Looking For A Car Loan?

How does one go about getting a loan for your new car purchase? One should keep in mind that there are various loan offers that may distinguish the desirability of one loan over another. Finding a car loan with the right benefits and interest rate can be the difference between you buying the car of your dreams or simply a car that you can afford. So, it is important that you give yourself solid answers to these questions:

  • What is your current financial situation?
  • How you expect your finances to changeover in the coming years?
  • Which car you want?
  • Do you think it is likely that you will want to refinance at some time during the life of the car loan?

Before choosing a car loan, there are several things that should be kept in mind which are as follows.

Credit History: there are several lenders that may lend you money even if you have bad credit, but they may penalize you to pay high interest rates.
Compare Rates: rates vary and there is no sense spending even a dollar more than you have to so get several quotes before you buy your car.
Transfer Balances: be sure to look for hidden fees and transfer balances that my not be apparent at first glance.
Required Information: lenders will require your financial information such as whether you own or rent a home, how much your payment is how much money you own on credit cards, etc.
Pre-Payment Penalties: if such a penalty is built into the loan contract, the lender will penalize you, by charging a fee, if you pay the loan off early, whether through refinancing or by any other means. So, if you think it is likely you will want to refinance at some time during the life of the car loan, this is clearly an important consideration.
Simple Interest Loan: never agree to a car loan that is not a simple interest loan.

Remember to go through the car loan contract thoroughly and be sure you understand each and every word. If you do not, take your time and ask any expert. But don’t let anyone rush you through the process. In this way, you could get the car loan that is right for you now and in future too.

12 thoughts on “Looking For A Car Loan?

  1. So I was approved for an auto loan, the bank said I just need to stop in with the owner of the car I wish to buy. But the person I want to buy the car from works whenever the bank is open, therefore that will not be possible. Would I be able to write up a bill of sale tonight, and then tomorrow morning go into a bank, take the loan out and bring it to the seller later and exchange for the car?

  2. I want to know how much financing the bank willing to give me, what’s the interest rate, how much repayment etc

  3. Hello I am currently a student in college I do not have I job but I do work a job part time job in the summer. But I really do need to get a car is there any bank or credit union In PA that can help me. The car I would like to get is only 3500 dollars including tax and tags.

  4. I need to trade my 2002 chevy tracker in for a car. I owe $12,000 yet on the tracker. Blue book says $7500 trade in value. I currently have every extra warranty and gap on the tracker. What can I do? How do I do it? I’m looking for a Toyota car. Should I go newer like 2005 or older like 1998? Which would be the best way to go?
    Should I hope and pray for it to get totaled?
    Can I sell it instead of trade it in?
    So far where I live I’ve found:
    2005 Corolla $10,500 and 47,920 miles,
    1998 Camry $5,944 12,2657 miles, or
    1996 Camry $3,977 177,207

  5. My thinking is to buy a used car from private individual instead of going to a dealership. Is it best to first find the car your looking for, then apply for the loan? Or is it better to apply for a car loan with a set amount in mind, and then have the money ready to go once I come across the car Im looking for?

    Thank you to all who answer

  6. I have limited credit which means dealerships/banks want to see a 30% down payment and/or co signer. I do not have either. Is there any program for reservists that allow me to take out a car loan for a low interest rate and no down payment?
    I heard something about a VA loan? .. is that only for full time?

  7. I can make monthly payments of $400 to $500 per month and I have been at the job for over 6 years. I do not know the score, but i have no repose or bankrupts on my account. I know that my score is not excellent and that is is not rock bottom either but I would like the best financing that I can get

  8. My credit is new and my score is 571, our monthy income is $8000 is their a place for me?

  9. I need to trade my 2002 chevy tracker in for a car. I owe $12,000 yet on the tracker. Blue book says $7500 trade in value. I currently have every extra warranty and gap on the tracker. What can I do? How do I do it? I’m looking for a Toyota car. Should I go newer like 2005 or older like 1998? Which would be the best way to go?
    Should I hope and pray for it to get totaled?
    Can I sell it instead of trade it in?
    So far where I live I’ve found:
    2005 Corolla $10,500 and 47,920 miles,
    1998 Camry $5,944 12,2657 miles, or
    1996 Camry $3,977 177,207

  10. I’ve been paying for a car that was totaled in an accident and I’m starting to feel the pinch in my wallet. There’s a program that helps with down payment assistance but I don’t know if the bank will loan me money if I stop paying for that car.

  11. I need to trade my 2002 chevy tracker in for a car. I owe $12,000 yet on the tracker. Blue book says $7500 trade in value. I currently have every extra warranty and gap on the tracker. What can I do? How do I do it? I’m looking for a Toyota car. Should I go newer like 2005 or older like 1998? Which would be the best way to go?
    Should I hope and pray for it to get totaled?
    Can I sell it instead of trade it in?
    So far where I live I’ve found:
    2005 Corolla $10,500 and 47,920 miles,
    1998 Camry $5,944 12,2657 miles, or
    1996 Camry $3,977 177,207

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