U.S. debt is making everyone uncomfortable. Don’t think that it’s just a pain for Washington. Every American in the street is going to get affected if the government doesn’t come up with a permanent solution. If the government defaults, investors will lose confidence in America and will start asking for higher rates on bonds. This will push rates higher and your car loan will also become expensive.
So, if you are planning to buy a car in the near future, buy it now. The rates may go higher in the next year. It is quite understandable that making a car purchase quickly is difficult. But, with this car loan guide, you can plan you auto financing program. It’s time to take the benefit of low rates before they become extinct.
Plan your Car Loan today for it may be too late tomorrow
Buying a car is not building castles in air. It is about making meticulous plans and achieving your goal of low rates. To get affordable rates you must:
Be Financial Wise
A low rate auto loan requires you to be financially stable. Lenders will offer you lower-than-usual rates when you are capable of making regular payments. So, you must decide on your capacity of making payments. Prepare a budget. Calculate the total expenses and income sources in future. It will help you in ascertaining an affordable monthly payment.
Also, keep aside money for down payment. Making a down payment lowers the loan amount and ensures the lender of your financial capacity. It will aid you in getting low rate car financing options.
Judge your Score
When you don’t know your credit score, you end up ruining it more. This is because you may apply with a traditional lender/bank for a car loan with bad credit. Most of them don’t offer auto loans to people with credit issues and past bankruptcies. Your credit score will get unnecessary hits and will reduce further. So, get your credit score before applying for a car loan.
Where to apply with your Credit Score?
Based on the credit score range given below, choose a lender/auto financing program. You can go online or ask you friends for recommendation. But, remember that the lender must be reputed and trustworthy.
330 – 619: Poor Credit Auto Lenders and Online Auto Financing Companies
620 – 659: Sub-prime Car Financing Program
660 – 751+: Any Bank, Credit Union and Car Loans Website.
Knowing where to apply for a low rate auto financing program as it increases the chances of approval. So, make sure that you submit your car loan request to a lender who will cater to your needs.
So, this is how you can prepare yourself for a low rate car loan program. Don’t waste time in contemplating your automobile purchase. It’s advantageous to make a purchase now than in future.