How to Get the Best Deal on a New Car

One of the best tips on how to get the best deal on a new car is to have your car finance preapproved. This means that when you walk into the showroom you are only there to negotiate a price you know you can afford. That's the peace of mind you get from having a…

One of the best tips on how to get the best deal on a new car is to have your car finance preapproved. This means that when you walk into the showroom you are only there to negotiate a price you know you can afford.

That's the peace of mind you get from having a preapproved car loan.

But there are plenty of other things you can do to make sure you do not pay more than you have to, like choosing the best time to buy the car, and the best ways of negotiating for extras and accessories.

Let's take a look at some of the 'tricks of the trade' to get you started.

  • When you are approached by a salesman in a car dealership it is tempting to say you are 'just looking', but any salesman worth his salt will know that you are not! No one goes into a dealership to 'just look'; you only go there when you want to buy. So the first trick is to do your homework before you go to a dealership and never say you are just looking.
  • Do your research on the Internet before you go to a car dealer so that you will not be bamboozled by the array of options and accessories. Work out exactly what you want to pay and how much you can afford and make sure your car finance preapproval incorporates all of these. This is the way you can ask for an exact price for the vehicle you are looking to purchase, without the need to negotiate any other aspects of the deal.
  • It's a salesman is not prepared to give your price and wants to start playing games about trade-ins and delivery dates etc, be prepared to walk away and try somewhere else. There is nothing that will focus salesman attention more than a purchaser who was willing to walk out the door.
  • Maintain a strong will, and do not accept any deal on the spot even if it sounds like a great deal. A salesman who tells you that this offer is only valid for the next hour is most probably lying. Whatever price you are quoted, rest assured it will still be available tomorrow! The important thing to remember is that you want to get a few quotes together so you can compare deals between dealerships.
  • Sometimes, it can pay to get a quote that includes dealer obtained finance. Once you have been given this price, you will have room move because the dealer will have included a commission. If you have a preapproved loan you can then use this figure to negotiate a cash price.
  • All car dealerships are sensitive to purchases made at the end of the month, and especially at the end of the financial year. If it's possible, make sure you negotiate your deal towards the end of the month.

These simple tips will get you started on the path to a cheap price and provided you have your car loan package preapproved you should be able to strike the best deal possible.

Safety Tips When Buying a Used Car

If you want to make sure you get the best deal l when buying a used car, you need to do your research far enough in advance so that you know what you are looking for. In the first place you should obtain a car loan preapproval so you know what your finance limits are.…

If you want to make sure you get the best deal l when buying a used car, you need to do your research far enough in advance so that you know what you are looking for. In the first place you should obtain a car loan preapproval so you know what your finance limits are. Next, you need to know some of the history of the model vehicle you are looking to purchase.

There are plenty of websites that will tell you about any issues relating to particular models of all manufacturers and it is well worth your while spending some time going through these.

But when it comes to safety issues there are several points you should cover. Let's go over some of them now so you can be sure you are buying a car that ticks all your boxes.

  • All modern cars in Australia are fitted with anti-lock brakes and airbags at the very least. Seat belts, of course, are also compulsory additions to all vehicles. Any used-car should also satisfy these requirements but you should ensure that they are in full operational capacity and that the vehicle has passed a safety inspection standards recommended in your state.
  • We have all seen movies with crash test dummies and most vehicle manufacturers have published the results of these tests. Spend some time online and check out the crash data to make sure the safety standard of the vehicle you are considering meets your requirements.
  • Always use a qualified mechanic to check your potential vehicle before you start negotiating a price. Most motor vehicle associations in every state of Australia provide this service and a small fee you will obtain the peace of mind you need. The inspection should cover the following points.
    • Seat belts.
    • Radiator.
    • Engine.
    • Lights.
    • Wipers.
    • Gauges.
    • Rust.
    • Suspension.
    • Tires.
    • Transmission.
    • Upholstery.
    • Exhaust System.
    • Oil leaks.
    • Accessories.
  • A road test is also a vital importance and if you can take your mechanic with you it is a good time could to discuss any unusual characteristics you notice and to pick up any unusual noises.

  • If at all possible buy a car from a registered used-car dealer as this will afford you legislative protection in the event of any future problems. You will also enjoy a limited warranty on the vehicle which can give you added peace of mind.

  • If you are purchasing the car privately you might want to draw up a contract that gives you a three-month warranty against any mechanical or engine failure.

    These used-car buying tips will ensure that you do not end up with a car that fails to meet your predetermined standards. Let's face it, you do not want to end up buying someone else's problem and following the above points will ensure that this does not happen.

Having preapproved car finance is an important negotiating tool which you can use to your advantage. Being able to negotiate a cash price could be the final step which places you ahead of the field.

What to Look For in a Car Loan

If you want to learn how to get the best car loan. you should take an hour out of your day and spend some time performing some online research. It could be an hour that will repay you with hundreds of dollars in savings. In the aftermath of the global financial crisis many lenders and…

If you want to learn how to get the best car loan. you should take an hour out of your day and spend some time performing some online research. It could be an hour that will repay you with hundreds of dollars in savings.

In the aftermath of the global financial crisis many lenders and finance companies withdrew from the market leaving borrowers with little choice. As the credit market begins to thaw however, there is an increase in competitiveness beginning to emerge again and is now possible to find some really competitive deals.

If you know what you are looking for the choice can be an easy one but for the unwary borrower there are still traps and pitfalls that can cost you hundreds, maybe thousands, of dollars.

Let's take a look at some of the things to look out for.

