Category Archives: Used Car Loan

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What You Need To Know For Getting A Used Car Loan

In the current competitive loan environment used car loans are much easier to find than they have been. Therefore careful research before shopping for a car is a much better way to get the best used car loans. Independent brokers are very customer-oriented and have access to products from most of the leading market providers. This enables them to search for the best loan products to meet customer needs. Rates are usually much better which ultimately saves customers on monthly payments and in total loan repayment costs.

Any type of cars can be financed with this loan. In this context, it is necessary to mention that a used car loan is available for those cars that are not more than 5 year old. A borrower can borrow the equal amount of the car. This loan is mainly offered for 2-5 years, available both in a secured as well as in an unsecured form. If you want to avail this loan in a secured way, you can use the car that you are about to buy or any other property as security, including your home or land. The interest rate of this loan is lower than unsecured loans, which are available without collateral. Loan terms affect both your budget and loan costs. For the cheapest loans, it is better to go for the shortest period.

Your credit history is of prime concern to lenders. To make sure that they understand you better, make sure your credit report is up to date and accurate. You can do this by getting a free copy of your credit report. If there is any mistake, ask the reporting agency to check and rectify the oversight. Besides your credit history, lenders also want to know about your assets. For the best rates, plan on a down payment of 20% or more. You will also want to have some cash in the bank as a reserve fund. Lenders prefer to see reserves for two or more months worth of living expenses.

These days, a used car loan is also available over the internet. Car buyers have the ability to go to a motor loan specialist web site, enter basic information about their needs, and receive car loan quotes based on their needs. It is available around the clock. So, at any time you can apply for this loan from anywhere. By opting for this option, borrowers can collect loan quotes of various lenders within a minimum time. In addition, the application process is very easy in this option. Submit an online application form and set aside the hassle of extra paperwork.

One of the most effective ways to save money on your used car purchase is to research lenders before you buy. Not only will you be able to find the most competitive financing, but you will also be able to better negotiate your cars selling price. With a change in the trends of the financial market, in spite of bad credit you can find loans to buy used cars or to finance any other requirements. With proper search, you will easily find a large number of auto car loan lenders, offering either good or bad credit used car loans at lower rates and favorable terms.

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Used Car Loan – A Shorter Loan Term is a Happy Loan Term

According to data released by Experian, 10.1 percent of all current used car loans are longer than six years – this shows a rise of 11.5 percent over 2012. It is the age of longer loan terms and many car buyers are opting for it because the cars have become costlier and car budgets have become smaller.

A couple of years back, 60-month loan term was the trend. Today, lenders are offering 72-month loan terms. Few car buyers have even received 98-month loan terms for buying cars. If you are in the car market and shopping for a used car, lenders will offer you longer loan terms and lower monthly payments. You may consider it a good alternative because of your over-stretched budget. You already have several payments to make by utilizing the low-household income. And, longer loan term may seem to be the only affordable alternative.

But, you cannot be more wrong. Here are reasons to help you understand the reality of longer term loans.

1. You spend More Money in Interest

When you opt for a used car loan with longer loan term, you end up paying more money in interest than you will pay when you select a shorter term. Let’s take an example for it.

Scenario – 1
Car Loan – $ 10,000
Interest Rate – 4%
Loan Term – 4 years
Monthly payment- $ 225.79
Total Interest – $ 837.95

Scenario – 2
Car Loan – $ 10,000
Interest Rate – 4%
Loan Term – 7 years
Monthly payment- $ 136.69
Total Interest – $ 1 481.80

So, if you want to save a considerable amount of interest, you must opt for shorter loan terms. Don’t get fooled by lower monthly payment. It is just lender’s way of attracting you and earning more bucks.

2. Shorter Life of Used Cars + Longer Loan Term = Higher Problems

There is one more reason for choosing a shorter loan term while buying a used car. Pre-owned automobiles have a shorter life in comparison to new cars. So, if you opt for a longer loan term, you will end up with an upside down car loan. You will owe more money on the car than its worth. This situation can create a problem when you try to sell or trade the automobile. It will also be a problem in a situation when the car is destroyed in an accident.

