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Here's an up-to-date report of
auto secured loans for people with bad credit
Get an Auto Loan the Smart Way
Most people really get taken for a ride on their auto loan. Did you know that differences in the total cost of different auto loans can run into a thousand dollars or more? Heres how you can get the lowest rate:
Make a list of different auto loan lenders and their interest rates and terms, before you go to the dealer (the web is usually the easiest way to do that). Did you know dealers get a commission on the loans they refer? If youre not careful, that extra bit of money for the lender could mean you pay a higher rate than you would if you got the loan yourself.
Get a credit report and figure out your FICO scores. Removing any incorrect negative information from your report will help you get a better deal. Knowing exactly what your score is will help you figure out what interest rate you can realistically get.
Have bad credit? Try going to your credit union, bank or another institution where you have a relationship. Lenders like to help out established customers. If your bank still wont help, online "bad credit auto loan" lenders usually offer better less expensive loans than dealers who advertise their great deals for people with poor credit.
Use a vehicle loan calculator. It will tell you what your loan will cost each month. It saves you the time of looking at vehicles you cant afford, makes you aware of what information youll need to apply for a loan, and is a "reality check" of your financial condition.
Comparison shop, comparison shop, comparison shop. You dont get the least expensive car by choosing a dealer at random, and you wont get the least expensive auto loan that way, either.
Start researching your options now:
Get credit reports and FICO scores here:
Use this vehicle loan calculator:
Comparison shop among these lenders:
Joel Walsh is a regular contributor to Auto Loan :http://www.cars-auto-loans.com, a website with information on car loan lenders, vehicle loan calculators, and other auto loan tools
More Useful Resource and Updates on auto secured loans for people with bad credit
- Auto dealers take a blow as Wall Street loses footing (The Nashua Telegraph)
In his 24 years in the car business, finance manager Cheikh Dieng has never worked this hard. Getting loan approvals for customers with good credit used to be so easy, Dieng barely had to call the bank before drafting the paperwork. ... - By ASHLEY SMITH and KAREN LOVETT Staff Writers
- A Nightmare for Sales of Dream Cars (Washington Post)
Robert Bassam, used-car magnate, isn't driving his $415,000 Lamborghini these days, or his Porsche, and he has even warehoused his usual get-around-town car, a BMW 750. Instead, he's puttering along in a four-cylinder Hyundai Accent hatchback. It's more politically correct, he said. And economically correct: He doesn't feel like riding in luxury when the economy is tanking.
- Car buyers, dealers feel pinch (The Florida Times-Union)
Tightening bank credit, sagging sales and high gasoline prices are making new and used car sales more difficult, dealers say.
- EU carmakers call for 40-billion-euro loan package (EARTHtimes.org)
Brussels - Europe's carmakers Monday asked governments to provide them with a 40-billion-euro (54-billion-dollar) loan and to approve an incentives scheme for the scrapping of old vehicles to help them develop more environmentally-friendly vehicles a...
- Car loans hard to come by, forcing used car salesman to make adjustments (49 ABC News Topeka)
The credit crunch is halting loans, putting a dent in U.S. car sales. Last month, sales dropped nearly 27%. 49 News Reporter Marshanna Hester explains what one used car salesman is doing to fight the financial crisis and what you can do if you're in the market for a car loan.
- Seven Ways The Financial Crisis Will Affect Car Buyers [Wheeling And Dealing] (Jalopnik)
The most cliched phrase so far during this financial crisis has been "what happens on Wall Street affects Main Street," and nowhere is this truer than for that large car dealership located on Main...
- Car buyers looking for loans It's not as easy to get financing for vehicles in the current financial crisis, but it's ... (Yakima Herald-Republic)
Yakima Valley residents who want to purchase a new or used car will be able finance their purchase if they have a decent credit record. Make that a great credit record and a decent down payment.
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