Science of Cars

Automotive engineering and mechanical science

Important things to consider when getting a new car loan

Tags: , , , ,

Most car buyers usually don’t have the capacity to purchase vehicles in straight cash. Due to this, vehicle financing became a popular option most especially to those who wish to obtain brand new cars. However, there are important things that should be considered before getting <a rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link/4603842']);” href=”lhttp://www.autofinancing.net/”> auto loans</a> that would be used to finance their vehicle purchases.  In case you are one of these buyers, try to consider the things provide below before getting a vehicle loan.

1. Your financial capacity

The most important thing that you should consider when you obtain a new car or even a <a rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link/4603842']);” href=”http://www.autofinancing.net/”> bad credit auto loan</a> is your financial capacity. By examining your capacity to pay, you will be able to determine if you are capable of providing the payments involved once you obtain a vehicle loan.

You can easily determine your ability to handle the payments involved in a vehicle loan by checking your monthly take home pay as well as the average monthly expenses that you have. Take your monthly income and deduct the expenses that you have for each month and take note of the remaining amount. In case the remaining amount is sufficient enough to accommodate a new financial obligation, you can look for a loan that would be used for purchasing a new car. However, if you found out that the remaining amount is not enough to cover that loan payments that you would incur, do not hesitate to postpone your plan of getting a vehicle loan. This would surely place you in a tight financial situation.

2. The price of the car

You also need to take note of the existing <a rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link/4603842']);” href=”http://www.carfinderservice.com/new-car/new-car-finder.php”>new car prices</a> when you get an auto loan. By doing this, you will be able to identify a vehicle that best suits your budget. In case you have a limited budget, try to go for cheap new car models for this would help you pay the loan off easily. Just make sure that the vehicle that you would be purchasing is capable of providing your driving needs so as to avoid regretting your vehicle purchase. The good thing is that there are many cheap car models right now that offer impressive features similar to what the expensive versions have.

 

New Car Loan Calculator Helps you Find the Best Auto Finance

Tags: , , , , , ,

A Handy Tool For Car Loan Seekers

Looking for a car loan? Check out the new car loan calculator to find out the best deal for you. All you need to do is, key in some basic data and pronto! You have all the information you need about the cost of the auto loan. This can be a very useful tool if you are looking to buy a new vehicle and want to ensure that you get the finance for it, without burning a huge hole in your pocket or spoiling your credit ratings.

When You Need Finance For A New Car

A car loan is one of those things you cannot do without in today’s fast-paced times. Your car says a lot about you. It also takes you wherever you want to go. Since there is no compromising on that, the only issue is financing those wheels. If you are like most people, you do not keep enough cash stashed to buy a new car whenever you feel like it, that is when you need to start looking for a car loan.

Using The Car Loan Calculator To Zero In On The Best Auto Loan

Finding the right finance for your car is as important as finding the right car. You do not want to end up paying through your nose, just because you did not take enough care when you took the loan. There are many auto finance companies and as many schemes. Sifting through all of them or hopping around from one loan provider to another could take up a lot of time and energy. Here is where the new car loan calculator comes to the rescue.

Unless you are a math whiz, calculating loan installment amounts and pay back time and comparing several auto finance schemes can be quite a task. However, with the new car loan calculator, you do not have to worry about juggling those numbers. With this very handy online tool, all you have to do is, type in a few pieces of info such as:

• The term of the loan, that is, how much time you’ll take to pay it back

• The interest rate, which depends on the term and type of loan

• Cost of the new car that you’re planning to buy

Once you have typed in the above data, the new car loan calculator will give you an estimate of the amount of monthly installment you will have to pay, as well as the total interest that will be charged for that loan. You can vary the data in the different fields to compare and find out the best scheme. For example, if you want to pay back the loan within a shorter period, you can vary the figure entered for term of the loan. The monthly installments will be larger in that case, but you would have to shell out less as interest.

