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Question by Johnathon N: What are my chance of getting a auto loan if I’m 18 and no credit history?
Hi i was looking at getting a auto car loan from my bank i was wondering what are my chances and i have a set car already and have about four or five of them lined up i wanted to pull out like a 5000 auto loan would this be a good idea or should i get a co-signer or i shouldn’t even bother and just do cash.
Best answer:
Answer by Derrick S
Try to find a car dealership that owns the finance company.Usually they will finance most everyone a car,however you will probably pay more finance rates.Whatever you decide to do,DO NOT purchase a car from a buy here pay here type of dealer.Alot of these dealers are crooks with a smile and no mask.What alot of them will do,is if you are late or miss a payment,they will repo your car,sell it to someone else,then make you pay for the price you still owed on it and you will not get the car back.No matter if you made all your payments on time or not.Just be careful.
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Things to Avoid When Getting Your New Car And Auto Loan
Buying that new car at the dealers can often be filled with a number of mistakes that tip off the car salesman as to the ignorance of the buyer. He or she will often then proceed to take advantage of unsuspecting customers (victims). By being informed, though, as to things that should be avoided, you can come away knowing that you got the deal on your car loan that you wanted. Here are some things you want to avoid.
1. Dressing Up For Car Shopping
If you come into the car dealership with a lot of fancy clothes, jewelry and gold, you really can forget about being offered a good deal. They certainly will look for clues as to what kind of deals to offer their clients, and will gear the deal to what they perceive the people can afford. Also, if you drive in with a Porsche – expect to pay a higher price than others on your next car.
2. Buying At End Of Season
Every year, when it comes time for the new cars to arrive, all the older models are reduced in order to make room for the new ones. Sometimes, however, the dealer may not advertise the reduced prices in order to see if there is someone who will walk in and buy it at the original price. Sure enough, there often will be somebody who has not done some homework and found out that the same model was reduced ,000 a month earlier. Or, possibly, worse yet, he or she could have bought the new model for just ,000 more.
3. Show Too Much Emotion Over A Car You Like
If you give the impression that you really love a certain car and must have it now type of approach, the salesman will play on this. He or she knows that your emotions will lead you to buy it – even if the price is not quite right. This means they will most likely not be as flexible with their offers as you want them to be.
4. Don’t Be In A Hurry
Giving the impression that you are in a hurry tells the salesperson that you may not have time to think things through. This will encourage them to aim high and not give you the deal you would like to have. Instead, you want to give the salesman the impression you are not in a hurry, and this will force them to make their best offer before you walk out the door.
5. Finance Through The Car Dealer
This could be a serious mistake because – in many cases – you could get better financial terms by getting preapproved for a car loan. Dealers are sometimes notorious for adding charges, or making a bait and switch auto loan which gives you higher terms than what you initially thought you were getting.
6. Failing To Research The Car’s Value Before You Buy
Dealers often post high prices because they know that most people like to negotiate. This means that if you pay the initial offer, that you are giving them more than even they had hoped for. This leaves room for serious negotiation, but you need to know what the car is really going for on the market to be able to make the best deals.
A little homework on your part will enable you to be certain that you are prepared to do business. It will also help you get the car and the auto loan deal you wanted and will be proud of – proud enough to tell your friends and family.
Joe Kenny writes for Rebuild.org, offering auto loan deals, or for UK residents car finance with some great interest rates.
Visit today: Loans from Rebuild
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Getting Huge Savings on a Used Car With Auto Loan
Buying a new car is a long term investment. It is usually the second only to a home as the most expensive thing ever bought.
The person has to shell out a vast sum of money later on not only for gas but its proper maintenance as well.
To some who can’t afford to buy a new car, these people have to do the next best thing and settle for a second hand car.
Hector Milla Editor of the “Direct Auto Loans Lenders” website — http://www.DirectAutoLoanLenders.com — pointed out;
“…According to consumer reports, a new car depreciates in value once it leaves the lot. This goes as high as 20% annually which makes it easy for someone to buy a fairly new car at almost half the price of a new one…”
In addition, it can enable you to even buy a higher end model that has better performance, safety and other features than a new model. This saves you money which can be used for other things.
Before buying a car, it is best to think about the kind of car you is willing to spend for and the options that come with it. By doing some research and checking out various dealers, you will be able to pick the right car and get the best deal.
You can buy a used car either from a dealer or from a private person. Before spending money on a used car, these are a few tips you must be aware of.
• You should check if the dealer or the individual who wants to sell the car has a good reputation.
• Just looking at the car will not give information if the car is in good condition. It should be test driven in various road conditions such as the highway or in traffic.
• Most cars have a maintenance record. The buyer must ask if it from the dealer or the individual and if it not available, then you should contact the dealership or repair shop where most of the work was done.
• Since most people are not that knowledgeable about cars, it is advisable to bring the car to a reliable mechanic for proper inspection.
“…There are many dealers available. You should also visit other dealers and check if the dealer or the individual who sells the used car has a good reputation. If the car of choice is not available, then you should inform the dealer about it and inform how much you are willing to pay. The dealer may either find that car or offer another model that is very similar to the vehicle you desire…” added H. Milla.
Further information about trusted and reputable companies for cheaper auto loans and car loans by visiting; http://www.LowestAutoLoanRates.net
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
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Question by Lollipopgirl123: Has anyone had any luck getting a person-to-person auto loan from Capitol One with poor/bad credit?
I have heard that Capitol One approves auto loans for people with poor credit for purchases from a private seller. But I don’t want to apply and get denied, which will damage my credit even further. Can anyone give me any ideas about this or know of any companies that are guaranteed to give bad credit auto loans to people who want to purchase from a private seller, not a dealer?
Best answer:
Answer by Sharon F
that’s hard to answer because having bad credit is really preventing you from having alot of options
i think its important to improve your score before digging into more debt
if you have a car just try to hang on to it until you are in a better financial situation (better score)
good luck
s
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