Auto Loans Info
Some local banks do not finance cars purchased over the internet. A simple work-around is to purchase the car with short term loan, and then bring the car to them to have it re-financed. Auto loan re-financing should also be considered when the interest rate drops.
Dealer car financing. Auto dealers work with many banks, and they are experienced in getting a good car loan package for customers with different credit profiles. After they take the profit, they may still present a good offer. Take that offer, and compare it with other sources of car financing. Dealer in house car financing. These are the "tote-the-note" lot, or "buy-here-pay-here" lot. They have much higher interest rate but they are dealing with higher risk car buyers. There are some deals to be found here. Make sure you are aware of the policy on late car payment. Some car dealers repossess the car the next day payment is late, and that leaves you out with no car for work.
Solutions for Finding An Auto Loan and Financing
Car financing through credit card. Another source of funding for your car is to put the auto loan on the credit card. Make sure you pay more than the minimum every month, and know the interest rate they are charging. Some card companies change their rate in the middle of the loan. Be sure to read the fine point of the contract. The good thing about this option is that if you cannot make car payment, there will be no repo guy lurking behind your back.
Car financing through home equity loan. This is an excellent choice for your auto loan if you own home. The rate is most likely be competitive because it is backed by your house instead of your car. Some banks offer both home equity loan and car loan. And the former most likely will have a better rate than a simple car loan. Do some research on the internet when shopping for a car loan. Some websites actually submit your auto loan application to many car lenders, and come back with the best rate possible. It may take some work, but it will pay off in lower interest rate you will get for your car loan.
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