The new car loan calculator is an online tool that makes shopping for the right auto loan as easy as it can get. Take your time and make sure you factor in hidden costs as well. There are certain things that not all car loan providers will tell you when they are looking out for customers, so make sure you compare the various financing schemes and go for the one that suits you the best in terms of payback time, interest rates, and monthly installment size.

Find The Best New Car Loan Online

Tags: , , ,

Without information, the task is surely going to be difficult. But, you can take control of the situation and lighten the burden of obtaining the new car loan. Read through and you may end up finding the best car loan online.

The first task would be to calculate how much you want. You need to be sure of the amount you want to borrow. Car loan lenders wait for the unprepared customer. They just love to deal with such customers the way they want. Do not get fooled. Instead, be ready and get your loan your way.

Indians, even so many years after the appearance of the computer and the internet, feel very insecure without a daily dose of the newspaper. A cup of tea in one hand and the newspaper in the other, Indians search for their new car. They first have a peep into their wallets and also have the fixed budget in mind. After this, the car search on the newspaper begins. They look for the car that falls within the money range they are looking for. Why should we restrict ourselves when we have the loan option? These days, loan repayment is flexible too.

There are certain things you need to research before buying a new car. The research is about you. With the loan option, you needn’t worry too much about the price of the car. However, you need to calculate the amount you will be able to repay if a loan is taken. Based on this, you need to choose your car. You also need to know if you are eligible for a car loan. Knowing beforehand if you are eligible for a loan also saves you from sales people trying to tell you that it is not possible to grant you a loan on the new car.

They somehow convince you that they would do their best and get you a loan. Remember, if you are pre-approved, you are getting the loan. A salesperson who is in no way related to you will never try more than required to help you out without his share of profit. He may take awfully long to give you a feeling that the process is tedious. In the end, he will charge you a high interest rate. Do not fall into such traps.

The best way to avoid trouble would be to search online. Do not rely completely on the dealership for your new car loan. Online lenders not only give you the best rates, but also have easier processes. The loan can be availed without much of a hassle. The dealerships offer 0 per cent financing only for qualified buyers. Most of us do not fall in their ‘qualified’ category. You even have loan and EMI calculators that help you calculate your monthly car loan payments with different interest rates.

Request quotes from as many lenders as you can and then negotiate on the one with the lowest interest rate. By applying for your new car loan online, you can do everything from the comfort your study room. An online research will get you the best new car loan at a decent rate that wouldn’t be possible even after running the whole day from one dealership to the other.

Car Loan Deal For New Cars

Tags: , ,

The car has been decided upon and everything except for the loan has been finalized. A little effort prior to finalizing the car deal can get you a great loan deal as well. Go through this article and you will know how to catch hold of the best new car loan deal.

You first need to know where you stand financially. You need to get rid of all other outstanding debts. If there are too many, the best option would be to consolidate the debts into one. This is very important as a car loan lender or bank may not consider offering you a loan if you are known for late payments or non-payments. Clear your debt and then go ahead with your plans of purchasing a new car.

Surf the Internet before personally approaching the dealership. A little online research can save you a lot of money. You will also know the cost of the car and the amount you may have to borrow as loan. You will get a clear idea about the interest rates offered by various lenders. Request as many new car loan quotes as possible. These are usually free, no-obligation quotes. You will know if the car you’ve decided to buy is really affordable or you need to go for an alternative. Most web sites even have the option of comparing the makes, models, styles, features and prices of cars. You can alter your choice based on what you see online.

Once the decision is made, you need to approach the car dealership as well as the loan lender. The entire deal can be set online. However, visiting the dealer and lender can outweigh the deal that is done cent per cent online. The more customized approach gives better answers to all your unanswered questions. The customer service too will be better with a lot of transparency when it comes to the terms and conditions of the loan.

You need to know the financial language that the car loan lender speaks. A little knowledge about the jargon used by the loan lenders can help a lot. It will prevent the lender from having an upper hand. Car loan agents and dealers just wait for customers who know nothing about the loan process. They portray everything in such a flowery manner that everybody is initially happy. But, as you start repaying the loan, you will know that it is just the lender who is happy. Your money goes waste. Knowledge is power. Prepare yourself well before speaking to your new car loan lender.

