car is very convenient. It symbolizes individualism, independence and freedom. The fact that one has the freedom to go anywhere he or she pleases is simply great. Yes, it is true that cars are vital for every person. However, most people do not have enough funds to buy used cars. Used cars are sold in plenty and they come in different models, shapes and sizes. These kinds of offers provide high affordability. Any person can qualify to buy a used car. First time car owners and students can purchase a used car through securing used car loans. Used cars come in handy with the current economic recession.

 

After the government’s money that aimed at ensuring that used cars are taken off the road kicked off in 2009, more cars became available in the market. This implies that this is a good time to purchase a used car.

 

One should not be very worried about the finance needed. This is because there are used car loans available today. Secondly, with the internet age, it becomes easy to make comparisons of the different offers available from various loan issuers.

 

The option to use local lenders to secure used car loans is also worth trying out. However, this can prove tedious as one has to visit different offices in order to get a quotation. It is worthwhile to make use of the web as one can get quotations right from the comfort of his or her home.

 

Identifying a used car loan is very simple with the use of internet. One does not have to be discouraged by the long approval procedures that are the common norm with the local lenders. The process is simple as it entails filling out an application form and waiting for approval. The whole procedure can take only two days to be completed.

 

Due to increased competition, lenders have become quite innovative. There are various options available for the used car loans. For some, one is not required to pay a down payment. 

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How to purchase a car using a used car loan

Posted on Nov 10, 2011 by Thalia Green
Nov 10

Many people would like to own a car but are faced with limited finances. Those with this undying passion have the option of getting a used car loan and consequently make their dream come true. It is worth mentioning that there are a myriad of lenders available online who provide quick used car loans for their clients. However, even with the various options available, one has to have the right strategy in place in order to get a good deal on the used car loan.

 

• Where to look

In order to get a low interest used car loan, it is important to know where to look . As mentioned earlier, there are several lenders who provide used car loans. Information on these lenders can be found online. By using the search engine, one can get a list of different lenders and then request for quotations. By comparing the different offers available, it becomes easier to make an informed decision.

 

• Credit history

Lenders are always keen on the applicant’s credit history. Those with good ratings are able to qualify for low interest used car loans. Before applying for a used car loan, it is advisable to get a copy of your credit report. In case there are any issues that need to be addressed, it is advisable to do so before applying for the loan.


 
• Bad credit loans

Those with poor credit scores should not despair. This is because; there are online lenders who specialize in issuing loans for people with bad credit. By using the search engine, one can identify different lenders and request for quotations. Making comparisons is advisable in a bid to secure the best deal possible.

 

The whole concept that surrounds used car loans is very easy. One can get a car very fast without having to pay for it immediately. Instead, one can select from various repayment options such as monthly or quarterly payments. 

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How To Budget For A Car Loan

Posted on Oct 12, 2011 by Thalia Green
Oct 12

car loan budgetAre you wondering if you can afford a car loan? Many adults were never trained on the process of keeping a budget, although the benefits of learning how are numerous. Creating and sticking to a budget can give you control over your money, so that you control it rather than it controlling you. This can result in improved self-esteem, which can impact a variety of areas in your life. Here are the basics to creating a budget, as well as the items you'll need to consider if buying a car.

 

Write down your income and your expenses
There are many computer programs available to help you create a budget, but your first budget doesn't have to be any fancier than a list made with pen and paper. You'll want to list your monthly income sources first. For most this is the income from employment, although other regular income sources, such as rental property or alimony, can be included as well. After determining your income, you'll write down all your expenses. Expenses are the items that you must pay for each month. Common expenses include utility bills, rent, and food. Of course if you are already making payments on a car loan, you'll want to include those as well. For irregular items such as certain taxes, you'll want to plan to save up a certain amount of your paycheck each month, so you'll have the money available to pay the expense when it comes due.

 

Adding in the car-related expenses
After you have accounted for all your expenses, you should have a good idea as to whether you have a surplus (extra money) or debt (not enough money). If there is debt, you may need to look at your expenses and see where you can cut how much you spend, or increase your income by taking a second job. If you have extra money you'll be able to take on some of the additional expenses of owning a car, such as gas, insurance, the car payment, and routine maintenance.

 

Making a budget is easy, but sticking to the budget can sometimes be difficult. You must have the discipline to say to temptation to spend if you do not have it. By doing this you will learn to live within your means. 

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Steps In The Car Buying Process

Posted on Oct 10, 2011 by Thalia Green
Oct 10

Buying a carThinking about buying your first car? If you're new to the car buying process you might be a bit worried about what you can expect. Here is a suggested process to follow when buying a car.

