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How to Get a Low Interest Rate Car Loan

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You don’t have to pay a mint for a car loan.

You have seen the advertisements for low interest rate auto loans and wonder if you qualify. Car financing rates of under five percent are common today, but are typically available only to those with the best credit ratings. You can get a low interest rate car loan by taking the following steps.

car loanVisit MyFico.com to obtain your three-digit credit score. Pay the fee, plug in your personal information and review your score. If your score is 700 or higher than skip to the fourth step. If it is in the 600s range or lower, then move on to the next step. See: MyFico.com

Review Your Credit Reports

Your credit score is based largely on the information found in your credit reports. Three credit bureaus collect information about your finances, job history, your spending habits and other personal information. With scads of data coming in, some of that information may be old or wrong.

Visit AnnualCreditReport.com to obtain your reports from Experian, Equifax and TransUnion. Your reports are issued free through this site and can be obtained once annually at no charge to you. See: AnnualCreditReport.com

Clean Up Your Credit

Examine your credit reports carefully. If information in a report is incorrect, notify the respective credit bureau. Sometimes, a credit bureau will claim that you have made late payments or have a line of credit open that does not belong to you. Wrong information should be brought to the attention of the credit bureau and corrected.

Once notified, the credit bureau has 30 days to address your query or automatically expunge that information from your files. You can request a follow up credit report for free once the corrections have been made.

Car Loan: Apply For Credit

It may take up to 60 days for your credit score to reflect the corrected information. Your score should rise and if it tops 700, you should qualify for a low interest rate car loan.

Keep in mind, however, that there are other parameters creditors consider including your current income and your ability to repay a loan. If your score remains low, continue to work on raising it before applying for new credit.

Talk With Your Lender

You can also talk directly with a lender before applying for credit. This can be useful if you wonder if you will be approved for a car loan and you don’t want to risk rejection. Your lender, which can be your current banker, a credit union representative or other financial professional, can offer guidance on what interest rate you will pay on a new car loan. For instance, you may be able to garner a better rate if you put more money down or settle for a shorter-term loan such as 36 months instead of 48 or 60 months.

If your credit score is below 600, indeed if it is 580 or below, then you have bad credit. At this point, it will take you extensive work to raise your credit score, likely taking many months to well over a year to reach a favorable credit rating. You may still be eligible for a bad credit car loan, but do not expect to receive a low interest rate car loan if your credit is bad.

Typically, bad credit car loans carry a rate of 10 percent or higher, well above the prevailing rate for consumers with excellent credit.Always know your credit score and understand how that score can affect your ability to secure new credit. A low interest rate car loan may be within your reach, provided that you are willing to work on fixing lingering credit problems.

See Also — Credit Clean Up Before You Buy Your Next Car

7 Signs That Your Auto Loan is Too Long

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The average length of an auto loan is about 67 months. Far longer car loans are available, what effectively tie consumers down with payments for many years.

The majority of auto loans are at least 60 months long with quite a few underwritten for 72 months, even longer. Indeed, we’ve been tracking 84-month auto loans for several years and certain financial institutions, including credit unions, are now issuing 96-month auto loans. Imagine that: making payments on your new car for eight years!

There have been dire reports issued about longer term loans, although there are those in the industry who have attempted to minimize the impact of extended loans. With this in mind, Auto Trends has assembled a list of signs that your auto loan is simply too long for you.

auto loan1. You are sick of the car. Unless you have plans to keep your car for 10 or 15 years, you may be like the consumer who simply is tired of his vehicle. That is not much of a dilemma if your loan is about to expire, but if you are in year four of ownership with four years remaining, you may be stuck with a car you no longer want for another three or four years.

2. Your needs have changed, but you are stuck. That hot coupe you bought when you were single was a fantastic purchase decision. That is, you thought so at the time. Soon after you bought your car you met the girl of your dreams, married and have started a family. The salacious coupe no longer serves your needs and with the baby’s seat now in the mix, you dread moving it from car to car while worrying whether it is securely in place. In fact, you would prefer to rid yourself of the coupe, but you simply cannot afford to.

3. The car has outlasted the warranty. Almost all new cars come with a three-year, 36,000-mile bumper to bumper warranty. Further, the powertrain warranty may have you covered for five years and corrosion for six or more years. Chances are your eight-year loan will run out of warranty coverage well before the final payment has been recorded. Certainly, an extended warranty can help, but that’s another expenditure that only keeps you trapped in a car you may no longer want.

