How to Get Pre-Approved Auto Financing

If you are looking to get auto financing, it is important to recognize that there are a variety of ways to finance your car. For example, you may wish to finance your car through a dealership auto financing program or you may wish to finance your car through a private lender, such as a bank. Regardless of which lender you work with, getting pre-approved for auto financing can make finding and driving away in the car of your dreams a reality.

Here's what you need to know about getting pre-approved for auto financing:

Pre-Approval

Pre-approved auto financing requires that you have approached a lender, such as a bank or auto dealership, and ask for a loan so that you can pay for a car. The lender will take a look at your credit history and credit score in order to determine what your risk level is. The risk level means that the bank wants to evaluate how realistic it is that you will be able to repay the loan in full on time.

For example, if a diner waitress making $33,000 a year was to approach a lender and ask for a loan of $100,000 to buy a customized Mercedes, the lender may determine that the waitress has a high risk of not being able to repay the loan. However, if the waitress were to request a loan for $11,000 to pay for part of a pre-owned vehicle, the lender may determine that there is an increased chance that the borrower will be able to repay the loan.

Choosing a Car

Once a borrower has been pre-approved for a loan, he or she needs to select the automobile that meets his or her budget and needs. Just because a lender allows the borrower to borrow a large sum of money to buy a car doesn't mean that the borrower has to use the entire sum of money for the car purchase. Remember: all of the money that is borrowed will eventually need to be repaid with interest.

The Left-Over Money is Not Play Money

When buying a car with pre-approved auto financing, if there is left-over money in your pre-approved loan that you are not spending on the car, you will probably not be able to spend that money on other items, such as groceries or rent. It simply means that you will not take out a loan for more than the amount that you are paying for the car. Therefore, use the pre-approved auto financing as a maximum amount of money that you will be able to spend, but certainly make sure that your car purchase suits your unique budget.

If you have any questions about auto financing and obtaining a pre-approved loan, contact a sales agent today. We're happy to determine how much auto financing you may qualify for as well as what types of vehicles may suit your budget!

Bad Credit Car Loans For Anyone

Just about anyone can qualify for a bad credit car loan, no matter what a person's credit history or current credit score is. In order to get a car loan when you have bad credit, there are some things you need to know that can help you get the lowest rate and highest amount of money possible.

Here's a brief overview of what you need to know in order to get a bad credit car loan:

Understanding a Loan

When you approach a loan officer, it is important that you demonstrate to the loan officer that you understand what the terms of a loan are. Essentially, a car loan is money that is borrowed from the lender. That money will need to be returned to the lender over a pre-determined period of time. Because the lender needs to make a profit on the loan in order to stay in business, the lender will charge an interest rate for the loan. Therefore, be sure that you are comfortable talking about interest rates with the loan officer when you sit down for a chat.

Interest Rates

The interest rate for a car loan is the amount of money that the borrower will have to pay back to the lender in addition to the loan principal. For example, if you take out a loan for $10,000 in order to buy a car, you not only have to repay that loan, but you will have to repay interest on top of the loan. If you get an interest rate of 6 percent, then you would need to pay back an additional $600 on top of the principal amount of money that you borrowed.

Credit History

Your credit history will affect just how low the interest rate is for your loan and how much money you can take out. For this reason, borrowers with brad credit will usually have higher interest rates and lower loan caps than borrowers that have proven that they are able to repay loans on time. When you speak with a loan officer, be able to explain why you have bad credit. If you are able to prove to the officer that you are in a different position now than you were when you got the bad credit, you may be able to get a better interest rate. For example, you may need to show the loan officer that you have a job that will allow you to pay back the loan amount on a regular basis.

No matter how bad your credit is, it is always possible to get a car loan. The amount of the loan and the interest rate on the loan amount may vary a great deal depending on your credit history, but remember that getting a loan is always possible if you are in need. Contact one of our sales agents today to discuss loan options and to match your budget with a vehicle on our lot.

