Auto Loans
For potential car buyers who do not have the immediate means to purchase a car, auto loans make the purchase possible. By borrowing most or all of the money needed to buy the car, a potential car buyer can drive away in a new or used car having only put down a percentage of the price. Thus, auto loans make car ownership possible even for those people with few savings.
When you take out an auto loan, you are required to sign a contract that states the terms of that loan. Auto loan terms include many items including the APR or annual percentage rate—the interest rate you pay, the repayment schedule and any associated fees or penalties which may apply. Before you take out any loan you should read through the terms thoroughly. There is a lot of fine print, and if you are not careful you could end up with an unfavorable interest rate.
Besides the amount of money you plan on putting down, auto loan qualification is usually determined by your income and credit score. If you have great credit but don’t earn very much money in a year, the amount lenders might be willing to give you goes down. Likewise, if your credit score is poor, you might get a loan but only with a higher interest rate.
There are all kinds of auto loans, from 100% financing loans, same day loans, to bad credit loans and low APR loans. Look into your options and find out what you might be eligible for. With an auto loan, a new or used car purchase is closer than you think.
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How to Get a Guaranteed Auto Loan with Bad Credit
Posted on October 8, 2013It’s still possible to get a guaranteed auto loan if you have bad credit. In fact, there are some lenders that specialize in bad credit car loans. They’re called subprime lenders, and they allow people that have not-so-great credit to afford the car that they need. If you follow these simple tips, you have a […]
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How to Get a Same Day Car Loan with Bad Credit
Posted on October 8, 2013Bad credit auto loans have become very prevalent due to the fact that a large percentage of the American public has some sort of derogatory mark on their credit report. You have bad credit and you want to get a loan the same day you apply for it. Bad credit is no longer something that […]
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How to Get an Auto Loan Modification with Bad Credit
Posted on October 8, 2013Getting an auto loan modification is not impossible with bad credit. Many people suffer financial setbacks in their lives and an auto loan modification may help a person’s financial situation. An auto loan modification is when the bank rewrites your loan to lower your monthly payment. The bank may also be willing to modify the […]
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Bad Credit Auto Loans and Bankruptcy Loans: Are They Equal
Posted on October 8, 2013Because almost a quarter of all American households are credit challenged, bad credit auto loans are becoming more and more prevalent. Having imperfect credit should not stop anyone from obtaining a car loan, since literally thousands of bad credit loans are written every day in the U.S. Because of this fact, you should have little […]
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Bankruptcy Auto Loan Companies: A Comparison Guide
Posted on October 8, 2013A bankruptcy auto loan is both good and bad: good in that it gives the recipient of the loan a chance to begin restoring their credit score and to purchase a car, and bad because the interest rates and penalties are extremely high. These high risk auto loans aren’t easy to find, but if getting […]
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Getting an Auto Loan Charge Off while in Bankruptcy
Posted on October 8, 2013An auto loan charge off while in bankruptcy is a process through which, despite being unable to make the payments on your car, you may be able to keep the vehicle instead of forfeiting the money you’ve put into it. This is essentially a loan that a consumer can apply for which will go towards […]
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Bankruptcy Auto Loans: When’s the Right Time?
Posted on October 8, 2013Bankruptcy auto loans may be necessary in situations where you absolutely would not be able to afford a car otherwise due to the downfall of your credit score, but these very bad credit car loans are hardly ideal if they can be avoided. If you’re looking into getting a car loan with a bankruptcy on […]
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Pros and Cons of Credit Union Auto Loans
Posted on October 8, 2013Those who are looking for auto loans to finance their next vehicle purchase may have been told to check into a credit union auto loan option. It’s true that credit unions can provide specific kinds of auto loan benefits. Here are some of the pros and cons of going through a local credit union for […]
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Bad Credit Auto Loans: Will a Loan Broker Help
Posted on October 8, 2013Bad credit auto loans can be tough to find, especially in economies where lenders don’t have a lot of money to gamble on high risk car loans. If you need to get an auto loan but have a bad fico score, you might wonder whether or not a loan broker will be useful to help […]
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Requirements for Credit Union Auto Loan Approval
Posted on October 8, 2013If you are planning to buy a new or used car and you do not have enough cash, you can always opt to apply for credit union auto loans. They are one of the best choices when you are looking for the cheapest auto loans in the market. Through these, you can save a lot […]
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Which Credit Union Auto Loan is Right for You
Posted on October 8, 2013Those looking to finance a vehicle may be looking at a credit union auto loan for getting the cash flow they need to drive off of the dealer’s lot. Among the variety of auto loan lender options available to consumers, credit unions occupy a specific space in the loan market. Here are some ways to […]
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How to Get Low Rate Auto Loans with Bad Credit
Posted on October 8, 2013Even if you have a low credit score, you can still secure a low rate auto loan. When shopping around for bad credit car loans, you need to remember that loan rates for borrowers with bad credit will be significantly higher than a borrower with a high credit score. However, there are a number of […]
