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americerdit auto loan payments
Get the Best Auto Loan for a New Car
Banks and other lending institutions are always looking to lend money to folks who are purchasing a new car; the key is finding the lender with the lowest interest rate and the best terms. A low interest rate doesnt look quite so attractive if there are prepayment penalties and other fees tacked onto the loan. This article offers some tips on getting the best new car auto loan:
Shop Around
Some people rely on their bank or credit union for financing, while others trust the car dealership to secure a loan. Neither of these are necessarily bad ideas. Using a familiar bank can make a transaction feel more comfortable and payments can be streamlined since the lender already has access to deposit accounts. Dealerships likewise are viable options for financing, as they usually have more than one lender they deal with directly and can shop around for several acceptances at once. A problem occurs, however, when a loan applicant doesnt bother to research current interest rates and simply accepts whatever they are offered by the bank or dealership without question.
Do Your Research
Before applying for a new auto loan, make sure to check online or in newspapers to get an idea of what the current interest rate trends are. If a better interest rate can be secured by going with an unfamiliar lender, then thats fine, but youll need to make sure its a reputable lender and that the loan doesnt include all sorts of hidden fees. Things to look out for include a prepayment penalty, absurdly high late fees, and mandatory additional products tacked onto the loan such as disability insurance or an extended warranty. Even if this sort of loan has a great interest rate, its still not worth it for all the hassles the extras will inevitably cause.
As long as an applicant doesnt have horrendous credit they should be able to find a decent auto loan for a new car. Do some investigating to find the best rate with no hidden fees; it will save you money and alleviate future complications.
To see a list of recommended lenders for the best car loan interest rate, or for a poor credit car loan, visit ABC Loan Guide.
More Useful Resource and Updates on americerdit auto loan payments
- US Auto Loan Delinquencies On The Rise; $25 Billion Past-Due Study (Nasdaq)
DETROIT -(Dow Jones)- Auto loan delinquencies are on the rise as cash-strapped Americans increasingly struggle to repay car and truck loans, according to a study out Monday, the latest sign that the nation's economic woes are bleeding into the automotive finance business.
- Need an auto loan? Expect closer scrutiny (The State Journal-Register)
Despite reports of financing problems in larger markets across the country, local car buyers with good credit should have no problem getting auto loans, Springfield automobile dealers and banks say.
- Auto loan delinquencies rise (Business Journal of Tampa Bay)
It?s not just home loans that are going into default: Auto loan delinquencies also are on the rise.
- Auto Loan Delinquencies Rise (The Auto Channel)
LAS VEGAS, Oct. 6, 2008 - As the economy struggles, automotive loan delinquencies are increasing, putting nearly $25 billion in loans past due, according to figures released by Experian Automotive, a part of Experian, at the Automotive Finance Summit here today.
- How to buy a car - even now (CNN Money)
Auto dealers are hungry for customers: Worried consumers are putting off buying big-ticket items, and buyers on the market are finding it harder to get a loan. So if your credit is solid, now is a great time to say, Let's make a deal.
- Delinquencies Are Increasing for Car Loans (WallStreet Journal via Yahoo! Finance)
Auto-loan delinquencies are on the rise as cash-strapped Americans increasingly struggle to repay car and truck loans, according to a study.
- Credit crisis adds to pressures on auto dealers (AP via Yahoo! News)
Hundreds of thousands of new cars and trucks that would have quickly made their way to people's driveways a year ago are now stacking up on dealer lots across the country, with potential buyers worried about whether they'll keep their jobs, be able to pay for gas, or qualify for a car loan.
- US Rescue Plan Could Help Auto-Loan Cos - Rep. Barney Frank (Nasdaq)
WASHINGTON -(Dow Jones)- The chairman of the U.S. House Financial Services committee said Friday that ailing auto-loan companies will qualify for aid under the government's $700 billion Wall Street rescue plan.
- Maryland agency orders refunds for premium loan charges (Washington Business Journal)
At least nine Maryland premium loan companies charged Maryland Automobile Insurance Fund policyholders more interest than allowed by state law, insurance regulators said Monday.
- Auto dealers see bailout freeing car loan cash (9 News Denver)
WHEAT RIDGE ? Colorado auto dealerships anticipate the financial bailout bill will open up a tight credit market for car buyers.
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