Finding a Car Loan After Bankruptcy

If you've just discharged your debts and come out of bankruptcy it can be challenging to find an auto loan. You will need to check your FICO score after bankruptcy because if your score is too low you may be stuck with an exorbitantly high interest rate in the 10-15% range. That can add up quickly if you're buying a car over $10,000.

If you can scrape together some money, try to put 20-30% down on the car so you can reduce your monthly payment. If you have a trade-in car, try to sell that to a private party. A private party sale via Craigslist will get you much for your car than a dealer trade-in. Check out the blue book value first for your zip code so you know what to list it for.

If you buy a car from a dealership, don't be afraid to shop the loan around. They may offer you a low annual percentage rate, but also may get a better deal through your bank or credit union.

You don't have to wait for your bankruptcy filing to be completely finished before you start applying for car loans. Start searching for a loan and try to get pre-approved before you decide on your purchase. The last thing you want to do is find a car and then not be able to find the loan you need.

Whatever loan you decide on, check for hidden fees and prepayment penalties. There's no reason to accept a high interest loan where you can't pay down the balance when you get yourself back on your feet. Take the time to read the fine print, it can save you money and keep you from ending up back in bankruptcy.

Car loans customers can now choose four more Peugeot van shades

Car Loan's customers looking to brighten up their next vehicle can now choose from four more Peugeot 207 Van colours.

In addition to Bianca White, drivers can now hit the roads in a Flamenco Red, Aluminium, Montebello Blue or Onyx Black 207 Van.

The vehicle first reached showrooms last September and the latest colours could be a nice change for motorists.

Peugeot said prices for the van start from £8,825 so those looking for approved Car Finance or a new car loan may see it as a potentially ideal choice.

Alternatively, a new Peugeot 407 for 2009 was unveiled last month and is another option for car loans customers.

A revised specification and enhancements to the exterior and interior are additions to the new 407, which the manufacturer said has "dynamic characteristics" and "exceptional road holding".

New colours for the saloon model include Moroccan Red, Hurricane Grey, Abyss Blue, Moondust and Thorium Grey.

Getting the best car rental deal

If you're spending your own money on renting a car, there are pitfalls galore; and it pays to do your homework.

If you believe the advertisements, renting a car appears – on the face of it – to be a stress-free, easy transaction. You front up to the counter, hand over your credit card, sign a few documents, accept the keys to your near-new, filled-to-the-brim vehicle, and drive off into the sunset.

And for corporate customers driving on the company credit card, that's how smoothly it can go. Car rental companies love corporate customers because they have deep pockets and offer plenty of repeat business. For the well-heeled corporate customer, great deals and gold cards are the norm.

But when you or I walk into the car rental outlet, the game changes. Corners may be cut, inclusions may be excluded, and there are pitfalls galore for the uninitiated. So here's a few tips from the experts on how to really drive your dollar further.

Rule 1: Book your car when you book your flight.
Much like the airline business, the earlier you book, the better deal you'll get. If you arrive at your destination and front the counter for a rental car, you will pay top dollar – and most likely you won't get the size or type of car you want. Instead of a Corolla, you'll simply get what the company has on offer and pay the maximum rate to boot. Most rental companies do not charge a cancellation fee either, so if your plans change there's no financial penalty.

Rule 2: Know what you want.
Car rental companies don't segregate vehicles by brand name. They split their fleet into cars which fit specific categories, usually aphabetical and usually defined by size, engine capacity and features. An A-class car, for instance, could be a Hyundai Getz, or a Holden Barina, or a Kia Rio, while a B-Class could be a Corolla or a Pulsar. The bigger the car, the more you'll pay. And don't expect to get the specific brand of car you see pictured in the brochure because you are sure to be disappointed. If you have need of a specialised vehicle, such as a people-mover, make your booking weeks in advance.

Rule 3: Shop around, and take advantage of special deals.
A handful of car rental companies control the bulk of the business and are fiercely competitive. You'll find most are within $5 of each other on competitive category cars but from time to time, they'll cut rates to woo customers. Corporate “partnerships” also means reduced rates are offered through credit card providers (Amex, etc) or airline frequent flyer memberships. Surf these websites and scan the brochure material to milk these relationships for a potential further 10-20 per cent discount; a little homework here can save big bucks, particularly on a medium-to-long term rental.

