PRLog - July 12, 2010 - CARMICHAEL, Calif. -- A car is one of the necessities of conveyance for our choice of destination and at our own convenient times. It becomes a must own in everyone’s life sooner or later. If you deem it necessary to pay cash and can afford it, well and good because you wish to own and cherish it for a long time. However, with guaranteed car finance being used by many car manufacturers to boost sales of expensive models and auto finance lenders willing to help anyone with a wish to own a car, you need to know a few things about what goes into making up a car loan.
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A loan consists of three important details: term, interest rate and down payment. The term is the duration of the loan – the longer you take to pay back, the more interest you will pay. Low interest car loans are typically short term loans. The interest rate is what you’re charged for borrowing the money and in part is determined by your credit history. How much you have saved up towards your dream car and how much risk you entail with the loan will decide your down payment. A general rule is it should not be less than 15%. People with no previous credit can opt for no credit check car loans. Dealerships and auto financers have incentive driven car finance packages to boost their sales. The car you buy may be used as collateral and be transferred in your name only when you pay up the loan in full. A few key points to avail the best auto financing with low rates are as below:
Key 1: Check your credit report.
Get a free credit report and examine it for errors and any bad habits that could affect your auto loan rate.
Key 2: Being forewarned is being forearmed.
Use car payment calculators to know the exact amount you will need to make towards your car loan. This will bring out any hidden charges and fees.
Key 3: Get the complete picture.
Low costs in the present do not mean low total costs. If the total cost of the loan far exceeds the value of the car then you might end up owing more on the vehicle than what it is actually worth.
Key 4: Dealing with the insurance that has to be included with the loan.
Some insurance may not be necessary since you may already be covered for the same and some insurance may need to be considered for evaluating the total cost of the loan.
Key 5: Shop around to get the best deal and get some bargaining power.
Credit unions, banks, online lenders, P2P lending sources, all need to be examined and quotes need to be compared.
Key 6: Read the fine print.
Some penalties are not classified as such and you need flexibility to make extra payments or pay off the loan in full without penalties.
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People who have faced recent financial crises can opt for bad credit bankruptcy auto loans from sub prime lenders. The duration of the loan and the interest rates may not be to your liking but it might just tide you over until your financial situation improves and you can go in for refinancing.
No cosigner car loan lenders may be very useful for people who have recently relocated. Proof of good employment and local resident address may be sufficient to get a car loan in a fast and easy manner.
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