Car Loan Interest Rates 2013 are some of the best Rates in the last Decade so makes for a Great time to buy a New or Used Car. Low Interest Rate Car Loans allows you to buy a more expensive car and have an equal payment to a high interest cheap car loan.
For Instance:
$10,000 Car at (12.9% Car Loan Interest Rate) may equal=$350 Car Payment
Whereas:
$15,000 Car at (4.9% Car Loan Interest Rate) may equal=$350 Car Payment
These Car Loan Calculations are theoretical, but you get the idea. You can get a much more expensive car when the Car Loan Interest Rates are Lower.
Car Loan Interest Rates 2013 have been some of the lowest I can remember. Whether you are looking for a New Car Loan or Used Car Loan, Interest Rates are phenomenal! The interest rates for New Cars are around 4.9% with incentivize rates as low as 0% with some Car Makers. Incentivize just means that you lose the rebate if you take the alternate low interest rate. Used Car Loans in 2013 are as Low as 4.9% with some Makers offering 1.9% on Certified Used Cars! This is unheard of, but a GREAT time for Car buyers to take advantage of these Low Interest Rates.
When you are ready to buy your car, be wary that dealers are trying to snag a few extra dollars by trying to steal your trade in. Get quotes from several dealers before you decide. It would even be a good idea to sell your car before you go to buy your New Car, but other buyers are probably taking advantage of Dealer Incentives and Low Interest Rates as well so may be harder to sell as an individual.
Wednesday, January 23, 2013
Tuesday, January 8, 2013
Can I Get Car Loan Financing?
Can I get financed for a car? This is one of the most asked questions from potential car buyers. The answer is most of the time, Yes!
Car Loans can be obtained from many different companies and each loan company has different requirements.
Stability for Car Loans. Stability is one of the biggest factors that will determine whether you get a car loan. How long have you been at your current residence? How long have you been on your job? Think from a car loan companies perspective. If you have been at your residence less than 6 months and your prior residence less than 6 months, this is a risk for a Car Loan. You could be close to your next move and when you decide not to pay, it is difficult to trace you down. You have been on your job a short period of time, you could get fired or decide to switch jobs. This is a risk for the lender.
Debt to Income ratio for Car Loans. Your future ability to pay can be determined by how much income you have compared to how much debt you have. If you make 8 dollars an hour and your rent is $500 or $600 per month, this is not going to leave you enough expendable income to qualify you for a Car Loan.
There are companies that are easier to get loans from, but could require larger amounts of down payments to seal the deal on your Car Loan.
There are a few things you want to take to the dealership when you are ready to obtain Car Loan Financing. You will need an electric bill which will verify your address, a phone bill which will be proof of your phone number. You will also need your most recent check stub (computer generated---NO hand written pay stubs for obvious reasons). If will also help to bring your tax return from the previous year to show how much you made and how long you worked at current job. Bring a bank statement as well as it could be needed by some Car Loan lenders. The more information you can provide the better and everything needs to be consistent. For instance, the address on electric bill, phone bill, bank statement, and check stub need to match. This is one thing lenders look for when verifying your stips for financing. Car lingo for stipulations for financing- (Stips).
Car Loans can be obtained even with medium to poor credit if all your stips are consistent and you have a sufficient down payment. Put yourself in the Car Loan companies shoes and ask yourself, is there sufficient evidence to assure that repayment of the Car Loan can be made. Car Loan officers have bosses to answer to and if there is anything out of place, it will be hard to explain why they extended a Car Loan to you.
Car Loans can be obtained from many different companies and each loan company has different requirements.
Stability for Car Loans. Stability is one of the biggest factors that will determine whether you get a car loan. How long have you been at your current residence? How long have you been on your job? Think from a car loan companies perspective. If you have been at your residence less than 6 months and your prior residence less than 6 months, this is a risk for a Car Loan. You could be close to your next move and when you decide not to pay, it is difficult to trace you down. You have been on your job a short period of time, you could get fired or decide to switch jobs. This is a risk for the lender.
Debt to Income ratio for Car Loans. Your future ability to pay can be determined by how much income you have compared to how much debt you have. If you make 8 dollars an hour and your rent is $500 or $600 per month, this is not going to leave you enough expendable income to qualify you for a Car Loan.
There are companies that are easier to get loans from, but could require larger amounts of down payments to seal the deal on your Car Loan.
There are a few things you want to take to the dealership when you are ready to obtain Car Loan Financing. You will need an electric bill which will verify your address, a phone bill which will be proof of your phone number. You will also need your most recent check stub (computer generated---NO hand written pay stubs for obvious reasons). If will also help to bring your tax return from the previous year to show how much you made and how long you worked at current job. Bring a bank statement as well as it could be needed by some Car Loan lenders. The more information you can provide the better and everything needs to be consistent. For instance, the address on electric bill, phone bill, bank statement, and check stub need to match. This is one thing lenders look for when verifying your stips for financing. Car lingo for stipulations for financing- (Stips).
Car Loans can be obtained even with medium to poor credit if all your stips are consistent and you have a sufficient down payment. Put yourself in the Car Loan companies shoes and ask yourself, is there sufficient evidence to assure that repayment of the Car Loan can be made. Car Loan officers have bosses to answer to and if there is anything out of place, it will be hard to explain why they extended a Car Loan to you.
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