Now, when you opt for shorter loan term, you have to manage slightly higher monthly payments. To tackle higher monthly payments, you have to reduce the loan amount. Here’s how you can do it:
a) Make a smaller down payment by utilizing your savings or
b) Trade-in your old car or
c) You can choose a car with a lower value.

It is quite understandable that making higher payments can be an inconvenience but remember that a short-term inconvenience is better and affordable than a long-term loss.

So, remember to choose shorter loan terms while shopping for a used car loan.

Looking for an affordable used car loan with bad credit? Fast Auto Loan Approval will help you in obtaining low rate used car loans. Higher flexibility, lower rates and easy approval despite bad credit history are the many benefits of applying with the company. Apply now.

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Cheapest Used Car Loan Rates – Bank Of America

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Buying a used car in Las Vegas: Financing auto loan-dealership, bank or credit union? Buying a used car in Las Vegas
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This part of buying a used car in Las Vegas is definitely tied to having a good credit score vs bad credit score. When I was getting ready to buy a vehicle from a used car lot in Las Vegas I was not sure how I was going to finance the auto loan. In the past I had either bought used cars with cash or one time I did have a car note through a credit union.

I had heard that financing a car loan through a dealership was the best way to go, but I wanted to do some research and shop around before I decided to buy a used car. I looked at the dealership, my local bank, and a local credit union all here in Las Vegas before I decided on financing.

The dealership gave me their interest rate first. After that I went to a branch at my bank to see if they could offer a better interest rate than the dealer. It turned out that my bank could not offer a better interest rate than the dealer unless I wanted to borrow more money to buy a car. No thanks!

After visiting my bank, I decided to visit a credit union also. The credit union was able to offer me a better rate than my bank, but the credit union was going to have a tough time beating the interest rate that I could get through financing at a dealership. The credit union was able to match the interest rate from the dealer, but I would have needed a bigger down payment on the car in order to achieve a certain loan to value ratio, and I would have had to choose the shortest repayment plan that the credit union offered. That was the only way the credit union could match the interest rate to finance the car that the dealership offered me.

In the end I decided that if I was going to be buying a used car in Las Vegas that I was better off financing the vehicle purchase through the dealer. The advantage that the dealership has over an individual bank or a credit union is that the dealership can shop around for interest rates from multiple banks and lending institutions. Since the dealership has more access to shop and compare rates for the potential customer they are usually able to work out the lowest interest rate.

I’m happy with the interest rate I was able to get from the dealer to finance my car loan. However, I’m also glad that I chose to shop around at a bank and a credit union to see if there was a better auto loan option open to me than just going with what the dealership was offering. Financing the car purchase ended up being a fairly painless process in buying a used car in Las Vegas.

How do you guys choose to finance your car purchase? Do you finance through a bank? Do you get car note from a credit union? Do you just get your auto loan through the dealership? Or do you only buy with cash? Please share in the comments!

Buying a used car in Las Vegas: Financing auto loan-dealership, bank or credit union?

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Buying a used car in Las Vegas: Having good vs bad credit score

Pennsylvania Used Car Loan Program for Bad Credit – The Best Way to Own a Car despite Credit Issues

My friend visited me from Pennsylvania last weekend. She was tired of lack of opportunities of getting a bad credit car loan in a large city like Pittsburg. She asked me for help and wanted to know ways of getting a new car despite bad credit history.

Her situation is quite similar to other people in Pennsylvania. Many bad credit borrowers have a hard time finding new car loans. They don’t get a loan approval easily. And, those who do don’t love the rates that they receive. And, my advice is same to her and other Pennsylvanians – Get a used car with bad credit auto loan.

Why Used Cars are a Better Option?

