Why Now Is The Best Time To Get A New Car Loan
The economy is an awful mess - anyone who reads the evening news can tell you that
. Many people are wondering if they can get the loan they need to buy a new car. The short answer is - yes! There are many lenders looking to loan money for individuals to purchase new cars, regardless of the economic problems going on in the country today.
Little Risk To Lenders Equals Approval For You
Why would banks and lending institutions be willing to put money out in an uncertain economy for consumers to purchase new cars? The answer is simple. When you purchase a new car, the bank owns interest in the car that you purchase. If you do not pay for the car or cannot pay for the car due to any reason, the bank has the right to repossess the car and resell it. Therefore, lenders know that car loans carry very little risk - they will either get their money (plus interest) from you, or they will repossess the car and sell it to someone else and get their money that way. Either way, car financing is win-win for the lender in all economic situations.
Further, because you must carry comprehensive collision insurance on the car that you buy - the lender knows that any damage that is done to the car will be taken care of as well. This just adds to the lender confidence that is rampant when it comes to loaning money for borrowers with all types of credit to buy the car they need.
Up To $30,000 For Your Dream Car
New car loans start out around $10,000 and can go all the way up to $30,000 or more, depending upon your income and your ability to repay the lender. Never agree to make a car payment that is more than you can reasonably afford.
You can save money on the amount of interest that you will be charged on your new car loan by making a down payment. Even a down payment of $1000 will go a long way towards reducing your interest rate. Keep in mind, also, that your down payment will make your monthly payments less also, which will make managing your payment much easier.
Why Buying NOW Can Save Thousands
Another reason you might consider purchasing your new car now is price. This is the season of the year that new models for the coming year are being released. Many dealers drastically slash the price of the current model year vehicles they have in stock in order to clear out some inventory. You can save thousands on these brand new vehicles by shopping now.
To find even greater savings on your new car loan, you might also look towards Internet lenders. The lenders who do business online tend to have much lower rates of interest and friendly terms than lenders at the local bank or credit union can offer. In addition, you can completely fill out all of your paperwork for your new car loan from the comfort of your own home.
by: Amanda Hash
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