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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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Used Car Loans

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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Why Some People Get Better Car Loan Rates Than Others

Posted on Oct 12, 2011 by Thalia Green
Oct 12

"I have a car loan with 3% interest!" "That's nothing, I have a car loan with ZERO interest!" If you have ever heard others brag about their super-loan car loan interest rates, you might wonder where how they got so lucky. The truth is, the car loan interest rate by itself means nothing. Here are some reasons why some people get better car loan interest rates than others.

 

1) Better Credit
Make no mistake about it, in most cases having great credit can mean you will get a lower interest rate. Those with great credit have shown that they are worthy credit risks, and are accordingly rewarded with lower car loan rates. Those with bad credit will have higher rates in order to make the loan more profitable. The lender views bad credit as higher risk, therefore to offset the risk they will raise the interest rate. This way if the buyer defaults on the loan, the lender can still make some money.

 

2) New Cars vs. Used Cars
Another factor to consider is whether the individual is buying a new car or a used car. If they are buying a new car, there's an increased likelihood of getting an outstanding interest rate, even with so-so credit. This is because the financing for a new car can come directly from the car manufacturer, and as such they have the flexibility to offer zero interest, because they are still making a profit off of the car. Keep in mind that if you elect to go with a zero interest car loan at the dealer, it's very likely that you'll end up paying the sticker price on your new car or close to it; there is very little wiggle room on the price when you opt for a zero interest car loan.

 

3) The Source of the Loan
If you think all loans are equal, think again! Interest rates can vary greatly among lenders, so be sure to shop around to find out who can give you the best rate.

 

Bottom line, while a low interest car loan is usually a good thing, you need to look at the whole picture, such as the length of the loan, the type of car (new or used), and where that loan originated from. Knowing these factors will allow you to determine whether you truly got a good deal on your car loan.

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Interest Rates

Finding Out The Invoice Price On a Car

Posted on Sep 23, 2011 by Thalia Green
Sep 23

used car pricingRich or poor, everyone loves a good deal. This is especially true on big-ticket purchases such as cars. However, determining what a good price on a car is can feel like trying to hit a moving target. Many cars have a variety of options available, which will greatly impact the price of the car. While the dealer is likely to laugh at you if you ask him to tell you what he paid for the car, there are ways that you can get a fairly good idea as to what the invoice price on the car is.

 

Get Specific.
If you want to figure out the approximate invoice on the car, you need to know more than the make and model. For example, let's say that you are considering purchasing a Ford Mustang. Do you want a hard-top, or a convertible? If it's a hard top, do you want a moon roof? Are the seats cloth or leather? What color is the car? What kind of stereo system does it have? What type of engine does it have? Get as specific as possible. If the car you are considering is on a dealer's lot, you may want to pay the dealer a visit after hours and take some notes on the car's fact sheet.

 

Do The Research.
Once you have pin-pointed the car that you want, use the internet to help you do your research. Websites such as Edmunds and Kelley Blue Book allow you to enter the various options on a particular make and model. The more detailed you can get in the trim options on the car, the more likely it'll be that you'll get an accurate estimate of invoice price. You'll want to go through this process with a couple of different sites, to ensure that you are getting accurate information.

 

Add-ons?
So you've picked out your car. Is it perfect as-is, or do you want to customize it? Adding options on will obviously increase the price of the car. Again, it helps to be specific. For this part of the process you may need to meet with the dealer to find out what options are available, and how much extra they would be.

 

Although it can take awhile to do the homework involved, it is well worth the effort to get an estimated invoice price on the vehicle. Knowing this one number will put you in a better position to know if you are getting a good deal.

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General Car Loans Tips | Used Car Loans

Choose Wisely: Why a Used Car is a Good Choice

Posted on Sep 13, 2011 by Thalia Green
Sep 13

In the movie "Indiana Jones and the Last Crusade", an old knight says to Indiana Jones, "You must choose, but choose wisely." If you've ever visited a car lot, the choices between new cars and used cars can be dizzying. On one hand the price of used cars is certainly enticing, but on the other there is the risk factor...what has this car been through in the past? What if you need expensive repairs? Here are some reasons why getting a used car is nearly always a good choice.



1) Less of a chance of being upside down.
If you are getting a used car loan with bad credit, odds are good that you'll be required to make a substantial down payment. However even if you have good credit you should still make a substantial down payment, to avoid being upside down on your car loan. As everyone knows, all cars depreciate over time, but those over three years old depreciate more slowly. By buying a used car there is less possibility that you'll be upside down on the loan, meaning that you won't owe more on the loan than the car is worth. The larger your down payment, the less likely it is that this will happen.



2) More affordable payments.
Even with a small down payment, a used car will most definitely be more affordable than its new counterpart, for the simple reason that used cars cost less. If less money is needed for the car loan, then the payments will also be smaller, and easier to fit into your budget. This will mean that you'll have more money left over each month to tackle your other debt. If you have bad credit and are working on rebuilding your FICO score, more money is most certainly a welcome thing.



3) Eliminating the risk element.
OK, you see the point in getting a used car, but what about the possibility that it might be a lemon? If you end up having costly repairs, they might wipe out the financial advantage of buying new. Fortunately there are ways to help safeguard yourself. First, read reviews of the car you are considering. Although it might look great on the lot, certain cars are notorious for requiring major maintenance as they get older. If you have a friend who is a mechanic, get their opinion on which used cars are the most reliable. This same mechanic can also look over the specific car you are considering. Other sites can help you find out the history of the car, as well.



Even with the added risk of getting a used car, it is still a wise choice to buy used rather than new. Remember that cars are great for transportation, but they are lousy investment. Spend as little as possible for your bad credit car loan and use the rest to attack your debt or save in real investments.

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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

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