Since you’ve already done all the required research online, the process becomes easier. Choose the lender offering the lowest interest rate and EMI. But, do not think you’ve already received the best rate. Negotiate on that best rate. Once all seems well, read the papers carefully and offer your signature only after you’ve understood what you will be signing. The best new car loan deal will be yours.

How to Get a New Car Loan

Tags:

There are lots of people who want to buy a new car but only some can pay cash. All the other people need to finance their new car. If you do not belong to the minority of people who pay cash, you should read this article to gain knowledge about how to get the best new car loan.

The interest rates that banks and finance companies offer vary, you can save hundreds of dollar by comparing different loan offers. Simply look for great deals online and get your loan preaproved. They will send you an offer that is locked for 30 days, sometimes even longer. Then you can compare all these final offers and choose the one that fits best. Do not only compare the interest rates but also the extra costs that comes with signing the loan.

There are several institutes that offer car loans but they are not all alike:

Car Dealers:

There are some big car dealers who are affiliated with banks or other finance institutes. You can sign a credit when you buy your new car, but be aware that those 2% interest deals are not actually much more expensive for you. Here is why: You will have to pay the list price of the car. If you pay cash you can get a discount of up to 10%, depending on the car dealer. So what you can do is, you get a loan from a different institute and pay the car dealer by cash while getting a discount. This way you will end up paying less than you would by signing the loan with your car dealer.

Banks / Finance companies:

You can find great loan offers online by comparing different banks and other finance companies. The rates differ a lot and you can save a lot of dollars by investing some of your time into researching the different auto loan offers. There are some finance companies that offer you a car loan even if you have a very bad credit score. With a little luck you can be approved for your auto loan withing a day or two.

Save money when you buy your new car.

Do not only compare different loan offers in order to find the best credit deal, but also compare several car dealers in order to find the best offer for the car you are planning to purchase. If you pay cash you can ask the car dealers for a discount. The car dealers will give you different discounts, so calculate which offer is the best one. What about the extras that car has, do you need them all? New cars are much less expensive if you buy them without all the extra stuff, that you do not need in most cases.

The more you payback monthly, the less you pay at all. If you choose a higher monthly payback rate with your loan, you will have a much shorter payback period and therefore a lower total expense. You can use an auto loan calculator to figure out the best payment plan for you.

Best Means to Secure a New Car Loan

Tags: , , ,

New car loans are easily available through the online services and the loans can be obtained through hassle free process. The borrowers must find the best car and finalize the type of car that has to be bought. It is not always required to have the hot cash in hand and to look for the best deals. If people come across a good deal on their dream car, they can avail loan from the various bankers and lenders. Lenders are ready to make business after all they have to reap the profits. It is important to find out the dealers who offer incentives, benefits and other discounts on the loans taken.

 

There are so many factors influencing the approval of loan. The borrowers must be mindful about their credit history and ratings. They must have a down payment which will help them to get lower interest charges and discounts. This will often reduce the duration of the loan tenure. The monthly payments should be adjusted within the budget and should not trouble the borrowers in any way. On the other hand, lenders also have got many considerations while approving the loan. They expect a co-borrower or a co-signer to accompany the borrowers who have a bad credit and the companies should verify the identification before approving the new car loan.

 

There are umpteen numbers of ways to secure a new car loan and they can be classified as cheap car loan, low rate car loan, and bad credit car loan. All the loan proposals are made by having the budget requirements of the borrowers in vision. Here are some of the guidelines to be followed while taking a new car loan.

 

The borrowers must decide upon the car that has to be bought. The price of the car must fit their budget.

 

The next step is to come up with a financial plan to fit all the monthly expenses and the monthly payments within the expenditure list. A gross check on income against the expenditure must be analyzed.

 

Decide upon the down payment for the car loan. A good way of calculating the monthly payment is to reduce the down payment from the price of the car. The exact loan amount will be known.