(See Also — How to Resolve a Private Seller Lien)

auto loans4. Your loan is upside down. The longer your auto loan term, the more likely you will be “upside down” for years to come. That financial appellation means you owe more money on the car than what it is worth — if you try to sell it, you will lose money. Yet, if you are struggling to cover payments and can manage without the car, sell it. However, you will be required to make up the deficiency between what the car is worth and your loan balance before the lender will release the title to the new owner.

5. The insurance coverage is more than you want. As long as your car has a lien on it, your lender will require certain types of insurance coverage. These days, people are more likely to retain collision coverage as vehicle values remain high. Even so, your insurer may stipulate other coverage and levels of coverage, especially if you have a specialty vehicle or lack certain kinds of safety equipment such as adaptive cruise control.

6. You have other expenses looming. Buy a car and finance it and you may be in an optimal position to swing your monthly payments and cover other expenses that come with owning a new car. What you may not have foreseen are certain expenses on the horizon that will soon squeeze your budget. For instance, braces for your teenager. A new roof for your home. In short, any expense that occurs with the passage of time.

auto loan7. Refinancing is no longer an option. One of the best ways to terminate a long-term auto loan is to refinance your car. That possibility fades the longer you have the car. Certainly, there are lenders specializing in auto loan refinancing, but the rate may not be as low as the deal you procured earlier. Furthermore, you may not be able to afford the higher monthly rates required to condense your term. And if your credit is not particularly strong, loan approval at a competitive rate may not be possible.

Auto Loan Considerations

So, what type of auto loan should you pursue? The one you can afford as well as the one that will not fetter you. One important reason why people opt for longer loans is to slip behind the wheel of a car that is above their pay grade or status. Therefore, if you have a Chevrolet Malibu budget, but are lusting after a Cadillac CTS, go with the Chevy and those niggling financial regrets are much less likely to supervene.

New Car Affordability and Your Finances

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Those new car ads have been enticing you for months and you are about to do something you have not done in more than a decade: buy a new car. Like many Americans, you have been holding on to your current ride for at least 10 years, but just like these same people you are ready to get behind the wheel of a new ride. The appeal of modern technologies, better fuel efficiency or something as simple as a new car smell is beckoning you.

Before you head out to the car dealer, indeed even before you begin to search what vehicles are out there, you will want to determine how much vehicle you can afford. There are a number of factors in that determination, each one we will explore right here.

Your Credit

First things first: you need to know what condition your credit is in before shopping for a new car. That information is freely available in your three credit reports, data that is assembled by the credit bureaus: TransUnion, Experian and Equifax.

car keyYou can obtain your reports from AnnualCreditReport.com, a website that has been set up by the three bureaus to provide that information to you at no charge. You are allowed to get one copy free annually of each report. Obtain all three, check each one for accuracy and if you find mistakes, ask the bureaus to correct that information. Once you are certain that the information about you is current and correct, then head over to MyFico.com to obtain your credit score. That three-digit number will have a huge roll determining your loan rates and may have a bearing on loan approval.

Know that if your credit score is 700 or above, that you are in a good position to obtain favorable financing rates. However, the lowest interest rates are always reserved for people with excellent credit, a number that comes in around 750 to 780. If your score is low, let’s say below 580, then you are considered a candidate for a subprime auto loan. In this case, expect to pay a higher interest rate which may mean putting more money down on a new car or choosing a more affordable model. Yes, there are consequences that come with your credit score!

New Car Calculators

Many people advise consumers to sit down and work on a complicated formula to figure out just how much car they can afford. This process can take some time and usually leaves people frustrated. Instead, head over to of one of the websites that offer an auto loan calculator and get to work. Bankrate.com is as good a place to fiddle around with one as any other.

You probably already know how much money you can afford to pay out each month in loan payments. Add in your insurance costs, gas, maintenance and related fees and your total vehicle expenses will show up. If you can afford to pay $300 per month then you have a good basis from where to determine your loan amount.

