Archive for January, 2011

Prime and Subprime Auto Loan

Wednesday, January 26th, 2011

The introduction of auto loan facilities to applicants who were earlier rejected because of their low credit score has led to the belief that credit score isn’t seen when approving finances to the borrowers. However, this is far from the truth considering the fact that the lending experts have divided the loan into two divisions termed as subprime and prime auto loan facilities. The subprime auto loan facilities are those in which the applicant’s credit score is average or below average and there are still some problems and debts left to be paid in his/her credit report. Read More…

The Key to Auto Loans and Your Credit

Tuesday, January 25th, 2011

Auto loans come in a number of varieties which can quite frankly confuse even the most seasoned loan hunters. However the key to keeping your wits about is to know exactly what you want and exactly what you need. You also need to keep your expectations realistic so that you can get exactly what is right for you. You should also avoid expensive types of auto loans such as quick auto loans, instant auto loans and auto loans from car dealerships. Read More…

Auto Loans For Used Autos

Monday, January 24th, 2011

The probability of getting approved for auto loans is far higher than what it had been a few years back. This is because of the fact that the low credit score auto loans and the reduction of requirements in the case of online companies make it easier to get the loan approved and that too sometimes with history of defaults, bankruptcy and even without a steady employment. However, the interest rate in these cases is quite high which is why some consider it is prudent to go for used cars. The reason behind this thinking is the fact that used cars at come at a far cheaper price than what the new cars and models do. Read More…

Auto Loans and Fuel Efficient Cars

Sunday, January 23rd, 2011

Nowadays, the one thing that is on everybody’s mind is Facebook and global warming. Every individual and government is trying their best to do some things or bring some reforms which would ensure that the pressure on the environment is reduced. One of the major things which can help is to go for cars which are more fuel efficient or use alternate fuels. The government is also seeing that and that is why they have introduced special auto loans on fuel efficient cars. Hundreds of dealerships around the country are providing rebates and other offers to the applicants who are wishing to go for cars that are fuel efficient. It can be easily seen that a lot of money is save on the auto loans and even after it. Read More…

Auto Loans and Car Resale Value

Saturday, January 22nd, 2011

These days, applicants (persuaded or motivated by credit consultants and auto loans help articles) are considering a lot of things before going for the financing which is seen to be a good thing. There are a lot of new things introducing every day in the lending industry which is why it is prudent to keep pace with the changes and consider every new and old feature of the auto loans facilities. One thing which has to be considered is the resale value of the vehicle. Some cars are seen to lose their value quite fast over the years while other cars still remain at eighty percent of their original cost even after five to six years. In case of classic cars, they get an increase on their price. Read More…

Eligibility for Getting Approved for an Auto Loan

Friday, January 21st, 2011

Nowadays, the eligibility criteria for the auto loan industry are quite varied as there are different loan forms and lending options available to the borrower which makes it easier for them to get approved. However, the following lines mention some information on the different eligibility criterion required by banks, credit unions and other proficient lending companies. The first major eligibility factor that they demand from the applicant is that he/she should be of legal age or eighteen years old. Another requirement is that the applicant should be a legal resident of the country. Usually, age doesn’t account to much as people far younger are seen to drive cars but this is done to ensure that the loan applicant is able to apply for insurance. Read More…

Low Interest Auto Loans: Fact or Fantasy?

Thursday, January 20th, 2011

Most people who are searching for auto loans think that every lender may probably be offering the same interest rates as it is something regulated by the government. This is why most people make the mistake of getting their auto loans from their nearest car dealership. However the truth is that the government has little to do with the interest rates set by many companies in America. The government set rate is a minimum below which no company dealing in auto loans can go but there is no limit to how much interest above that rate can be charged. Read More…

Why You Should Not Trust Every Auto Loan Out There

Wednesday, January 19th, 2011

There are probably a few hundred auto loan companies in America alone and all of them seem to be offering something cheap, reliable and flexible. The real truth of the matter is that in the majority of cases this is not really what is happening. A good majority of companies that specialize in giving people an auto loan are interested in making a profit which can only be made if borrowers pay back. However they know that most borrowers are in a hurry to get an auto loan and show they slap on high interest rates and hidden charges all the while making everything look great via their websites and advertisements. Read More…

How Various Types of Auto Loans Work

Tuesday, January 18th, 2011

When you go out searching for auto loans it can be confusing simply because of the number of various companies offering different types of auto loans. These types of auto loans are often labeled with obscure names such as ‘free auto loans’, ‘bad credit auto loans’ etc. For a person who has not had to look for auto loans in a while these types of loan packages can be downright confusing and misleading. They may lead a person to think that they don’t have to pay anything for auto loans or they can get auto loans even if they have the worst credit in the world. Read More…

What Cars Do Auto Loan Companies Approve Of?

Sunday, January 16th, 2011

Many people do not know this but the car you want to purchase has an effect on your approval. The reason behind this is simple and is really dependent on the type of credit you have and how much you make. As a general rule there is no restriction on the car you want to purchase, however lenders like to check how much you are earning and what your credit is like to see if in fact you can afford the car. It has been generally observed that people try to purchase the most expensive car they can but they may fail to make payments. By checking if or not people can afford they car they want to purchase auto loan companies try to minimize the risk they are taking. Read More…