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Auto Loan Rates
from: Sports Car MagicIf you're in the market for an auto loan, you probably very interested in the current rates. The best way to get a lower auto loan rate is to have and maintain a good credit rating. If you have a good credit history, you'll be considered a low credit risk and will therefore be given an opportunity to enjoy a lower auto loan rate. Lenders will consider you a responsible creditor and therefore not a liability, and will therefore be happy to lend whatever you need to get your new car. If you have a good credit record, your auto loan rate will vary and could be anywhere between 2% to 15% depending on where your apply for a loan. For those with poor credit rating, auto loan rates can go as high as 30%.
You can determine your credit score by getting an online credit report. Once you know your credit score, you'll know if you have a good credit rating and will be able to calculate the probable current auto loan rate available to you. If you have poor credit rating, see what you can do to improve your rating before you apply for a loan.
One way to do this is to pay off some of your current debts, make higher monthly payments on debts you can't pay off in full or put money into your savings account. Your savings deposit will help your credit score since it becomes part of your pool of funds in case of an emergency. Once your credit score improves, your improved auto loan rate will follow.
Another way to reduce your auto loan rate is to provide a larger down payment. The more you down payment, the lower your auto loan rate will be. For lenders, anyone who has a large down payment and needs to borrow a smaller amount is considered a lower credit risk. In addition, you'll also have a shorter term in order to pay off the debt. A shorter term usually has a lower interest rate. However, if you decide on a longer term, the interest rate may be higher, but the monthly payment will be lower making it less of a burden on your monthly income.
Another way to reduce an auto loan rate is to refinance. Refinancing an auto loan is a practical way to secure a car at a lower cost. This applys to people who already have an auto loan and want to get a lower interest rate for the remaining balance. A number of refinancing companies will pay your current balanceand in turn, you're expected to make monthly payments to the refinancing company at a lower rate.
Car Loans With Bankruptcy News
GM May Not Require Further U.S. Loans to Survive (Update1) - Bloomberg
Jan. 7 (Bloomberg) -- General Motors Corp. said it has enough government loans to cover its worst-case forecast for U.S. auto sales and won’t need more if the economy holds up. Pledges from the U.S. Treasury for as much as $13.4 billion to help GM ...
Read more...Report: GM may not need additional loans to survive - Monsters and Critics
Washington - General Motors Corp has adequate funds from government loans to cover the worst-case scenario it described in December and won't need additional help unless the economy deteriorates further, it was reported Wednesday. 'The US Treasury's ...
Read more...Special section: Auto industry in crisis - Detroit News
Browse thousands of pictures of Michigan at its best, and add your finest shots. What happens next for General Motors and Chrysler is not clear after the Senate voted against a $14 billion bailout for the domestic auto industry. - 12/12/2008 ...
Read more...LyondellBasell Considers Bankruptcy as Takeover Sours (Update1) - Bloomberg
Dec. 31 (Bloomberg) -- LyondellBasell Industries AF , the chemicals maker controlled by billionaire Len Blavatnik , is considering filing for bankruptcy as a way to restructure debt that financed its $12.7 billion merger a year ago. The company hired ...
Read more...LyondellBasell Considers Bankruptcy Filing as Takeover Sours - Bloomberg
Dec. 31 (Bloomberg) -- LyondellBasell Industries AF, the chemicals maker controlled by billionaire Len Blavatnik , is considering filing for bankruptcy as a way to restructure debt that financed its $12.7 billion merger a year ago. “We’re ...
Read more...Culling car dealerships tricky - Delaware Online
General Motors Corp. and Chrysler LLC still haven't figured out how to close thousands of dealerships, a key element in the plans they presented to Congress before winning life-saving federal loans. With industrywide sales at the lowest level in 17 ...
Read more...Solving the Housing Crisis in Bankruptcy Court - Seekingalpha.com
So how are you going to feel when your neighbor who paid about the same as you for your house and borrowed about the same amount as you did gets his mortgage chopped down by a bankruptcy court? That’s likely to be reality within a month or two. The ...
Read more...Dealers have rosier outlook as GMAC readies more loans - Detroit Free Press
General Motors Corp. dealers are looking forward to a brighter 2009 after the automaker's financing arm said Tuesday that it would make loans available to more car buyers. "It's like being back in business," said Russ Shelton, owner of Shelton ...
Read more...European bankruptcy laws - Economist.com
THE word “bankrupt” originally came from Italy, deriving from banca rotta , or broken bench. When a medieval moneylender could not pay his debts, his bench was broken in two, sometimes over his head. Things are not quite so brutal these days, but ...
Read more...GMAC gives up some GM car financing rights - MSNBC
GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp. vehicles, and it will stop financing leases under a complex deal to get federal aid for the troubled lender. GMAC LLC disclosed the terms ...
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