subject: Guidelines For Getting An Auto Loan [print this page] Guidelines For Getting An Auto Loan
Whether your plan is to buy a new car or a pre-owned one, you may need help with financing it. Auto loans are available with dealers, banks, and credit unions. Planning your payment means before you purchase a vehicle will save you regrets later on. Auto loans vary in terms of down payments required, payment period, and interest rates. If you are taking an auto loan, there are several factors you need to consider. Here are some guidelines- * If it's your first purchase, you can consider buying a pre-owned car. In case you like to upgrade your car often, buying a pre-owned car will help do this faster. On the other hand, if you would like to retain your car for a long time, buy a new vehicle. * Depending on your budget for buying the car, decide the loan amount you need. Keep your regular expenses in mind, to know how much you can afford to pay back every month towards the auto loan. * In case you are buying a pre-owned car, have it examined by a mechanic. This will give you an idea about the condition of the car in terms of cooling, suspension, and other factors. * If you cannot meet the monthly payment schedule, your car may be repossessed by the financial institution lending the money for the vehicle. * Other charges you will need to pay include processing charges. These are usually lower if you visit a credit union, not a bank. Credit unions are non-profit financial institutions which do not need to pay stock dividends, so their charges are usually less compared to banks. Joining them is easy, you just need to meet their criteria, which can be geographic location based, religious, or work related. * If you cannot make a large down payment, the actual amount for the car paid over the years, may exceed the vehicle's value. * You can view cars online, at dealerships, and get them financed through the bank the website uses. Later on, if you have made payments on time and in full, it is even possible to get your loan refinanced at better terms. Financial institutions make use of reports on your credit history to determine the interest rates for auto loans. Phoenix has many options when it comes to obtaining auto loans. One of them is Vantage West Credit Union, which is Southern Arizona's largest credit union. It was established in 1955, and services 105,000 members!
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