Rule 4: Read the terms and conditions.
Yes, it's a pain but there are a myriad of traps hidden therein. Some of these include: failing to nominate a second or third driver (if he/she has an accident, your insurance is null and void); and driving on dirt roads (the large rental companies allow you to go on any gazetted road while smaller ones don't permit it unless you're renting a soft-roader SUV or 4WD).

Rule 4: Check your rental car for damage before driving away.
If the car has any noticeable scratches or dents, these should be noted and co-signed by a company representative on the agreement form. If not, you may be liable for the insurance excess (as much as $2000).

Rule 5: Ask for an all-inclusive quote for a specific period of time.
That way you won't get any nasty surprises from extras like the airport concession recovery fee (which some rental companies sneak on the agreement as a percentage on the complete deal). However, companies generally don't like to include insurance costs in their quotes, because this is a negotiable process and depends on how much excess you are willing to pay in the event of a prang.

Rule 6: Watch out for the hefty “one-way” fee.
If you are only planning to drive from one destination to the next (say, Sydney to Brisbane) and leave the car there, rental companies will charge extra to return the car to its point of origin. As a general rule of thumb, the further the distance (from point of origin), the higher the charge.

Rule 7: Refuel the car before returning it.
Car rental companies charge double the market rate ($2.40 or more a litre) to top the car back up, and then add it to your credit card.

How to Save on DUI Car Insurance

Owning transport vehicles is very much expensive nowadays. There are two reasons as to why this is so:

1. The cost of fuel is rising crazily.
2. The cost of car insurance is rising crazily too.

And one has to take into consideration the cost of maintaining a car and other operation costs as well.

One nightmare to think about is the cost of insurance. Insurance is good because the car owner is assured of any money compensation once something awful happens to the vehicle. Never mind that it's required by law!

Cars are not necessarily cheap, you know.

However, the bad news about insurance is, the yearly premiums to pay can really burn a hole in the wallet. And if nothing bad happens to the car, like it does not get into any accident, or worst, gets car-napped, the money just goes happily into the pockets of the insurance companies. But of course, one does not really wish for anything bad to happen, right?

That's the double whammy when it comes to car insurance.

But then what if an accident did occur? And in the worst possible light possible, the accident occurred because the driver was DUI or driving under the influence?

How does the insurance quote the car owner on that?

First, DUI is against the law. It is practically common sense to not drink and drive!

However when circumstances just occur, how does one save on DUI car insurance? As you likely know, it gets extremely expensive. We looked at some things our friends in Georgia did to lower their costs.

Some companies hold a niche in offering car insurance for those involved in DUI. They might have more competitive and attractive rates than those who does not specialize. Look for those companies as they may offer some very competitive rates, but be sure to include traditional insurance companies as well. Get lots and lots of quotes.

One way to get a lot of quotes quickly is to use online quote tool to canvass the rates available. There are many of online quote tools to choose from. One can see what a state like Georgia is offering at a given time. This saves a whole lot of effort on the car owner's part.

The other thing to remember is that while a DUI is a large "negative" mark, that doesn't mean "positive" marks still don't count! Insurance plans offer discounts for things like students, driving experience, good grades, taking safety courses, and so forth. Take advantage of every one of these discount credits you can, no matter how boring a driving safety class sounds.

If you're not a member, also be sure to check with your auto club for discounts and programs that may help. They may be able to provide you with a good deal on insurance, or help you find programs and classes that will give you discounts.

Also, consider downgrading the car. Older, more inexpensive cars tend to be cheaper to insure. Plus with gas prices nowadays, you might want to downgrade to a smaller vehicle. You may even be able to sell your car for a cheaper one to help pay for the new insurance bill.

Of course, even after much looking around you will find that DUI car insurance will never be what you'd call cheap, so please be responsible and never drive under the influence again!