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Bad Credit Car Loan: Key Tips for Getting Approved and Avoiding Pitfalls
Posted on October 8, 2013Getting a bad credit car loan is a bit more difficult these days but it’s not impossible. If you have bad credit but are in need of a new vehicle, there are still ways to get approved for a loan. Buying a car can be stressful and adding a bad credit rating to the mix […]
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Is Bad Credit Worse than No Credit
Posted on October 8, 2013A bad credit rating is a stain upon your financial record that can persist for years. It is possible to remedy the situation, but it takes time. Unfortunately, sometimes you need an auto loan now to make a car purchase. If, however, your credit is bad, you will have difficulty receiving a loan on favorable […]
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How to Get a Quick Auto Loan with Bad Credit
Posted on October 8, 2013It can be difficult to get a quick auto loan, especially if you have bad credit. A quick auto loan can generally be approved in one business day, and they aren’t offered by your local bank or credit union. To get this type of loan, you’ll have to go through your dealership or search online. […]
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6 Tips for Auto Loan Consolidation with Bad Credit
Posted on October 8, 2013Home loan consolidation is quite common but not as many people are familiar with auto loan consolidation. However, auto loan consolidation makes sense since your vehicles are assets in just the same way as your property. Auto loan consolidation is an auto loan solution that can lower your monthly loan payments by combining them all […]
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How to Get Instant Auto Loans with Bad Credit
Posted on October 8, 2013If you are in the market for a new or used car, chances are you may need to take out a loan so you can drive away with your new purchase, and applying for instant auto loans isn’t difficult if you do some of the preparations in advance. Think about Loan Options If you are […]
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5 Tips for Getting the Best Credit Union Auto Loan
Posted on October 8, 2013Credit unions and the credit union auto loan were originally created to cater to the needs of a small part of the profession and have grown to include a larger public. The credit union auto loan is therefore better preferred to other credit sources. At any rate, the credit union charges lower interest rates on […]
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How to Get 0% Auto Loans with Bad Credit
Posted on October 8, 2013Next to buying a home, most people’s largest purchase will be a car and finding 0% auto loans should be the goal. Similar to when purchasing a home, the buyers monthly payment is significantly affected by the interest rate they receive. Also like buying a home, the interest rate you receive is impacted significantly by […]
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How to Get Classic Auto Loans with Bad Credit
Posted on October 8, 2013Whether this is your first classic auto loan or if you’ve had one before, you know how difficult it can be to find a lender. The loan money is out there somewhere because the need is there. You have added concern if you have a negative credit report that makes finding a classic car auto […]
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How to Get Military Auto Loans with Bad Credit
Posted on October 8, 2013Military auto loans are normally considered good credit risks because of the steady nature of the employment. Military personnel can be seen by normal lending institutions as having bad credit because the normal means of building credit aren’t available to military personnel deployed overseas for extended periods of time. There are lenders that specialize in […]
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Can You Buy Back Your Repossessed Car at an Auction?
Posted on October 7, 2013You have as much right as the next person to buy at a repossessed car auction. Will you save money? It all depends. In repossession, your vehicle is taken because payments have been missed, and when it is sold at auction, it must not only cover the payments missed, but also the amount of the […]
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What Does it Mean to Default on a Car Loan?
Posted on October 7, 2013Simply put, to default on a car loan, you have failed to repay the loan, and the bank or other financial institution takes back the vehicle. A default usually occurs when you fail to make three or more payments in a row. This has a devastating effect on your credit. In this situation, it is […]
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Can You Double Up on Used Car Loan Payments after You Skipped a Month?
Posted on October 7, 2013Used car loan payments can be doubled up on to bring your account back into line. There is a big note here. The bank must agree to this arrangement before you try to do it. If you do not contact a bank loan officer to explain the situation, it simply looks like you are 30 […]
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Auto Loan Delinquency vs. Default and How They Affect Your Credit Score
Posted on October 7, 2013Understanding the difference between auto loan default and delinquency can get you out of a jam or at least help with damage control. There is a huge difference between being delinquent on a loan and being in default; getting the terms straight is the first step to negotiating with a lender to stop some very […]
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Rebuilding Your Credit Score With Auto Loan Payments
Posted on October 7, 2013Yes, you can rebuild your credit score with on time payments. It usually takes about six months of on time or early payments to reverse any negative reports. Once you have re-established your on time payment reputation, you will find that your credit or FICO score will start to head in a positive direction. Again, […]
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Can You Transfer a GMAC Loan Balance to other Providers?
Posted on October 7, 2013A GMAC loan balance can be transferred to another financial institution for a transfer fee, or the amount that GMAC charges to enable the transfer. Once the transfer of equity (the official name of this type of transaction) occurs, the new owner will take possession of your vehicle’s note. In the car loan business, this […]
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