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Be weary of comparing just the interest rates when you are comparing auto loans. It is certainly an important factor, but it is not the only factor worth considering.
The important thing to keep in mind is how the total interest is affected by a combination of the interest rate, the term of the loan, and the size of your monthly payments. A relatively low interest rate will still end up costing a great deal in interest rate if the loan is paid off over a long period of time. A low interest rate also does not necessarily mean that your monthly payments will be low, especially if the term of the loan is short.
Instead of comparing interest rates directly, compare how interest rates affect the loan as a whole. Some people are more concerned about their monthly cash flow, and therefore think about the size of the monthly payments more than anything. Others are more concerned about their long term savings, and look at the total amount of interest they pay on the loan.
Either way, interest rates play an important part in the loan, but they are not the only variable.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoWhen purchasing a car, most people have to get an auto loan to finance at least a portion of the purchase. Unfortunately, these loans can come with very high rates. Luckily, there are some ways you can lower rates for auto loans.
The first way to get lower rates for auto loans would be to put more money down. Like mortgage lenders, auto lenders want their borrowers to put forth at least a small down payment towards the car. By putting down 25% or more, you could improve your chances of getting a good rate.
The second way to get lower rates for auto loans would be to get financing through the auto dealer. Many large auto dealers also have the ability to offer their customers financing through the dealer. Since they will profit on the sale of the car, many auto dealers are willing to offer lower auto loan rates than a traditional lender would be able to. In some situations, a borrower could get a rate as low as 0% for as long as a 60 month term.
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Getting Auto Loans?
Getting auto loans is a great way to try to find extra cash to pay for other sorts of expenses. In this sort of economy, many people are finding that they need to take out auto loans when they go to purchase a new car. People are needing new cars usually because they travel far distances to get to a new job. Taking out auto loans can be a great way for a person to find extra cash to put on the side, for other bills such as a gas or electric bill. A person may be able to get auto loans with low interest rates too.
Where can one apply for an instant auto loan?
The following companies all have instant auto loans available: CarsDirect, Lending Tree, E-LOAN, Capital One, and Wells Fargo. With instant auto loans, one can get approved in less than an hour.
Where to buy a calculator for auto loans?
You do not need to actually purchase a calculator for auto loans. Most often the dealership you are buying the vehicle from, or the bank you are getting the loan from, will have an auto loan calculator. The calculator will tell you the amount your payment will be for the duration of your auto loan. These can also be found online and are usually free.
Are auto loans set up through the auto dealerships quicker than bank auto loans?
Yes, auto loans are generally quicker. Some can even be done online, such as insurance.com
Are auto loans considered guarantor loans?
No auto loans are not usually considered guarantor loans but you can request one when you get the loan and it is possible to get one. Most of the time they are just regular loans.
Where can one find guaranteed auto loans?
One can find guaranteed auto loans by visiting a number of websites. There are a multitude of websites dedicated to offering auto loans such as carmaxfinance.
Where can one find low rate auto equity loans?
One can find low rate auto equity loans from places such as PNC Auto Loans, Cash America, Presto Auto Title Loans and Randolph Brooks Federal Credit Union.
Where can one find the latest rates on loans in Alberta?
Loan rates depend on where you are getting your loan from. As an example, for auto loans you could use a website like Car Loans Canada and for student loans Albertas own website is a good choice.
What can you arrange auto loans through?
auto dealers.
Where can one get current information about subprime auto loans?
Subprime auto loans are loans taken out by individuals with poor credit records to purchase automobiles. Information concerning subprime auto loans can be found on finance specialist websites such as Edmunds.
Does Wells Fargo Financial offer auto loans?
Wells Fargo Financial does offer auto loans. They have many options including used car loans, new car loans, and auto loan refinancing depending on your loan needs.
Where can one find and compare the best rates on auto loans online?
One can compare the best rates on auto loans on MoneySupermarket. One can also compare the best rates on auto loans on gocompare. Another website where one can compare the best rates on auto loans is cbonline.
