Financing your car loan| Finance for your new car.
Finding your dream car can cause a rapid heartbeat of excitement. Now only one thing stands between you and the car of your dreams: financingyour car loan. In a perfect world, you'd pay the full price in cash without blinking. But if you're like the seven out of ten car and truck buyers who don't live in a perfect world, chances are you'd be paying for your car through one of several financing schemes.
Like traditional car financing loans, dealer finance is reasonably easy
to get. Most dealerships have relationships with numerous lending institutions,
so they can arrange car loans even for car buyers with blemished credit
histories. To compete with traditional bank loans, many dealerships offer
zero percent or very low interest on dealer car loans. However, such loans
are available to car buyers with stellar credit ratings. Consumer experts
advise car buyers to get pre-approved on an car financing loan from a
bank or credit union before approaching the dealership for possible financing.
By getting loan pre-approval from another lending institution, a car buyer
gets the upper hand when bargaining for a lower rate on a dealer loan.
Credit cards to finance the car purchase.A credit card advance or credit card draft from your credit card company can help you drive your dream car home. Like home equity lines of credit, credit card advances or credit card drafts are revolving lines of credit with variable interest rates. To entice existing customers to avail themselves of credit card drafts, credit card companies waive cash-advance fees, guarantee low rates during the initial period of the car loan, or offer high credit limits. However, because credit card drafts are unsecured, they generally have higher interest rates than home equity loans, traditional car loans or dealer loans. Financing your car purchase through credit cards could also leave you vulnerable to hefty penalty charges if you make a late payment or exceed your credit limit. Checking all financing sources that you can may be beneficial.
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