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The following article was published in our article directory on May 2, 2012.
Learn more about SpinDistribute Article Distribution System.

Financing a Car for the First Time

Article Category: Automotive

Author Name: John St James

An automobile can be procured thru a lump sum payment or thru a financing scheme. The former usually provides the best prices but not every consumer can afford to pay for an automobile with a onetime payment. Thus, a majority of consumers use automobile financing. This article will talk about the basic definition of automobile financing; provide information on financing a car and impart tips and techniques for getting the best interest rates.

Financing a Car Defined

Automobile financing is defined as an agreement between a borrower and a lender in that the latter undertakes to provide funds for the full payment of an automobile in exchange for the undertaking of the latter to pay on regular installments the principal amount plus interest within a specific period of time. For example, Lender ABC approves Mr. A's application in financing a car worth $10,000 provided that Mr. A pays the entire amount forwarded by Lender ABC in 36 regular installments plus 1% interest per installment payment.

Car Loan Interest Rate

The interest rate for a car loan depends upon several factors. Some of these factors are:

Consumer credit rating: A car loan interest rate increases as the credit rating of the consumer decreases. This is because the lower the credit rating the higher the risk of default.

Amount loaned: As a general rule a car loan interest rate decreases as the amount loaned increases.

Number of Installments: As a general rule, the longer the payment period the lower the car loan interest rate.

Collateral: A security or collateral lowers the probability of nonpayment hence the lower the car loan interest rate.

New Car Financing

Buying a brand new car increases the likelihood of the purchase being made on financing. This is because as a general rule a brand new car has a higher purchase price than a used one of the same make and model. Here are two tips to remember in mind when considering purchasing a new car on financing:

Shop around: New car financing does not only depend upon the lender but on the car dealership. More often than not, some dealers can aid the consumer in getting better financing terms thru in house financing or lender tie-ups. The reverse is also true, meaning if the dealer seems to be ripping you off, contact a bank or lender to get independent financing.

Extended Warranties/Insurance: Some dealers will attempt to rip you off by adding on extended warranties and unnecessary insurance coverage on your new car financing. Determine both are really necessary. If not then insist on an entry-level warranty and insurance.

Auto Loan Credit Repair

An auto loan credit repair is not a necessary stage in auto financing but it is highly advisable to undertake the same prior to application. This is especially true if the consumer's credit rating is below median. Tip, pull out free credit reports, and read the report. Make sure 100% of the information inputted on the report is true, accurate, and up to date. If there are untrue, inaccurate and obsolete information then you need to dispute the information verbally and in writing. Remember, auto loan credit repair can mean the difference between a .68% interest per installment or a 2.5% interest rate per installment.

Keywords: car loan interest rate, new car financing, financing a car, auto loan credit repair, bad credit auto loans, bad credit car loan, financing a car, best car finance deals, best auto loan rates, bad credit auto loans, car loans for bad credit, car financing calculator

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