Get Instant Approval on Auto Loans
Guaranteed Tips to Get You The Best Car Loans
By: Rock Watson

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Tuesday, 21-Feb-2012 05:12 Email | Share | | Bookmark
Few Tricks for Getting Guaranteed Auto Loans Approval

Are you finding it almost impossible to get the auto loan you are looking for? Are you disappointed because you do not have enough money? Are you simply baffled and confused and dread the idea of applying for auto loan? Look guaranteed car loans which may actually solve your problem.

Though getting a loan may seem an uphill task, it may not be so difficult once you know the tricks to the trade. Try going with the flow and consider the following suggestions as tips.

Credit scores: Before you start thinking of taking out an auto loan, know your credit scores accurately. Try to seek help from credit bureaus or from professional if you are unable to understand the scores. Do not be ashamed if you have poor credit scores. Do not try to cover them up. Doing so may jeopardize your chance of getting the loan. Just face up the fact that you had made some wrong decisions and it is time to make amends.

Application: When you are making applications, it may involve many formalities and documentation work. Hence it is better to keep all your financial reports ready. You may feel it to be a lot of hassle. But do not lose your patience. Keep your calmness and go through the procedure one after the other. However, it is a lot easier if you try online application. Browse through Internet and you will come across a number of lenders willing to help you out. Go through their terms and conditions and then apply.

Security: Auto loans are also easy to get if you have additional collateral. Show the lender that you have asset to support which may be house, boat, farm, second car, etc. Even when you are bankrupt, you may have stable source of income and it will actually help your standing in front of the lenders.

Choice of a car: An auto loan may be one of the best ways to purchase the dream car. When you are making your choice, there are two major things that you have to look for. One the price of the car should be well within your payment capacity. And two the value of the car should not be depreciating more than your payment ability. These two are important because if you choose a car of very high price range, then you apply for a high amount of loan. For high amount of loan, the rates of interest charged will be high if you cannot pay substantial down payments. Then the monthly payments you will have to pay will be higher and may lead to defaults. And defaults will take your credit ratings further down. Again, if you choose a car whose wear and tear is more than your payments, then you are entering into a deal which may lead to upside down on car. It is so because by the time you pay off the loan, the car will be no more than the scrap value and then your loan amount exceeds your car value which creates a negative equity.

If you understand the importance of these factors in getting a car loan,it might not be that difficult for you to get that auto loan.



Wednesday, 25-Jan-2012 13:19 Email | Share | | Bookmark
Dealership Auto Financing - A Little Bit of Smartness Can Help

Every business survives itself on profit!

Dealers are in for business. They are also trying to earn their bread like everyone else. So, don’t think that availing loans from them is a bad idea.

You might think that it is risky to buy a car from dealers. There are chances of buying a lemon or salvaged car. But, don’t worry about the quality of cars. Most of the cars are bought from wholesale auctions. So, often the cars are new and are driven for lesser distance. All you need is a little bit of caution to find that perfect car.

Dealers are not bankers. They have tie-ups with finance companies and banks and work for a commission. Also, few automobile manufacturers have their own finance companies. Dealers can also help you avail finance from such captive finance companies.

It is not mandatory for you to avail car loans from a dealer. This is just a service offered by dealers and you can reject it any time.

Generally, banks won’t even touch your application if it mentions bad credit score. But, dealers are quite liberal in that sense. They finance bad credit borrowers and those with past bankruptcy as well.

Before you go to a dealer, it is necessary to work out a budget. It will be beneficial if you also have a vague idea about the type of car you want to buy.

You should be prepared for a great deal of marketing. The salesman will want you to believe that he is offering the best deal and you will not get any deal better than this.

Once you reach the dealer’s lot, be alert. You must never tell the dealer how much you want to spend on monthly payments. Don’t tell him about the trade-in until you have negotiated the price. If you do so, he will deduct the trade-in car’s value before only. You will lose chance of any further bargain.

You must remember that everything is negotiable and you must negotiate your interest rate, loan term, conditions and rules, rebates, down payment, etc. Don’t forget to ask about pre-payment penalty. You shouldn’t sign until you’re satisfied about each and everything.

Be wary of add-ons. They might be absolutely unnecessary. All these add-ons won’t do anything other than increasing your auto loan amount.

Rust protection, undercoating, paint protection, etc. are already applied at the factory. So, you need not pay the dealer for all this. It is better if you do it on your own.

Don’t pay the “Dealer Prep” fee. This is charged just to take off the plastic and prep the car for you. You can do that on your own. This will save some $300 for you.

You also don’t need to buy expensive anti-theft system from the dealer. You can get it installed from a shop at a lesser price.

So, while availing dealership financing, you must be smart and not let the dealer increase the purchase price. Once you understand your needs, you will be able to say no to unwanted schemes and offers.

Dealers try to offer you everything under one roof. Take advantage of it. You are no longer required to visit several lenders. This is very large benefit compared to all the bargaining.

Don’t consider all this a hassle. Instead, consider it as a game. Take it as an opportunity to experience and explore something new. You will win if you save and the dealer will win if you don’t negotiate.

So, go out there and win the game. All the best!

RapidCarLoans.net is always available to help you with your easy car financing needs. Our huge network of dealers/lenders will not stop until you have a car of your own. Apply now to get rid of your financial woes.


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