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When
financing a vehicle, most people go through internet banks,
internet lenders, their own bank or credit union.
These banks or credit unions simply make money on the
interest you pay, so you know no one is trying to rip you
off. Although
this may take additional steps and days to go through
another financial institution, rather than the dealership,
it is worth the time. It
is important to note, especially when financing a used
vehicle that banks will only finance up to (a certain
percentage) of the wholesale blue book value of the car.
Most people
will still use the dealership’s financial institutions due
to the convenience of doing the whole transaction in one
place.
If this is you, make sure you do your homework before
signing anything.
There are
some occasions when the dealership can offer you better
financing options or additional financing options which can
be to your benefit. But beware, financing tricks are harder
to catch.
Special
Financing
Special financing is offered to those with poor credit.
Special financing customers will pay a very high
interest rate (up to 21% or more in some states) so it is
advisable not to purchase an expensive vehicle and to place
a large down payment. If you have had a recent bankruptcy,
late payment, charge off, collection, short time on the job,
low monthly income or a repo which occurred less than a year
ago, you may qualify for special financing.
If you really need a vehicle and have poor credit,
financial institutions can still help you through special
financing. You
may be required to submit pay stubs, a phone bill or utility
bill and references. If
you can wait, it is best to repair your credit prior to
purchasing a car
Cosigning
A Car Loan
What would you do if a friend or relative asked you to
cosign a loan? Before you answer, make sure you understand
what cosigning involves. Under federal law, creditors are
required to give you a notice that explains your
obligations. The cosigner’s notice states:
Read
More
1st
Time Buyer’s Program
1st time buyer's program is for individuals buying a car for
the first time. If this is your first vehicle purchase and
you have been employed for more than 6 months to 1 year with
no credit history, you will be given a FAIR financing rate.
If you have bad credit, you will not qualify for this
program. You
must have proof of income and may be required to place a
larger down payment. This
program is offered by almost all financial institution.
Our
site is designed to make the loan process
as stress-free as possible. No more moving from bank
to bank in search of the product that fits your needs.
Everything you'll need is right here, from calculators
that will help you determine the amount to borrow and
estimate your monthly payments, to a loan resource
center full of information, products and services that
you can use to your advantage.
Our
unique marketplace concept was created
especially to...
- provide
you with the easiest, most convenient
way to get a loan you've ever experienced.
- let
you choose an offer from up to four of the
nation's top-rated, most recognized lenders.
- provide
you with great rates and terms
- put
you in complete control of your borrowing
process.
 Apply
in Minutes for an Auto Loan
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