Bad credit car buyers can opt for a used car because they are comparatively cheaper. This means a lower loan amount and affordable monthly payments. Also, many used cars are in a better condition than what they used to be. This makes them a win-win deal.

How to get approved for PA Used Car Loan with Bad Credit History?

Ellen has terrible credit history. It’s because she lost her job in the last recession and was unable to pay bills. There are other people with similar stories. Lenders in Pennsylvania understand that people have suffered because of severe economic condition of the nation. They have no problems in approving a bad credit borrower. All they want is security of their money. How can you assure lower risk to the lender? Here, the answer:

Prepare your Document File

When the PA used car lender sees your file complete with your income proof, employment details and list of receipts of utility bills, he will be assured of your financial condition. If the lender becomes sure of your current financial stability, he may offer you a Pennsylvania used car loan program instantly.

Find a Co-Signer

Remember that a co-signer can turn the tables in your favor. Convince someone with a good credit score to become your co-signer. Your co-signer shouldn’t be debt-ridden. A person with high debt-to-income ratio will find it difficult to make payments, if you fail to do so. This will increase the risk factor and so, lenders will be against it.

The Down Payment Deal

When you want easy used car loan approval despite bad credit history, down payment can help you. Minimum of 10% of the total auto financing amount is ideal for down payment. Although, more is always better. If you don’t have cash for putting money down, then you can trade-in your old car or even put your property as collateral. It is advisable not to apply for no money down car financing program because you will have to pay slightly higher rates.

The Perfect Lender and the Best Deal

My friend did a mistake of applying with several traditional lenders. As most lenders don’t approve an individual with bad credit, she had to face constant rejection. Don’t commit this mistake. Apply with only those lenders that have no problem in approving your bad credit car loan in Pennsylvania. Also, the lenders/auto financing companies should be offering used car loans.

When you apply for a bad credit car loan in any Pennsylvanian city, remember to analyze the loan quote. Don’t just rely on the loan rates offered to you. Check the monthly payment amount, loan term and conditions, total loan amount, total interest amount, penalties and fees, etc. Choose a deal only when you are very sure of making regular payments. This way your credit score won’t be harmed any further.

Once your credit score improves and you are in a condition to buy a new car, you can opt for one. Till then, it’s essential that you work with a pre-owned automobile. Remember a car is a car. And, as long as it is taking you places, it is fine.

All the Best Pennsylvanians! Ellen found her best deal with these tips. Hope that even you find the car of your choice with affordable loan rates!

Fast Auto Loan Approval is the perfect place for getting a used car loan. Bad credit borrowers can get instant auto loan approval because the company is experienced in providing bad credit Pennsylvania auto financing programs. Apply now to get your low rate car loans quote!

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13 Car Buying Mistakes – How Auto Dealerships rip you off – by Kevin Hunter (TBFS Radio) Need automobile buying guidance? Kevin Hunter hosts “business Forum Show” and it is mcdougal of “Is that the most useful you can do?” on Amazon Kindle. See the brand-new movie on “Getting Pre-Approved on auto loans!” at Kevin Hunter invested hours and hours looking into and compiling the details and information shared on this video. Hopefully you prefer it!

People in vehicle business just who make money from your mistakes by taking advantage of you are going to rant about things we share here and disagree using the content, but try not to be tricked by their particular rhetoric. A dishonest automobile salesperson absolutely really loves an ignorant vehicle consumer. We shall you will need to help you prevent the typical errors, and assist you in sorting the important points from baloney inside business. We profit nothing no matter what you decide to pursue, so we don’t mind if you opt to perhaps not use the information. Should you choose, you will discover yourself walking away with a much better vehicle package. If you don’t, there is no need much room to complain if this things happens.