Now let’s get down to practical matters of looking at specifics. For instance, you have your eyes on a Ford Fiesta SE Hatchback its starting price is $16,200 and with popular features added (minus a $500 rebate) your total is $17,500 including taxes and fees. Your current car is worth $2,500 leaving you with $15,000 to finance. Your credit is good, not great, but you still qualify for a 5 percent car loan for 60 months. Good news! With these terms you will pay $283.07 per month. That’s within your budget, so you are ready to buy.

Loan Shopping

We touched on your loan rate, but that number may vary depending on the lender. You should shop around for a loan as the interest rate and other terms can vary, saving or costing you money. A logical place to start is your bank or credit union, places where you already have an account established. As an account holder, you may qualify for a better new car loan deal especially if you agree to have your monthly payments deducted from your checking account.’

You car dealer may offer a great deal on a loan too especially if that loan originates with the manufacturer’s financing arm. Know what your total cost will be before signing a loan agreement. If you come in under budget, then you are good to go and will soon find yourself behind the wheel of a new car.

See Also — What Every First Time Car Buyer Should Know

Zero Percent Financing: Is It Worth It?

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Auto financing is a big deal to Auto Trends readers. Our web analytics demonstrate that this is so with our guests frequently checking out what manufacturer incentives are being offered. We are happy to pass on that information to you, but you should also know that not every advertised deal is a good one.

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Zero Percent Financing

For a number of years, car manufacturers have been touting zero percent financing as an important incentive to get you to buy a new car. Such incentives come from the manufacturer’s financing arm, what typically is a wholly-owned subsidiary of the car company. Thus, when you get financed by Ford Credit, the Ford Motor Company stands behind this company.

Zero percent financing is both a big deal and usually a good deal. But not always.

If the loan deal is made the financing arm, then you have something worth looking at. However, if interest-free financing is offered by a lender other than the manufacturer-backed financing company, don’t be so quick to sign the loan.

Here’s why:

Car manufacturers can afford to offer you zero or very low-interest rate financing because that cost is built into the price of the car. Usually, if low question markrebate is dangled too. That rebate may range from $500 to $2,000, sometimes more, which shows you that the manufacturer is discounting the price of the car in one of two ways: through the loan or with the cash incentive.

If a dealer has a zero percent financing loan deal for you and it is not from the manufacturer’s financing arm, rather from a bank, a credit union or other financing company, you should be very cautious. That’s because no financial institution can afford to lend you money without making money.

Ford Credit, for instance, makes money because the Ford Motor Company makes money. Other lenders make money by charging you an interest rate. If you are offered zero percent financing, that means your dealer is likely jacking up the price of the car to recover his costs. After all, he has to pay the lender for the loan and that cost must be recovered somewhere — and that is where you come in. And you get fleeced.

Loan Qualification

There is another matter about zero percent car loans that few consumers realize: most people do not qualify for this ultra-low rate. As money advisor Clark Howard has noted, about 60 percent of car shoppers cannot get such loans.

The lowest interest rate loans are always reserved for people with excellent credit. It is kind of hard to read the fine print on your television, right?

Auto loan rates are calculated largely on the prevailing rates of our day as well as the personal credit score of the applicant. Excellent credit is typically around 750 and above. At 720, your score is still very good, but expect that zero percent financing loan to turn into one for two, three or four percent, perhaps more. That isn’t such a great deal after all — your credit union can beat it.

yell
The best way to buy a new car is with an all-cash deal.

The Deal

The best way to buy a car is paying cash for it. Only about 11 percent do according to Cars.com.

That leaves some type of financing for the rest of us with car leasing and auto loans your options. With an auto loan, you can seek financing through your dealer. You can also arrange your financing on your own.

Auto Trends has long encouraged people shopping for a new car to explore their financing options before hitting the dealership. This means talking with your banker or credit union representative about your loan options.

You not only can learn what your loan terms will be, but how much car you can afford. Get approved for you loan ahead of time and the entire financing deal is off the table. Negotiate the best deal for your car and when the talk turns to financing, you hand over your loan papers. If a cash incentive is offered, then use that toward your down payment.

Auto Calculator

Of course, always use an auto calculator to figure out what loan is right for you. If you have excellent credit, your options are much broader than sub-prime borrowers, individuals whose fate is a bad credit car loan or no loan at all.

