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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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