Used Car Loans
Financing the purchase of a used vehicle can be done through the convenience of online car loan lenders. Through their websites you can request quotes, compare terms, and even apply online. Online car loan lenders save you time and money by making financing shopping easy. The following three tips will ensure that you find the best financing for your vehicle purchase.
1. Request Quotes
It is easy to compare rates online, but you really need to request quotes to do real comparison. You should compare car loans much like a mortgage. A difference as little as $17.00 a month can save you over $1000 on a 60 month loan. Some lenders charge fees, so watch for those. Sometimes small fees up front will save you money through lower interest payments over the course of your loan.
To find low rates consider using a car loan broker. They work with several different lenders to bring you multiple offers to choose from. You can also request quotes from individual lender websites. With either type of site, you will receive your quote instantly, enabling you to make a quick comparison.
2. Compare Terms
It is equally important to the compare terms of your car loan. The longer loan term you choose, the more you will pay in interest. However, longer loans also have smaller monthly payments. You will also want to look at fees that may be associated with early repayment or late payments.
Another factor to consider is increasing your down payment to 20% of the vehicle's value. In some cases, this can qualify you for a lower rate.
3. Get Prequalified
To gain added leverage in you car purchase get prequalified for you car loan. By being prequalified, you get a blank check by FedEx to go shopping with. You can use it to purchase a vehicle from a dealership or individual.
In either case, you have the advantage as a cash buyer. There is no question about your credit history, so there is the incentive for the seller to close the deal. Take this advantage by negotiating a lower price.
To view our list of recommended auto finance companies online, visit this page: Recommended Car Loan Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
Latest News
![]() Washington Post | UAW strike would kill auto loans Detroit Free Press, United States - The US Treasury Department could declare General Motors Corp. and Chrysler LLC in default of their $17.4 billion in loans and demand the money back, ... UAW strike would put automakers in default of federal loans Autoworkers union begins talks on concessions As condition of loan, UAW can't strike against GM |
![]() WSAV-TV | Consumer Borrowing in US Falls Record $7.9 Billion Bloomberg - Non-revolving debt, including auto loans, dropped $5.2 billion for the month. Fed policy makers last month cut the benchmark interest rate target to as low ... Consumer borrowing falls by $7.94B in November Consumers borrow less than expected US ECON: November Consumer Credit Falls By Record $7.94 Bln |
AFP | Citigroup, Senators Agree on Bankruptcy Role to Trim Loan Rates Bloomberg - The revised bill Citigroup endorsed would give judges the ability to adjust principle payments or interest rates on existing loans, and could extend the ... Citi Reaches Deal With Lawmakers on Home Loans Citi reaches deal with lawmakers on home loans Citi Will Support Bill to Rework Bad Loans |
![]() Javno.hr | Loan Delinquencies Hit Record High Last Year Washington Post, United States - By Nancy Trejos Delinquencies on auto loans and home equity lines of credit reached their highest levels on record during the third quarter of 2008, ... Late loan payments hit record high in Q3 US consumer loan late payments at 28-year high Home-equity delinquencies at record level |
Sallie Mae Raises $1.5 Billion for Private Loans Washington Post, United States - Reston-based Sallie Mae has secured $1.5 billion worth of financing from investment bank Goldman Sachs for a batch of private student loans, a sign that ... Sallie Mae shares falter despite financing Lump of Coal from Sallie Mae Sallie Mae Closes $1.5 Billion Financing |
PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans Bloomberg - Known as PennyMac and led by Stanford Kurland, the firm is paying an average of 30 cents to 50 cents on the dollar for the loans and the FDIC is sharing ... FDIC Unnationalizes Some Debt BlackRock, Highfields-backed firm to share gains and losses with FDIC PennyMac Completes Purchase of $558 Million in Mortgage Loans from ... |
Reuters | Banks Pare Fed Loans After Increase for Year-End Cash Bloomberg - Outstanding loans to banks through the Term Auction Facility dropped to $384 billion from $450.2 billion, the Fed release showed. ... Fed Says M1 and M2 Rise, Loans to Banks and CP Loans Fall Banks borrow more, investment firms less from Fed Will asset-backed securities return? |
![]() Boston Globe | Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies Bloomberg - Fed policy makers have expanded the central bank’s total assets by $1.25 trillion to $2.14 trillion over the past year by increasing loans to banks and ... Rosengren sees path to recovery US FED: Rosengren Supports Expanded FHA Mortgage Lending Hub’s Fed chief: Deep recession confounds forecasts |
Legislative analyst doubts loans will fly San Francisco Chronicle, USA - Finding investors in a credit market that's in turmoil and a potential legal challenge on whether the state can take out short-term loans to balance the ... Report: Schwarzenegger's heavy borrowing proposal is risky Analyst has worries over Schwarzenegger plan to close budget gap |
![]() Chemistry World | Lyondell Can Borrow $2 Billion in Largest US Loan Bloomberg - US Bankruptcy Judge Robert Gerber in Manhattan approved the loan at half-past midnight, after lenders spent five hours negotiating to resolve objections to ... Judge OKs LyondellBasell loans after Ch. 11 filing Bankruptcy loans approved for LyondellBasell Lyondell gets over $2 bln in bankruptcy financing |
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