How do vehicle Dealers rip you down? This video provides 13 various automobile buying blunders that you cannot manage to make whenever vehicle shopping. If you are going to car store and don’t desire to be cheated, it is your decision to know about automobile salesmen and car dealerships, plus the dirty tips they perform to tear folks off. You also need to learn towards cons and inappropriate services and products offered by both brand new and car dealers, and just why several things dealers offer should NEVER be bought. Included in these are things such as the theft security fraud, GAP insurance coverage that’s sold to customers just who either don’t want it, or might have bought much cheaper from their own insurance professional, and extended warranties which can be usually sold to purchasers which did not want them or need all of them. To create things worse, there are tens and thousands of vehicle dealers which use finance officials which are a few of the most unscrupulous men and women you’ll previously fulfill, ready to tell you any lie they can develop to sell you everything I explained, plus. The worst people will claim your interest rate in your loan is just readily available in the event that you buy most of the included products they have been proposing. They claim the ‘bank’ wishes the automobile shielded…. that is BS… Quite the opposite, the lender desires your loan no more than possible so if they have to repossess the automobile, they are able to obtain cash from it.

This movie was posted that will help you discover how you can save time and money on your next brand-new or used car buy by doing your research initially, then going automobile shopping as the best customer.

Will it be unreasonable to expect a little old-fashioned honesty? We don’t think-so, but we’re a lot more than amused by the countless car salespeople or vehicle dealers whom contact us and state that we are making a ‘small issue’ sound far even worse than it is. Additionally they inform us the complete video is completely fabricated baloney. Truly? Have you been kidding united states? We all know there are honest individuals into the car business, therefore we obtain positive reviews from most of them, but it is positively a buyer beware globe from the car great deal!

For several of you car buyers that are well steeped actually, if you watched the video clip “Confessions of a car or truck dealers backroom” you need to see this movie. By comprehending exactly what errors to avoid, you’ll not just become a smarter vehicle buyer, however you will additionally better determine what to not ever inform a motor vehicle dealership when purchasing a motor vehicle. It’s true that you’ll play all your valuable cards in advance with a genuine dealer, regrettably, they represent the minority of dealer owners (really clear and honest dealers form about 40per cent of dealers), and you’re not likely to know the real difference until it’s miles too-late. Be wise, do your homework, and you should come home with a car or truck deal that’s healthy while the dealer. All things considered, that is what equity is focused on. We don’t promote anyone being fooled, which includes some clients who think it’s ‘justice’ to make tables and attempt to ‘steal’ a car from a dealer. Should you choose things like this, that produces you a crook too, does it not? When a car dealership loses money on a deal, they just go from the after that naive individual. We don’t think your neighbor should have to pay for your car, therefore we encourage one to be reasonable and truthful. Every thing we discuss is because of fairness and honesty, and therefore works both means. Respect the dealers directly to earn money within pursuit for a reasonable and truthful vehicle price, showing to them you are a reputable individual too. It is this type of attitude by car dealers and customers alike that’ll change the car business. We desire you the best!

Do not forget to see our brand new video clip “Getting Pre-Approved on Car Loans!” at

Buying A Used Car? John Oliver Has The Ugly Truth About Auto Loans

< object type =" application/x-shockwave-flash" design =" width:425 px; elevation:355 px; "information ="//" >< param name="flick" value ="//"/ >< param name =" allowFullScreen" value="true"/ >< param name =" allowscriptaccess" value =" always"/ > John Oliver, host of HBO’s “Recently Tonight,” located disturbing similarities between the simple loans dished out for used cars and the mortgage situation that ruined the economic situation in 2008.

Currently, auto dealerships are making high-risk, high-interest lendings that “catch people with couple of choices right into paying greatly greater than an auto deserves,” Oliver stated. “It’s simply among the several ways in which when you are poor, everything can be more costly.”

The typical interest rate on a “acquire here, pay below” loan made by used-car dealers is 19 percent, however some buyers are compensating to 29 percent for loans that many default on within approximately just seven months.
Video clip Rating:/ 5

Your Car Loan Is Killing Your Wealth – Dave Rant

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Dave discusses auto loans and their hindrance to wide range building.

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