The Average Length of a New Car Loan

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Have you been shopping for a new car lately? If so, you most likely will finance your purchase as the average price of a new car is just above $30,000. Banks, credit unions, manufacturers’ financing arms and other lenders want your business. To get you behind the wheel of a new car, loan terms have been extended to help you afford your monthly payments.

Loan Length

As of March 2012, the average length of a new car loan was 64 months reports Experian, an information services company. That represents five years and four months of car payments. In comparison, used car loans were averaging 59 months or just one month short of five years.

New Loans

Auto loans are typically written for 36, 48 or 60 months. Some lenders offer 72- and 84-month new car loans.

Be mindful that the published rate for new car loans is for people who have outstanding credit. For recent college graduates, that rate may not be attainable and may result in much different loan terms. Car shoppers should also pull their credit reports before buying a car, reviewing all three reports carefully to ensure that correct data is shown. Experian, Equifax and TransUnion are the three credit reporting bureaus — you can get a free copy of each report once annually by visiting the AnnualCreditReport.com website. Notify the respective credit bureau directly if you find a mistake — errors can lower your credit score, resulting in a higher interest rate for a new car loan.

Your Options

Clearly, there are a number of lenders and types of lenders that would like to finance your new car. Many new car dealer offers come with low- or zero-rate financing, or you can choose a rebate to apply to your down payment. Your dilemma may be trying to figure out what the best deal is for you.

The best option may be to shop for a new car loan first and use that loan to finance your vehicle. Credit unions typically offer the lowest rates, sometimes as low as 2 percent for a new car loan. With terms for up to 7 years, you may be able to qualify for a loan, visit your new car dealer, negotiate the best price on your new car, apply the rebate and use the loan. With this option you get a loan rate comparable to what the manufacturer’s lending arm (i.e., Ford Credit, GM Financial, Infiniti Financing, et al) and you still get a hefty rebate. You may also be eligible for additional rebates too if you are a recent college graduate, a military veteran or are a loyal customer.

Upside Down

One important factor consumers should consider before signing an agreement for a longer length car loan is the value of their car in relation to the amount owed on the loan. If your down payment is especially small — say 5 or 10 percent — and your loan term is 6 years or longer, you may owe more on your car than what it is worth.

This means that your loan is upside down, a factor that can cause you substantial financial harm if you should get in an accident and your vehicle is declared a total loss. Your insurer will assign a value to your totaled car, minus the deductible, and pay your lender that amount. There most likely will be a loan deficiency, one where you owe thousands of dollars to your lender for the difference between what your insurer pays and your loan balance.

You can avoid ever being upside down with your auto loan by making a larger down payment and electing for a shorter loan, one that is for 60 months or shorter. If you want the longer term, then you need to come up with an even larger down payment to avoid the upside down effect. You should also avoid financing the taxes and fees advises Niles Howard, writing for Bankrate.com, costs that you will want to pay separately.

How to Transfer a Car Loan to Another Person

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If you have a car loan and you want to transfer the loan to another person, is this possible? Well, that answer is not always clear cut it can depend on the policy of your lender, especially what is laid out in your car loan agreement. Still, that possibility remains and if you are interested in transferring ownership, the following procedures can make it happen.

Your Agreement

Your car loan contract should clearly spell out whether a loan can be transferred or assumed by a new party. Begin by examining your contract to determine whether this is possible.

key lockIf after examining the contract that you are still not sure, contact your bank or financing company for clarification. Get a hold of someone in the bank’s lending department that can pull a copy of your loan and make a determination.

Agreement Transfer

Your lender will most likely not allow for your auto loan to be automatically assumed by a new borrower. Instead, this individual may be required to apply directly to the bank for the loan transfer.

In this case, work with this individual to have the loan transferred. However, your bank may require that the future owner take out a new loan. Your purchaser will likely have to produce paperwork such as W2 stubs and income tax information to demonstrate creditworthiness. At this point, the loan application is between the purchaser and your bank.

Lender Approval

Do not attempt to transfer ownership of the vehicle to the purchaser until your bank has approved his loan application or accepted his transfer. The bank has a lien on your car anyway and the Department of Motor Vehicles (DMV) will not allow the car to be retitled until after the deal is done. As long as there is a lien on the car, the bank’s name will always remain on the title.

When your bank issues a new loan or accepts transfer of your current loan, you will receive notification that the loan has been transferred or paid off. If the purchaser is turned down for a loan, then consider the deal cancelled unless he can arrange financing elsewhere or pay cash for your car.

