Jonni's auto loan has just been sent to a used car dealer in Barnsdall, OK.
Apr 20, 2015 - 09:08 pm
Corliss just qualified for a bad credit car loan in Drumright, OK.
Apr 20, 2015 - 09:19 am
Myra from Ratliff City, OK has been approved for an auto loan with ZERO down.
Apr 20, 2015 - 08:08 pm
Shere has just finished the application for a used car loan in Garber, OK.
Apr 20, 2015 - 10:54 am
Before zoning in on a specific vehicle that you want to buy, new or used, make sure you have your auto financing ready and that you know how auto lending works
. By doing this it eliminates many areas that a dealer can slip in extra money.
Many resources are available when considering your auto financing needs. If you choose to go through a bank or credit union you may have an approval before you ever start looking at a vehicle. Banks usually offer low interest rates and credit unions are usually even lower yet.
Online lending for auto financing has become very popular. Financial institutions offer online lending that offer eye-catching interest rates and longer contract lengths. Online loans are handled solely on the internet and have a check available in just days. Having this check allows you to enter the showroom as a private-party purchaser, which dealers don't necessarily like because those added costs are not able to be squeezed in.
Home equity loans or family help are also options to consider. You will get a very low interest rate if you choose to take out a home equity loan and the payments are tax deductible. The important thing to consider if this options is chosen that it does not put you at any risk of losing your home. Family help may be an option. Borrowing enough money to pay cash is certainly not an option, but a family member co-signing your loan may be. It is imperative that all parties are aware of the details and responsibilities of this loan should problems arise down the road.
Dealer auto financing, as a rule, will save you money on new car financing. Finance companies and bank can't compete with interest rate incentives from the vehicle manufactures. Car lots also do a much better job with no credit auto loans
, that is to say if you have not established any credit. Most lenders shy
To guarantee your getting the best auto financing enter the dealership as if you have outside lending or are a "private-party" purchaser. You can put the pressure on the dealer to beat the rates and terms that you have already obtained which puts pressure on them rather than on you.
The best thing to remember when searching for auto financing is that interest rates vary. Used autos will have a higher rate than a new auto and a new auto can be financed over a longer period of time.