Getting tired of sinking money into that old jalopy in the driveway? If your car is on its last legs, it’s time to start shopping around for a replacement vehicle, and now is a great time to look! There are some great deals out there on both new and late model used vehicles.
So what’s holding you back? Is it because you, like many people, don’t think you’ll be able to secure financing for the vehicle you want? What you may not realize, however, is that there are many services out there that understand the dilemma you’re in and that can offer an excellent way to start your process of credit recovery.
A great example is the Web site Car.com which works with a nationwide network of finance companies and dealers to offer a free service focused on helping consumers with special financing needs. The advantage to turning to a site like Car.com for help is that consumers who have already been turned down by dealers or banks have a new opportunity to find the right lender or dealer online from the comfort of home.
To get started, all you have to do is log on to www.car.com, fill out an easy online questionnaire, and your information is then securely delivered to the company’s network of third party lenders and dealers. Once your information has been received, someone from a dealership or finance company interested in doing business with you will contact you directly to work out the details of a deal. The Car.com service is available for both new and used cars, and loan decisions are normally made within hours.
And, if you are still making a decision about what vehicle you want to buy, the site offers a comprehensive selection of vehicle reviews, videos and discussions. You can also look up the history of a specific vehicle, compare vehicles online and figure out your payment schedule with an online calculator.
To find out what Finance options are available to you , log on to www.car.com and get the process started today
June 19th, 2008
(ARA) - Living from paycheck to paycheck can be very stressful when unexpected emergency situations happen. You have to squeeze some extra money out of your budget, but where is it going to come from? When these situations arise, auto refinancing could turn your circumstances around to your advantage.
By refinancing your auto loan, you could get a lower interest rate and a lower monthly payment. Customers who apply for auto refinancing through companies such as RateGenius Loan Services can potentially see a great savings in their monthly budget. RateGenius customers, on average, reduce their interest rate an average of 3.67 percent from their previous interest rate, and an average of $65 off their existing monthly auto payment. This type of savings frees up money for you to pay for a crisis or to put into an emergency-only savings account, making the unexpected a lot less stressful.
“Many people don’t realize that you can refinance your auto loan just like you can refinance your mortgage,” says company CEO Chris Brown. “In fact, auto loan refinancing works very much like home refinancing, with one big difference — with the exception of a title transfer fee required by law, there are no costs for the consumer.”
Auto loan payments are generally a bigger percentage of your budget. Refinancing will give you the advantage you have been searching for — to pay less for something you already have — and there isn’t even a charge for the service.
“You get a new lender when you refinance for an existing loan, which often means you get a better rate,” explains Brown. “With a new loan you can skip a few payments, add or remove a co-applicant if you have one, add products (such as GAP insurance and extended warranties) and extend the payment term.”
It only takes a few minutes to apply for auto refinancing, either by visiting www.rateGenius.com, or over the phone toll free at (866) 439-5533. A loan adviser then compares offers from the company’s network of lenders to find the best deal for your individual situation. RateGenius has partnered with numerous lending institutions that provide customers with one of the most financially stable and diverse lending networks in the industry. The entire process can be completed in 24 to 48 hours.
In some cases, the company is able to arrange loans that allow up to 90 days with no payments. Imagine three months without a car payment — money you can use to fix your daughter’s tooth, for the surgery your dog needs from eating the hallway rug, or the new water heater.
The savings you could see vary, but can be substantial. For example, if you have a $30,000 loan payable over 60 months at 12.5 percent interest, your monthly payment will be $674.95. By refinancing with rateGenius at a new interest rate of 7.5 percent, your monthly payment will drop to $601.14.
“Your process and customer service was excellent,” says J. Cottrell, a customer from Arlington, Texas. “I would rate your service a 10. The turn around time of my package and willingness to answer my questions really bolstered my confidence that I was with a first class organization. If I ever have another refinancing need or could refer you future business, I will.”
The company has been in business since 1999 and has brokered over 34,000 loans. To find out how much you can save, visit www.rategenius.com or call (866) 439-5533.
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June 19th, 2008
Bad credit car finance is the only option for many of us and like any other product, good or service, where there is demand it’s highly likely there is or soon will be “supply”.
