Lowest Auto Loan Rates

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Lowest Auto Loan Rates – How to Get Them Even with Poor or Bad Credit!

To get the lowest possible auto loan rates, it’s important to understand two things: 1) The current interest rates for the market, including different lender options and financing offers, and 2) Your personal credit rating & history. Though Auto credit indeed has become harder to get after the economic meltdown, as lenders swung from indiscriminate to overly conservative practices, car dealers say that the market is simple not as by as people conclude it to be. Whatever the case may be it has kept shoppers away from their dealerships. The situation however is ever improving, especially as domestic manufacturers have ratcheted up incentive offers.

Lowest Auto Loan Rates

There are several primary factors that can determine your interest rate and getting the lowest auto loan rates on the market:

* Your lender. Unless you borrow money privately, will be attempting to use a bank or credit union to get financing options. Most banks and credit unions rates are higher on average the more direct lenders that specialize online in auto financing and can provide the lowest auto loan rates. The car you’re buying. Are you buying a new car? A used car? A very used car? New-car rates are often the lowest.

* Loan-term length. When automakers introduced 0% financing to keep cars selling after the September 11 terrorist attacks, they were only offered on two- and three-year loans, which drastically raised rates and monthly payments. Now, a lot of automakers are offering 0% financing on 5 year loans. The down side is, longer bank loans come with higher interest rates.

Lowest Auto Loan Rates

* Your credit rating. Borrowers with better credit get lower rates. Jack Gillis, public affairs director for the Consumer Federation of America, estimates that only 15% of Auto buyers qualify for zero percent offers from banks and credit unions.

Lowest Auto Loan Rates

* Auto buyers generally borrow money from 3 main lending sources: banks, credit unions and automakers. Auto Loans from these sources most likely come through the dealer, who often serves as the middleman and takes a cut in the process taking more money out of your pocket in the long run.

Lowest Auto Loan Rates

Getting a loan through a direct auto dealer is however, automatically less expensive. In fact, direct auto dealers and lenders provide the only way to get specialized low rates from automakers even with low or poor credit rating.

Direct Lenders and Dealers borrow money at wholesale interest rates, which they then pass on to you which means you will get the lowest auto loan rates regardless of past history. Because the Direct Lenders rate is lower, your rate is lower. And because Direct Lenders are not subject to Banking Laws they are able to provide auto financing with the lowest auto loan rates even to people with poor credit or bankruptcy.
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