> Automotive > How To Find The Best Rates On Auto Loans
[I:http://autonews.galanter.net/files/2011/07/VictorKavlotsky18.jpg]Auto loans are available for new and used cars. However, not everyone can qualify for funding. Individuals that are looking to finance the purchase of their car will need to be employed and have a good credit score. It is possible to qualify for funding with poor credit but you will have to pay a higher interest rate.
Individuals with good credit will have no problem qualifying for funding. But those with bad credit marks will experience more difficulty receiving financing. There are lenders that will fund drivers with poor credit but at a very high premium. It is very important to investigate all of your options, especially if you have poor credit.
Those with poor credit may have an easier time applying for used car loans than for new cars. And if you can put down a substantial down payment, then your month to month installments will be less. You will need to know how much you can repay back before applying for funding. You do not want to be in a position to have payments that you cannot afford to keep up with.
You do not want to take out a loan that you cannot afford to pay back. When you fall behind on payments, this will reflect negatively on your credit report. And if you default on several payments, then you are at risk of having the vehicle repossessed.
There are several car dealerships that can finance their own deals. Dealerships tend to be a bit more flexible than banks regarding lending to those with less than perfect credit. But in most cases, it really is better to have your financing in place.
Auto loans can easily be found online as there are many lenders that accept online applications. This is a very easy process that does not take a lot of time. There are many sites that only require one application that will be submitted to a number of different lenders. Your funding decision is determined in just a matter of minutes.
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Source: http://autonews.galanter.net/2011/07/10/how-to-find-the-best-rates-on-auto-loans/
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