Top 5 best car loan deals
by Steve Cypher on Friday, August 1st, 2008Everybody is always looking for the best car loan deals. Not too long ago, this required buyers to spend time looking through the ads in the Sunday paper, make a bunch of phone calls and, finally, drive to at least three car dealers. Now that we have the internet, the process is much easier.
How to get the best car loan deals
In order to get the best deal on a new or used car, you first have to know your credit score. Knowing what your credit score is will help you decide just what kind of “deal” you need to look for. As a rule of thumb, if your score is above 640, you fall into the range of good credit. If your FICO score falls below 640, you will need to find a deal on a bad credit car loan.
The next thing that you need to realize is that, whether or not you have good or bad credit, lenders also look at your credit file to see how many years you have been “in the bureau” – that is, how long have you been borrowing money? The longer you have been borrowing money, the better off – from a lending standpoint – you are.
The third item, bankruptcy, puts you in an entirely different category. This includes the type of bankruptcy, your credit history before the bankruptcy and, finally, your credit history following the bankruptcy.
Because all of these factors will determine which “best deal” you need to look for, I have listed the following web sites that I believe are the best in their particular category:
Good Credit
www.autocreditexpress.com – While Auto Credit Express also deals in bad credit auto loans, the company has a large nationwide affiliate dealer network. These dealers specialize in internet customers and know how to keep the sales process simple and straightforward.
Poor Credit
www.pcautoloans.com – PC Auto Loans specializes in bad credit car loans, but unlike some web sites that just offer an application, PC Auto Loans site also contains a payment calculator as well as a “help” section that offers information on debt consolidation, home loans, legal credit repair and even a MasterCard application.
No Credit
www.autocreditexpress.net/consumers - Although primarily a car dealer portal, the consumer section of this site specializes in placing buyers with little or no credit history with dealers in both the United States and Canada that are experts in getting this type of customer financed.
Bankruptcy Credit
www.bankruptcyautofinancing.com – I appreciate web sites, especially car loan sites, which try and educate the consumer before applying for a loan. After all, if you don’t qualify for a loan, applying for one will only lower your credit score and you still won’t get approved. At BankruptcyAutoFinancing.com, the different types of bankruptcies are explained as is the process for obtaining a loan if you’re currently in a Chapter 13.
Car Loan Refinancing
www.smallercarpayments.com – Considering the current high price of gas, many car owners are looking for ways to lower their car payment so that they can increase their gas budget. For many people, car loan refinancing is the answer. Not only does the site have an application that is SSL secured, it also explains the refinance process so that you can see if it’s right for you.
Tags: bad credit car loan, fico, ford
Still in spite of the fact that the Internet helps much in choosing the best car loan you shouldn’t have to be in a hurry. Weight all the pros and cons of this deal, consider that you have to make on time payments not to damage your reputation as a borrower. If you are not sure you will be able to keep to the rules, it’s better to consider some other points of getting a car.
Folks should really look around on the internet for the very best rate. It works
I would definitely look around the web for the best deal. Not all sites offer legitimate loans. The greatest thing about the internet is having the ability to wait and make the right decision.