Understanding
current car loan interest rate
Low Interest Rate New Car Loan - Tips For A Smooth Car Buying Experience
The car buying process varies for each person. If you have purchased or financed several vehicles, you likely know several tricks and techniques for securing a good deal. On the other hand, if you have never bought a new or used vehicle, you may fall victim to dealership scams. Here are a few tips to help make the car buying experience easier.
How Much Do You Want to Pay?
Before entering a showroom or dealership, do your research. What types of car do you want to buy? How much are you willing to pay monthly? Walking into a dealership blindly is a bad move. Car salesmen are very clever. Additionally, they have several tactics for convincing car buyers to purchase a vehicle they cannot afford.
To avoid overspending, research various cars and their prices. Take advantage of auto loan calculators. These provide a rough estimate of future car payments. When negotiating with a salesperson, let them know upfront how much you are willing to spend on monthly payments.
Check Your Credit Report Beforehand
When determining an interest rate for a new vehicle, finance companies will review your credit report. Prior to applying for a loan, obtain a copy of your personal report. This way, you have an idea of the interest rate you qualify for. Moreover, credit reports will reveal credit problems and inaccuracies that may hinder you from obtaining a low rate. If problems are present, fix credit blemishes before applying for a car loan.
In some instances, you may improve your credit by simply paying current creditors on time and reducing debt to income ratio. If possible, delay financing a vehicle until your credit score improves.
Get Pre-Approved for an Auto Loan
Dealership financing is offered. However, to get the best rate possible, you should obtain quotes from at least three auto loan lenders. If you are looking to speed up the process, consider getting pre-approved for an auto loan.
A pre-approval involves completing a loan application and providing necessary documentations. The lender will approve you for a specific amount. This is ideal because you avoid overspending. In most cases, lenders approve you for an amount that fits comfortably into your budget.
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More Useful Resource and Updates on current car loan interest rate
- GM urges Congress to pass loan deal (ITV.com)
GM US sales chief Mark LaNeve told dealers to call their representatives and senators to ask them to support GM and the car industry, saying 3 million jobs are at risk if the industry does not receive urgent government funding.
- US to discuss USD25bn aid to car sector (Ireland Business World)
Aides to president-elect Barack Obama have played down reports of tension with the Bush administration over help for the stricken US car industry. General Motors, Ford Motor Co and Chrysler have been lobbying for assistance as a severe downturn in US car sales pummels their balance sheets.
- TIPS ON CHOOSING A USED CAR (Bangkok Post - Thailand's English news)
-.First, it is necessary to establish a budget, which could give a clearer picture of the finance available cash on hand or getting a car loan. The interest rate charged by most finance institutions on car loans is about 3.5 per cent, on an average.
- What the credit crunch means for consumers (Richmond Times-Dispatch)
No doubt you've been hearing a lot about this credit crunch, but do you know what it actually means for you as a consumer? The limits on existing credit cards are in danger of shrinking. And your credit history is being held to a much higher standard. What does that mean? Well, if you do happen to be in need of a mortgage, home equity or car loan, you might have a tough time finding a lender and ...
- Democrats push to aid car industry (Los Angeles Times)
House leaders hope for quick passage of a bill providing $25 billion. In the Senate it may hit a GOP roadblock. Congressional Democrats are pushing legislation to send $25 billion in emergency loans to the beleaguered U.S. auto industry in exchange for a government ownership stake in the Big Three car companies -- General Motors, Ford and Chrysler.
- Government has protected Detroit automakers to death (Arizona Daily Star)
I was in a hotel room watching CNBC early one September morning. They were interviewing Bob Nardelli, the CEO of Chrysler, and he was explaining why the auto industry, at that time, needed $25 billion in loan guarantees. It wasn't a bailout, he said. It was a way to enable the car companies to retool for innovation.
- Car wrangle looms in US bail-out (BBC News)
US Democrats say the $700bn bail-out should include help to rescue the car industry, contradicting the treasury chief.
- CARZ FOR GIRLZ: Helping Mom (or Dad) Choose the Next Family Car (The Auto Channel)
Does your forecast call for a future without a brand new Ford Mustang, but rather a more practical sedan or crossover? As mom (or dad) gets geared up to pick out a new car, it seems your opinions about owing your own are taking the backseat.
- 39% interest?! Don't get burned buying a used car (Seattle Times)
When Leianna Perkins went to buy a used car at a Federal Way dealership, she had one thing in mind: the monthly payment.
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