 

It is important to study the market before taking the loan. If the borrowers can sense depreciation in the value of assets and vehicles, they can surely wait for a certain period of time for the prices to get reduced. If the prices shoot up, it is a golden opportunity to book the vehicle at the lowest rate possible.

 

Online loan lenders offer cheap rates of interest as their overall expenditure in processing the loan is lesser. There are many ways to secure a new car loan and the user must do some ground research works to find out the best deals. A local agent might be very helpful in knowing all the ins-and-outs of the deal.

 

 

Tips in coping with a new car loan bad credit situation

Tags: , , , ,

Getting into a bad credit situation is most of the time inevitable. This is because most creditors lose track of their existing financial obligations leading them to obtain more loans to the point that they can longer cope up with all of these. In case this you currently experiencing this situation and in great need to obtain a bad credit car loan, make sure to plan your next loan application carefully. When you decide to take a vehicle loan despite of your bad credit score, try to consider the following tips.

1. Check the latest new car prices

Since your credit score is very low, you should expect that the interest rate tied to the loan that you will be getting is relatively higher compared to those that good credit score holders are getting. In order to reduce the payments involved in the loan that you would get, try to examine the latest new car prices and search for a car with a price that best suit your budget.

You can actually use the internet in checking the latest prices of brand-new cars so this would make the task more manageable. As you research for the best prices using the internet, try to select a good website where you will getting the information. You can start checking the car maker sites followed by websites owned by car dealers. Take note of the car makes and models that are sold at affordable prices.

2. Get a cheaper car to finance

By the time you were able to finish checking the prices of new cars in the market and take note of those that are sold in lower prices select the cheapest available car. By choosing a cheap vehicle, you will surely have lower monthly payments and this would help you cope up with the new car loan bad credit situation easily. Since the monthly payments are lower, you have all the opportunity to provide the premiums on time and this helps in increasing your current score.

In addition to this, you will also increase the chances of paying the loan off since the lower payments can be coped up easily. Once you pay the car loan off on time, your credit score would surely increase allowing you to secure higher car loan deals involving larger amounts.

 



Keep your Eyes Open for Attractive New Car Loan Rates

Tags: , , , , ,

If new car rates and loan options are appealing you, read on to find more about them. New car loans have the capacity to make your wildest dream come true. People are given an opportunity to own any kind of new model car with easier conditions at low interest rate car loan.

As new car rates are involved the money at stake is also large, so lenders prefer to secure the loan. The lenders opt for a common method of securing the loan that is holding the papers of the new car until the dues are fully paid. You can also place collateral with the borrower for security of the loan. The secured new car loans provide the amount needed at a lower rate of interest for a low cost financing. This lessens the pressure of debt. It comes in larger repayment duration and this extends the payment period over a long time and this also helps in lowering the monthly installments. You have to keep your repayment duration in mind while procuring the loan so you do not face the threat of debt.

It’s No Problem For Bad Credit:

Even if you have a poor credit you need not bother. It is because you have procured the loan either by placing collateral or by the new car you had intended to buy. You may face tight terms and conditions but a loan cannot be denied because of low credit.

Comparison Is Important:

Comparable new car loan rates can be gained by analyzing more than one quote. Instant car loans are possible online and many websites provide the facility of allowing you to compare the loan quotes of various lenders online. Now many details are available online. No matter where you are located, finding the rate for your new car is no hurdle. With just filling in information like loan amount, repayment period, car model and some personal information online auto loans are not a big problem.

For reasonable new car rates, you should balance the interest and the length of the payment. Shorter loans may appear to have lower rates but the monthly payment is relatively high. Choose the option you think would suit your budget.

Make High Down Payments:

Zero down payment and slight down payment options are available but making a high down payment will save money for you.

Pre-qualified for a car auto loan makes one eligible for a reduction in the cost of the automobile. It increases your credibility and you can negotiate for rebates, higher trade-in value and more. So make the most out of the auto loans rates.

Keep your Eyes Open for Attractive New Car Loan Rates

Tags: , , , , ,

If new car rates and loan options are appealing you, read on to find more about them. New car loans have the capacity to make your wildest dream come true. People are given an opportunity to own any kind of new model car with easier conditions at low interest rate car loan.