Supply in this case would be the MANY bad credit car finance loan providers willing to consider your loan approval. And believe me, they are hungry for your business and they will compete for your loan - and I’ll tell you why.
First, just about everyone needs a vehicle. 99% of us don’t have the cash to buy the car we want so we borrow the funds. The problem is more and more applicants are falling into the sub-prime loan category - that is, borrowers with credit score below 680.
How does this help you, the bad credit borrower?
Car dealers and auto lenders simply don’t have the volume of AAA credit candidates they need to keep their businesses alive. So, in order to survive and close loans, which is how auto lenders make their living, they must throw a wider net around their pool of potential applicants to also include sub prime loan applicants.
Even if your credit score is between 525 and 680, be assured, there are bad credit car finance programs available that will enable you to borrow the funds you need to get the car you want.
Second, American auto markets are in a sorry state. The big 3 are experiencing extreme competition from foreign auto manufacturers as well as overstocked with high inventories.
In order to compete, American auto makers are fighting tooth and nail to gain market share - doing just about anything to get you in their door and buy something from their bloated inventory. Many dealers are judged on volume of vehicles sold not profit per vehicle so your bad credit will hardly stop a dealer from making a sale.
So don’t let bad credit stop you from getting a decent vehicle - see the link below for a good selection of bad credit car finance providers.
If you are looking for a vehicle and have bad credit, use all your resources to your advantage to get the best terms new auto purchase or auto refinancing, all in one place , visit - bad credit car finance information and reviews of bad credit auto lenders.
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June 11th, 2008
By THE EDITORS OF CONSUMER REPORTS
With the national average gasoline price surpassing $4 a gallon, many consumers are trading in larger vehicles for smaller models with better fuel economy. While that’s a good goal, making the switch too soon could cost drivers more than they’ll save at the pump, according to a new Consumer Reports study.
It typically doesn’t pay to downsize if you’ve only owned your vehicle for three years, even if the new car’s fuel economy is much greater. Remember, with a traditional loan, interest makes up a larger percentage of your monthly payment initially, scaling down over time.
Consequently, less is paid on the loan principal in the first year than the last. If you trade in part way through your loan period, you might find you have less equity, or trade-in value, than you expected. And that can limit the potential down payment on a new vehicle.
The other main hurdle affecting your car’s equity is depreciation, or the value a vehicle loses over time. According to CR’s owner-cost estimates, depreciation makes up an average of about 48 percent of an owner’s total vehicle costs in the first five years. Fuel costs average about 21 percent. And the greatest depreciation occurs in the first three years. After that, depreciation begins leveling off.
So, if you trade in a 3-year-old vehicle, you begin the wild depreciation ride all over again with the new vehicle.
CRUNCHING NUMBERS
CR analyzed scenarios based on different types of vehicles, including sedans, SUVs and pickup trucks. For each type, CR chose a typical large model and progressively smaller, more economical alternatives.
The financial models are based on CR’s owner-cost data, which includes: depreciation, fuel costs, interest on financing; maintenance and repair, insurance costs and sales tax.
CR evaluated downsizing from the 2005 Ford Five Hundred (now called Taurus), which got 21 mpg overall in CR’s tests, to a 2008 Toyota Camry with a four-cylinder engine. According to the analysis, its decent 24 mpg doesn’t make a big enough difference to offset the increased owner costs.
CR’s experts looked at alternatives to a V8 Chevrolet Tahoe that got 13 mpg and to a truck-based V6-powered Ford Explorer that got 15 mpg. With high gas prices, owners of both vehicles are experiencing significant costs due to low fuel economy and significant depreciation.
To ease the transition, CR compared them to the 17-mpg Honda Pilot, a well-rated model that requires few compromises in seating and performance. But the fuel economy gains aren’t nearly enough to offset the Pilot’s predicted depreciation and tax costs when trading in one of these 2005 models after only three years.
THE BOTTOM LINE
Consumer Reports’ longstanding advice has been to buy the highest-rated, most reliable and safest model with good fuel economy that suits your needs. Consumer Reports’ experts support the move to more fuel-efficient vehicles but caution consumers to look at their long-term owner costs and not to rush into a change they might later regret.
Visit the Consumer Reports Web site at www.consumerreports.org.
June 11th, 2008
