Automobile Loan

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Automobile Loan – Attracting A Great Loan

From the other side of a large parking lot, you spot the car of your dreams. It's shiny, fast and sleek. Okay, it's really an SUV, but still… You've got to have it. Can you really afford to make payments on such a fine automobile? You'll never know if you don't explore all your options.

What Are Your Odds Of Getting A Loan?

Qualifying for an automobile loan is easy for the borrower with excellent credit and verifiable information. For the mass majority of other consumers, an auto loan may put your debt ratio over the top. In other words, qualifying for any auto loan is a matter of having low debts (such as other financial obligations) compared to your income. Even though lenders are willing to compete for your business, most financial lenders require income of at least $2,000 per month before considering any car loan (source: http://www.RealFinanceAdvice.com ). Some lenders are willing to extend bad credit auto loans; however be careful of the terms and interest rates involved. Do your research first before applying for a loan using handy tools like a car loan calculator.

The Art Of Matching A Loan With A Borrower

Beyond asking your credit history and income, a dealer wants to know other factors before offering a loan.

  • Loans come in different shapes and sizes. A prime auto loan, for example, offers the best rebates, interest rates, and terms posted by a dealer or lender. The amount of an automobile loan depends on your ability to pay back a loan in a certain amount of time (generally 36 months).
  • Timing does make a difference. Sometimes you're best bet at a great loan is to lock-in to a low interest rate. When a borrower uses his auto for cash by taking out a car title loan, repaying ASAP is the name of the game.
  • Pick a secure lender that specializes in the loan you need. Some lenders don't mind borrowing out bad credit auto loans; other only deal with new auto loans. Don't waste your time trying to get a loan from a dealer who only operates through certain financial organizations.