- Acura
- Audi
- BMW
- Buick
- Cadillac
- Chevrolet
- Chrysler
- Dodge
- Ford
- GMC
- Honda
- Hummer
- Hyundai
- Infiniti
- Isuzu
- Jaguar
- Jeep
- Kia
- Land Rover
- Lexus
- Lincoln
- Mazda
- Mercedes-Benz
- Mercury
- MINI
- Mitsubishi
- Nissan
- Pontiac
- Porsche
- Saab
- Saturn
- Scion
- smart
- Subaru
- Suzuki
- Toyota
- Volkswagen
- Volvo
Getting a Car Loan in Today's Economy
After Cash for Clunkers, the automobile industry is hoping there will be a continuation of brisk sales which the $4,500 rebate set into motion. What might stifle any momentum the CARS program may have initiated is the continued resistance of lenders to make loans.
What, in Addition to an Excellent Credit Score, do You Need to Qualify for New Car Financing?
Your Credit Score has always been, and is still, your most powerful qualifier for achieving a low interest car loan. The best car loan rates, are given to those with the best credit ratings. That is not going to change. However, there are other factors to consider that are very important when you are trying to obtain the best car loan rates.
Find the Best Car Loan Terms By:
- Taking the time to perform effective comparison shopping. Dealers, banks and credit unions all offer different car loan terms, car loan rates and incentive plans. Especially when the credit market is in pleasing shape, it is very important to shop around for the best car loan rates. Purchasing a new car induces excitement in most people. That's why it's very important to control your emotional reactions and not jump on the first deal that's offered to you. In fact, compare all of your options for the best car loans.
- Make sure that you have an adequate car loan down payment. Having some cash to throw down on the table will make any lender open their eyes and look at you more closely. Having 15% to 20% to put down on the vehicle that you desire will greatly increase your probability for achieving the loan that you desire. This shows your potential lender that you're serious and ready to take responsible action.
- Realize that the less money you are requesting on a car loan, the more likely you are to obtain that loan. Don't forget to factor in the realistic costs of car loan interest charges as well. It's important to not overstep your means. Take the time to truthfully consider the long-term financial implications of the loan you're trying to procure.
- Always be forthright about your financial information when applying for a loan. Online loan applications are able to be completed in a matter of minutes. Many become tempted to exaggerate their income levels or deflate their personal debt levels. Not only is it against a law to do so, but fudging the numbers on your car loan applications will also set you up for a high probability for default. If you cannot afford the automobile that you are requesting a loan for, and end up defaulting on it, you will suffer from a negative credit rating for years to come.
Getting a low interest car loan is a distinct possibility for you, even if you don't have the world's best credit rating. Take your time, be selective, present a respectable down payment and always be honest. Remember that after the excitement of having a brand new car dissipates, you will be left with the responsibility to pay for that vehicle for years to come.