As new car rates are involved the money at stake is also large, so lenders prefer to secure the loan. The lenders opt for a common method of securing the loan that is holding the papers of the new car until the dues are fully paid. You can also place collateral with the borrower for security of the loan. The secured new car loans provide the amount needed at a lower rate of interest for a low cost financing. This lessens the pressure of debt. It comes in larger repayment duration and this extends the payment period over a long time and this also helps in lowering the monthly installments. You have to keep your repayment duration in mind while procuring the loan so you do not face the threat of debt.

It’s No Problem For Bad Credit:

Even if you have a poor credit you need not bother. It is because you have procured the loan either by placing collateral or by the new car you had intended to buy. You may face tight terms and conditions but a loan cannot be denied because of low credit.

Comparison Is Important:

Comparable new car loan rates can be gained by analyzing more than one quote. Instant car loans are possible online and many websites provide the facility of allowing you to compare the loan quotes of various lenders online. Now many details are available online. No matter where you are located, finding the rate for your new car is no hurdle. With just filling in information like loan amount, repayment period, car model and some personal information online auto loans are not a big problem.

For reasonable new car rates, you should balance the interest and the length of the payment. Shorter loans may appear to have lower rates but the monthly payment is relatively high. Choose the option you think would suit your budget.

Make High Down Payments:

Zero down payment and slight down payment options are available but making a high down payment will save money for you.

Pre-qualified for a car auto loan makes one eligible for a reduction in the cost of the automobile. It increases your credibility and you can negotiate for rebates, higher trade-in value and more. So make the most out of the auto loans rates.

Looking for a New Car Loan in Australia ? Then Use a Broker

Tags: , , ,

Quite often when you are looking to buy a new car, the dealership will put considerable pressure on you to sign up for the finance with them. This was my experience recently when I purchased a new car. It would certainly have been more convenient to simply sign up at the dealership but I decided to check out other options and phoned my mortgage broker (he had helped me find a cheap home loan and I knew he also had access to cheap rates for people after a new car loan). What I discovered is that you need to be careful when considering a new car loan. Most new car finance includes a residual figure – this is the amount that remains owed on the car at the end of the lease period. For example you might obtain a new car loan for the purchase of a ,000 Holden or Ford. The lease or hire purchase agreement will be for say ,000 over a 3 or 5 year term with a residual of ,000 – this is the amount that is payable by you at the end of the new car loan term. Quite often financiers will quote a weekly or monthly repayment figure which because it seems manageable also seems attractive. But more often than not the interest rate is much higher than you would think. Make sure when you take out a new car loan that you know the real interest rate that you are paying. While you may want to keep your monthly repayments to a minimum you should try and ensure that by the end of the new car loan term the residual amount you owe will be covered by the value of the car. There is nothing worse than taking obtaining new car finance for 5 years, making the minimum payment, then finding at the end of that new car loan you owe much more than the car is worth. It is painful to have to find 00 in a lump sum to pay out the lease whereas if you has tightened your belt a little more during the new car loan term then instead of having to pay a shortfall you might find some extra dollars in your pocket. By talking to my mortgage broker I was able to access a terrific car lease and I was also advised about different new car loan structures that can be quite tax effective. My mortgage broker was able to put me onto a package that involved salary sacrifice as well as including roadside assistance and fuel so that after tax I was much better off. I had been unaware of such structures but by relying on my mortgage broker I actually ended up saving myself a lot of money. Don’t rush into the car dealership arrangement without first considering other new car finance available in the market. A good lease broker (or in my case my mortgage broker) will invariably be able to source a cheaper new car loan for you and may have recommendations on how to package it more tax effectively. My mortgage broker was also able to negotiate a better price on the actual car purchase as well, because of volume discount arrangement he had in place with a number of car dealers throughout Australia.

© 2009 Science of Cars. All Rights Reserved.

  • Partner links

  • About - Contact - Privacy Policy - Terms of Service