New Car Loans - How You Buy A New Or Used
Car With Poor Creditd
by Carrie Reeder
Consumers buy a new or used car with poor credit everyday. By
using an outside lender, you can be assured you are getting
the lowest rates on your car loan and put yourself in a better
position to leverage for rebates and extras.
Shopping For Car Loans Online
Online car loans make comparison shopping a snap. You can choose
to go to individual car loan lenders' websites or use a car
loan broker site. Car loan broker sites will provide multiple
quotes on auto loans from several different lenders. Going to
individual car loan lenders' websites takes more time, but will
give you the same results.
Once you have picked a car loan lender, you can apply online
and be approved within an hour. By using technology, car loan
lenders have made the process more efficient, reducing time
delays. When you are approved, you will be sent a blank check
within days to go car shopping with. Your blank check is like
shopping with cash. The car dealership doesn't know your credit
history, so they are willing to offer you the better deals.
Purchasing A Vehicle
With your blank check in hand, you can negotiate better offers
from dealerships. Many times there will be promotional offers
that include rebates or special financing. Opt for the rebates
since they usually will save you more money than the special
financing offer. Also, negotiate for additional features since
you have cash in hand. Remind salesperson you can afford to
look at other dealerships.
Online car loan lenders qualify you to borrow up to a certain
amount, but you decide on the exact amount. When you settle
on the price for a vehicle, you fill out the check and additional
forms. Depending on your lender, you have between 45 and 60
days to sign over the check.
Car loans can now be refinanced much like a long-term debt.
So if you have bad credit, plan on improving your credit score.
After two years of regular payment, you can qualify for lower
interest rates. The process is the same as shopping for a regular
car loan and can be handled conveniently online.
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an
informational website about various types of loans. To view
our list of recommended auto finance companies online, visit
this page: http://www.abcloanguide.com/autoloans.shtml