 

Step 1: Look at your budget (or, make a budget if you don't have one.)
Before you even head to the car lot, you'll need to do some homework to make sure you can afford the car payment. If you don't already have a budget, now is the time to create one. List all of your income at the top, followed by all your expenses. Everything you spend money on during the course of an average month should be included, even "fun" expenses like money for evenings out or your morning coffee. You may find it helpful to also journal all of your expenses for a month or two, if you're not really sure where your money goes.

 

Step 2: Research the car.
Once you have an idea of your budget, the next step is to research your car. Keep in mind how you will be using the car, how many people on average will be travelling with you, and what features are important to you. Remember that when you budget for your car, you'll need to not only allot money for the car loan payments, but you'll also need to budget for gas and regular maintenance, such as oil changes.

 

Step 3: Shop for the car loan.
Now that you have an idea of what kind of car you want, and what price you can afford, you should begin shopping for car loans. Most dealers have onsite financial departments, but by no means is this your only option. You may also find options for financing through your local bank or credit union. Interest rates can vary greatly among lenders, so it's worth it to shop around and get a few different options for your car loan.

 

Step 4: Visit the car lot.
You might be surprised at the amount of research that should be done before going to the car lot, but this is so that you get the best deal possible. Car salesmen are quite good at turning car buying into an emotional process. By doing your homework in advance, you'll be able to lead with your head rather than your heart.

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Take It To The Bank: Setting Up A Loan With Your Local Financial Institution

Posted on Sep 30, 2011 by Thalia Green
Sep 30

Thinking about getting a loan? Setting a loan up through a bank is a great option for many. Not only do you entirely bypass the finance department at the dealer, but you can often get a better rate from a bank. This is especially true if you are thinking about buying a used car. In addition, by getting your financing through a bank, you'll be able to approach the dealer as a cash buyer, which will likely mean that you'll get a better price. Here's a little more information to help you understand what to expect with a bank loan.

 

Types of bank loans.
There are a couple of different ways that people approach getting a car loan from a bank. The first is to shop at the dealer first, and then go to the bank knowing the amount you'll need for the car you'll have in mind. This can be a bit tricky because you'll need to have the backbone to say "no" to the option to finance the car on-site, and get a number for the full amount that you'll need to cover the loan, including any taxes or fees. Another option is to request a "blank check" loan from your bank. In this type of loan, both you and the bank, agree on an acceptable range for the loan, and the terms for the loan. You can shop for a car within this price range. Once you have the full amount, you just write that amount into the blank check given to you by the bank. This option has the added advantage of having a little bit of flexibility.

 

Documents to bring with you to the bank.
Regardless of your credit standing, there are certain documents that you'll need to present before you can purchase the car. You'll need to show your driver's license, to show that you are legally able to drive the car. You'll also need to present proof of insurance. A minimum of liability coverage is required in all 50 states, and you can expect that some lenders will also require you to carry comprehensive and collision insurance to cover the vehicle while you are paying off the loan. You'll also need to show some proof of income, whether through past paystubs or other means. Finally, you'll need to show proof of a permanent residence, usually by showing business mail with your name on it.

 

Getting a loan at a bank is a fairly easy process, provided that you have done your homework. If you are not sure of what documents your bank requires, talk to them before your loan appointment so that you will be prepared. 

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Options for Car Loan Sources

Posted on Sep 22, 2011 by Thalia Green
Sep 22

Car loan sourcesAre you aware of your options for car loan sources? Here is a short list of places to consider if you need a car loan.

 

Car Dealers
The most common place that people get a car loan from is onsite with a dealer. Nearly all dealers have a finance department where people can get a car loan for the vehicle they have just selected. In some cases, going through the dealer is the most logical choice. This is especially true if you are purchasing a new car. Dealers have extra leeway because the loan is financed directly through the manufacturer. As such, the manufacturer can offer perks such as zero percent interest. However, you may find that by going through a dealer you end up paying more for the vehicle.

 

Banks
All banks offer options for auto loans. If you have a good relationship with your bank, it's definitely worthwhile to find out what kind of terms they can offer you on the car you are considering. If you choose to finance your car through a bank, it's usually best to visit the bank before visiting the car lot. Do some research on the type of car you are considering, so you'll have an idea as to how much you'll need for the loan. If your credit is good the bank may be willing to offer you a "blank check" loan. This means you are approved for a loan up to a certain amount, with the terms previously negotiated. You can then visit the dealer and negotiate terms for the car as a cash customer, which will almost always get you a lower price on the vehicle.

 

Credit Unions
Though similar to banks in their operation, credit unions are different from other financial institutions in that they are non-profit. Most often credit unions are set up through large employers, or through a group of employers. Their main function is to serve their members, not to make a profit. For this reason credit unions tend to offer better service than banks, and in some cases can offer lower interest rates than banks. Although credit union membership is not an option for everyone, if it is available to you it might be worth investigating.

 

Because you will be making payments on your car loan for many months to come, it is important to make sure you get the best rate possible. By shopping around you can be sure that you'll get the best deal for you.

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