(excerpt)
Auto Loan Tip #1 Buy at the End of the MonthFrequently car dealerships have contests and the winner of the contest gets a good prize, whether it is monetary or physical. Generally, theses contests are a month long, so by the end of the month the salesman are crazy to make a sale regardless the price. So, you will be able to negotiate a better price on your vehicle during these types of competitions. The lower the cost of your vehicle, the better terms you might be able to get for your auto loan.
Auto Loan Tip #2 Have Good CreditNow this might seem obvious to you, but everyone is not aware how their credit will affect their auto loan rate. If you have great credit, go buy a car whenever you want because you have grounds to negotiate an auto loan on. If you have bad credit, work on rebuilding your credit for several months and then try to get an auto loan. This effort alone will help you in more areas than just your auto loan rates.
Auto Loan Tip #3 Negotiate Your Auto LoanWhen talking to an auto loan lender don’t divulge how much money you can spend per month on your auto loan. If you throw out the highest number then this will be the starting point and exactly what you want to avoid. Instead, negotiate with the lender, know your limits however and that there are other car dealers and lenders out there. You never should accept a first offer without trying to get a better deal.
Read full story here...
Sunday, January 7, 2007
Tuesday, December 19, 2006
Buying A Car: 5 Ways To Save Money
Buying A Car: 5 Ways To Save Money
by: Michael Lewis
Buying a car is an expensive thing. But, does it have to be? There are a number of things that you can do to get the car that you want for much less. Simple and a bit more complex, these tips will help you to save money in the long run. Buying a car can be affordable. Here are five tips for saving money on your next car purchase.
1.Get your financing in order before you leave to look at cars. While many car dealerships are offering financing for vehicles, this can be one of the more costly options. Make sure you talk to online financing companies, your local bank and your credit union. You probably will save a good amount of money here.
2.Do the down payment. Even a bit of a down payment can help you to save considerably down the road. You can save a good deal of money if you invest wisely. But, adding a bit of a down payment to the purchase will help to lower the amount of principal that you actually owe on that vehicle purchase.
3.If your credit is bad, get a co signer. Having someone else that can help you to get your car is a great way to secure a vehicle for a more affordable price. This helps to lower the amount of risk that you present to the car financer. The lower the amount of risk you prove to be, the better your chances of paying less for that car.
4.Trade-ins are good too. If you have a car that you plan to trade in, you may be able to get a good price for it. To improve the amount you get, make sure that the car is as clean as possible, is running well and has been taken care of. In addition to this, make sure that you know the value of it by looking it up on the web. Know what its worth so you do not get taken. The value of the trade in will lower the amount you have to have financed on your vehicle.
5.Shop around and haggle. There is no shame in saving money. Dealers are selling cars to make a commission. How much will they make off of you? Do your homework out the type of car you are looking for and know its worth. Look at several dealerships to find the right car at the right price. Don't forget to haggle with the dealership salesmen. But, whatever you do, do not be insulting to them. That's the wrong way to get your price down.
Take these five ways to save on the next time you buy a car and you will walk way with the benefits that you deserve. You can save a good amount of financing and interest charges this way.
Michael Lewis writes for http://www.actualcars.com/ where you can find more articles about collecting and rebuilding cars.
by: Michael Lewis
Buying a car is an expensive thing. But, does it have to be? There are a number of things that you can do to get the car that you want for much less. Simple and a bit more complex, these tips will help you to save money in the long run. Buying a car can be affordable. Here are five tips for saving money on your next car purchase.
1.Get your financing in order before you leave to look at cars. While many car dealerships are offering financing for vehicles, this can be one of the more costly options. Make sure you talk to online financing companies, your local bank and your credit union. You probably will save a good amount of money here.
2.Do the down payment. Even a bit of a down payment can help you to save considerably down the road. You can save a good deal of money if you invest wisely. But, adding a bit of a down payment to the purchase will help to lower the amount of principal that you actually owe on that vehicle purchase.
3.If your credit is bad, get a co signer. Having someone else that can help you to get your car is a great way to secure a vehicle for a more affordable price. This helps to lower the amount of risk that you present to the car financer. The lower the amount of risk you prove to be, the better your chances of paying less for that car.
4.Trade-ins are good too. If you have a car that you plan to trade in, you may be able to get a good price for it. To improve the amount you get, make sure that the car is as clean as possible, is running well and has been taken care of. In addition to this, make sure that you know the value of it by looking it up on the web. Know what its worth so you do not get taken. The value of the trade in will lower the amount you have to have financed on your vehicle.
5.Shop around and haggle. There is no shame in saving money. Dealers are selling cars to make a commission. How much will they make off of you? Do your homework out the type of car you are looking for and know its worth. Look at several dealerships to find the right car at the right price. Don't forget to haggle with the dealership salesmen. But, whatever you do, do not be insulting to them. That's the wrong way to get your price down.
Take these five ways to save on the next time you buy a car and you will walk way with the benefits that you deserve. You can save a good amount of financing and interest charges this way.
Michael Lewis writes for http://www.actualcars.com/ where you can find more articles about collecting and rebuilding cars.
Friday, December 15, 2006
LookSmart's FindArticles - Survey Finds Refinancings Driving Auto Loan Volume
LookSmart's FindArticles - Survey Finds Refinancings Driving Auto Loan Volume
Credit Union Journal, The, July, 2002
(excerpt)
A new survey of credit unions indicates that auto refinancing activities have become a significant business for some, with 69% of respondents saying they target members with outstanding auto loans from other lenders. (click link above to read more about this topic)
Credit Union Journal, The, July, 2002
(excerpt)
A new survey of credit unions indicates that auto refinancing activities have become a significant business for some, with 69% of respondents saying they target members with outstanding auto loans from other lenders. (click link above to read more about this topic)
Tuesday, December 12, 2006
'Go Green, Save Green' Auto Loans?
(Excerpt)
Cromer pitched the idea to his staff who created Envision's "Go Green, Save Green" loan product that reduces the vehicle owner's annual percentage rate (APR) by 1%. During a 36-month obligation, drivers will save close to $700 on a $20,000 loan. Drivers will qualify for the new "Green Rate" when they agree to buy a vehicle with mileage of 30 miles per gallon or higher. (Read more about this story here)
Cromer pitched the idea to his staff who created Envision's "Go Green, Save Green" loan product that reduces the vehicle owner's annual percentage rate (APR) by 1%. During a 36-month obligation, drivers will save close to $700 on a $20,000 loan. Drivers will qualify for the new "Green Rate" when they agree to buy a vehicle with mileage of 30 miles per gallon or higher. (Read more about this story here)
Monday, December 4, 2006
Auto Loan Demand, Growth Continues Downward Trend
Auto lending, long the bread and butter of credit union business, continued to trend downward in April according to an economic analysis by CUNA Mutual Group. Where auto lending used to be the leader of the pack for credit union lending, it has actually been a drag on the loan portfolio of late, noted CUNA Mutual Group... (click here for more info)
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