Loan Considerations

As long as the car is in your possession, continue to make payments on your car loan. If your purchaser succeeds in obtaining a new loan or a loan transfer, get a receipt from your bank showing that your loan is paid off. Notify the DMV that you no longer own the car, removing license plates, registration and personal information from the car.

Lastly, notify your auto insurance company that the car has been sold, a move that will immediately drop insurance coverage for the vehicle.

Special Note — Do not allow another person to take over payments without formally discharging your ownership duties. If something happens to the car — such as it is damaged or stolen — you will be held responsible.

See Also — Car Title and Personal Loan Collateral

How To Obtain a Bad Credit Car Loan

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If your credit is bad, then it may seem that a new or use car loan is not within your reach. After all, when credit was tightened following the 2008 financial crisis, lenders began to avoid writing loans to people with bad credit. The good news is that credit has loosened in recent years and a host of lenders may be willing to extend a loan to you. If you have a steady source of income and the ability to make payments, you may be able to secure a loan for a new or used car.

1. Know how your credit measures up.

bad credit car loanYou may think that you have bad credit, but you should confirm this first. The three major credit bureaus — TransUnion, Experian and Equifax — keep records about your credit, information that isn’t always correct. Collectively, these companies manage a AnnualCreditReport.com, a website that entitles you to obtain your credit reports once annually for free. Order your reports for your review through this website only.

2. Review your credit history.

Mistakes or information that is outdated on your report can lower your score. According to the Federal Reserve, stale-account errors are common and can adversely impact your credit. Fix these problems first by following each company’s instructions on how to have your credit reports updated. Bureaus have 30 business days to update their records, otherwise the information must be removed from your credit report. A corrected credit report will be issued at no charge to you.

3. Know your credit score.

Once the credit bureaus have updated their records, you should retrieve your credit score. This three-digit score can be purchased from MyFico.com or you can visit CreditKarma.com to obtain your TransRisk score for free, a number that is similar to other scores used by creditors. A credit score of at least 700 points “reflects good credit management,” according to Experian. A score that is below 600 can put you in sub-prime lending or bad credit category, with only select lenders available to write a loan.

4. Apply for credit.

Visit your bank or credit loan and speak to a lending officer about a new car or used car loan. Find out how much you can borrow and what the terms the car loan will be. If you are turned down for credit, apply for loans elsewhere. Multiple credit requests within a month’s time are treated as one request and will affect your credit score only slightly. You can find lenders that specialize in helping bad credit borrowers by searching Google for “bad credit car loans” and checking the results. Car dealers may also be willing to arrange financing for you too.

Credit Considerations

Consumers with bad credit can obtain a car loan and usually without a co-signer. If someone agrees to co-sign your loan, it won’t help your credit, but a loan you take out on your own and pay back on time most certainly can.

5 Year-End Car Buying Tips

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The calendar may not show that the year is nearing an end, but for automakers the model year transition is now taking place. This means that the car buying consumer should consider how best to take advantage of current market conditions when shopping for a car. To that end, the following five tips can help you get the car you want and save you hundreds, perhaps thousands of dollars on your purchase:

1. Know your trade-in’s value – New car shoppers will sometimes sell their old car to a private party, but most people trade their vehicles in, using those funds as a down payment for their new car. Used car prices have surged in recent years, but you may not know that the six-year old compact car you own is still worth at least $10,000. For example, KBB states that a 2005 Toyota Corolla LE in good condition with an automatic transmission and 60,000 miles on the odometer can fetch $9,025 on trade-in. [1] Moreover, if sold to a private party it is valued at $10,765. You need to know what your current car is worth before you negotiate the purchase of your new car.

2. Model end specials – Some of the biggest discounts available are for cars that have been discontinued and for those going through a generational change. For example, three GM cars are no longer made and, if still available, can yield significant savings for the buyer. The Buick Lucerne, Cadillac DTS and Cadillac STS were discontinued with the 2011 model year. The DTS, for example, offers a $7,000 discount. [2] If you can handle buying a discontinued model, then you’ll save big. Otherwise, consider buying an outgoing generational model such as the 2011 Toyota Camry. For 2012, the Camry gains fresh sheet metal and new interior.

3. Search online – The days of dealing with one dealer are over for many consumers. The Internet has made it easier to shop and save, enabling consumers to compare prices between several dealers. You can negotiate and finalize your purchase price right online, choosing the car you want and signing your purchase papers as soon as you get to the showroom. Tip: Test drive the vehicle you want before making your purchase – you don’t want to be stuck with a vehicle you really did not want.

4. Arrange your financing – Some of the lowest interest rates on new car loans are offered by dealers who use the automaker’s financing arm to get you into a new car. If zero percent financing is being offered to you, then you won’t be able to beat this rate on your own. However, if it comes down to low-rate financing and a generous rebate, such as for $2,000 or more, then shop for a loan with your bank or credit union. If you have excellent credit, a loan rate of 4 to 5 percent is possible. Secure financing on your own and tell the dealer you’ll apply the rebate to your down payment. Use an auto calculator to determine how much you can save. [3]

5. Consider other options – Buying a new car may be what you want, but leasing could be the best choice for you especially if you expect your transportation needs to change two or three years out. If buying a new car is definitely out of your reach, consider purchasing a late model used car from CarMax.com or a reputable used car dealer. You might also be able to assume a lease through a company such as LeaseTrader.com.

The new car market remains depressed which means that car dealers are battling for your business. Be thorough with your research, weigh your options and be prepared to negotiate the best money saving deal that you can find. Then, enjoy your new ride!

References

[1] Kelley Blue Book; 2005 Toyota Corolla SE; September 3, 2011

[2] Cadillac: 2011 Cadillac DTS Standard

[3] Bankrate.com: Auto Loan Calculator

Further Reading

What Every First Time Car Buyer Should Know

5 Smart Car Buying Tips For Consumers

Bad Credit Can Wreck Your New Car Plans

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New Car Lending

If you’re planning to shop for a new car, most likely you’ll be relying upon your bank or the financing arm of your automaker to supply the funds as an auto loan or car leasing deal. In either case you’ll need to have good credit to get a loan or you will be faced with the choice of having to pay a higher interest rate or do without a new car. Let’s take a look at some ways you can ensure that your next set of wheels is a reality and not some bad dream.

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Check your credit — Anytime you take a out a loan or seek to lease a car, your credit information will be obtained by your bank or car dealer. They’ll see your credit score and it is that three digit number which determines your creditworthiness. Consider obtaining your credit score from MyFico.com before making your purchase to know where you stand. Scores of 700 and above demonstrate “good credit management” according to Experian, one of three credit reporting bureaus.

Fix your credit — If your score is below 700, obtain all three copies of your credit reports. Experian, Equifax and TransUnion are the three credit reporting bureaus, each of which must offer to you one free copy of your credit reports annually. The only website where you can obtain all three copies is at AnnualCreditReport.com. Examine each report carefully. If errors are present, then follow each bureau’s procedures for making corrections. About 30 days after you challenge mistakes, those errors should be removed from your reports. Your credit score should increase to reflect the change.

Bad credit car loans — Even if your credit score remains low, you may still be eligible for a bad credit auto loan. How that works depends on the car manufacturer who may be happy to take you on as a subprime borrower, someone whose credit score is 620 or lower. Your bank may be interested in helping you out too, but be prepared for some unfavorable terms including making a larger down payment on your car, accepting a higher interest rate and perhaps agreeing to a shorter loan term, such as 36 months.

Your other options — No credible financial adviser is going to suggest that you borrow money from your home to pay for your car, but that is something you can do if you have a home equity line of credit. Your retirement account including your 401(k) are some other options you could pursue, but keep in mind that these choices can have other ramifications including putting your home at risk if you default or become a tax nightmare if you tap your retirement ahead of time.

Shop or Drop

As always, shop around for the best loan deal you can find. A lower credit score may not be a show stopper, especially as dealers vie for your business. Be prepared to offer a sizable down payment or a paid off trade of significant value to help bolster your case as a borrower and new car buyer. If all else fails, shop for a late model used car at least with these models the worst drop in depreciation is behind you.

Resources

AnnualCreditReport.com: Home

Federal Trade Commission; Credit Repair: How to Help Yourself; Oct. 2008

Consumer Action Website: Cars Leasing a Vehicle

See Also — How To Obtain a Bad Credit Car Loan