  • Interest rates do not tell the full story. It is important to remember that the interest rate quoted by a lender is not necessarily a good way to compare loans. This is because there are other fees attached to car loans that must be factored into your calculations. Take the following example. A $ 15,000 car loan over four years at an interest rate of 11% will cost $ 384.16 per month. If you add on the application fee of $ 150 and the monthly service fee charged at $ 5 per month, the total repayments made over the four years comes to $ 18,829.75. However, the same loan at an interest rate of 11.5% with no application fees or orgoing charges will cost a total of $ 18,605.78. A seemingly more expensive loan is actually $ 223.97 cheaper!
  • Some loans can also attract an early repayment fee. This means that if you come into some money and are in a position to pay the loan out before the loan term expires you may be charged a fee. Sometimes this fee can be hundreds of dollars and can certainly leave you with a sour taste in your mouth. If you think you might be in a position to be able to pay the loan sooner sooner than expected, make sure you take into account the earlier payment fees which may apply. What you should be looking for is flexibility that allows you to make extra payments without penalty.
  • Car loans that are provided at car dealerships may be an easy option given the ease with which finance can be obtained at the time you are purchasing your vehicle. But when you think about it, the dealership is acting on behalf of a finance company and will be paid a commission for arranging the finance. This commission is passed on to you as the consumer which means that you will be paying for the convenience. It is a much better idea to obtain a preapproval before you even enter the dealership and use this as a negotiating tool to get a better price on the car you want.

These simple steps should convince you to obtain a preapproved car finance before you start negotiating the final price for your vehicle.

Find Online Auto Loans for Good Or Bad Credit Individuals in 7 Steps

Being on the lookout for a good ideal on an auto loan if you have a questionable or bad credit can become a long waiting game. The chances of a really low rate for people with a FICO score under 600 being advertised in a newspaper or on TV are slim-to-none. A better idea is…

Being on the lookout for a good ideal on an auto loan if you have a questionable or bad credit can become a long waiting game. The chances of a really low rate for people with a FICO score under 600 being advertised in a newspaper or on TV are slim-to-none.

A better idea is to take a more proactive approach with finding auto loan deals that work for any credit situation. By aggressively going after what you need rather than just sitting back and hiring for the best, you will have a 10 times better chance of getting it.

The truth is, there are many auto loan lenders out there who specialize in working with borrowers with a full range of credit scores, from good to bad. You just have to know how to prepare yourself for finding them and then applying.

If you want to find online auto loans for good or bad credit individuals, here are 7 steps to getting what you want:

1. Know your limitations and choose the right car:

You may have your eye on that hot new European import, American muscle car, or sleek Japanese sedan that is sitting on the dealer lot that you pass by every day. And to be sure, there are of course no rules written anywhere that say you can not qualify for a loan to buy the car of your dreams right now.

However, if your credit score is below 600, a more realistic approach for you at this point would be to set your sights on a car that is not quite so expensive. Going after a lower-priced car means a smaller auto loan amount – which will increase your chances of getting approved significantly.

2. Understand your FICO score:

You may not enjoy looking at your credit report, especially if you have a low FICO score. However, taking the time to look at your report now will pay off later. That's because when you do, you will have the chance to prepare explanations regarding any particular items that a would-be lender might flag as undesirable. And, it also gives you the opportunity to spot any errors in your report that you could get removed at this point.

3. Talk to a friend who is in a similar credit situation to you about their preferred lender:

Think about your circle of friends: know anyone with credit problems who also owns a car? It just takes a quick phone call or e-mail to find out whether they can point you in the direction of a reputable bad-credit lender.

4. Start your online search:

Even if you get suggestions from your friend about a good lender, still take the time to increase your list of candidate car loan lenders by doing an online search of your own. Keep your eyes pailed for “bad credit auto lenders” and “any credit OK auto lenders.” This is how they refer to themselves, and they are looking for customers like you.

5. Compile a list of 5 bad credit online auto lenders:

Make sure your search yields you at least 5 solid-looking lenders. More choices means more opportunities to get approved at the lowest-possible rate for your situation.

6. Contact at least 3 of them:

Now, set aside an hour or so and contact at least 3 of them. If you like what you hear, go ahead and apply to all 3.

7. Move on if the offer does not meet your interest rate or payment needs:

Each time you get an offer, be sure to move on to the next one if you suspect you can do better in terms of the interest rate. Remember, you always have other options. No matter what, make sure to follow through in applying to all 3 lenders.

Take these 7 steps to finding online auto loans for good or bad credit individuals.

Secure Difficult-To-Obtain Auto Financing in 5 Easy Steps

The importance of owning a car for most of us can not be underestimated. Just being able to go shopping, get to school or work, shuttle the kids around town, and visit friends and family require your having access to a car. Let's face it: the bus and train just do not cut it for…

The importance of owning a car for most of us can not be underestimated. Just being able to go shopping, get to school or work, shuttle the kids around town, and visit friends and family require your having access to a car. Let's face it: the bus and train just do not cut it for most of us.

If you need to buy a new or used car but have been rejected one or more times due to your less-than-perfect credit score, your frustration with the situation is probably palpable. After all, who has the time to keep applying to auto lenders only to get returned time and time again?

By the same token, however, it does not make sense to give up the search for a good lender, either. At some level, you are confident that there is a car loan financing company out there who will be willing to help you, regardless of your credit situation.

If you still have some fight in you left (and I'll bet you do!), Check out the following tips on how to secure difficult-to-obtain auto financing in 5 easy steps:

1. Choose a car you can afford:

Start by selecting a car that you can actually afford. This may sound obvious, but it is simply human nature that sometimes our eyes are bigger than our wallets, so to speak. We all want to live the “good life,” and that includes the ability to own nice things. However, at some point, you will need to become as realistic as possible about what you can afford given your past difficulties with auto financing. So, choose a slightly older model car that maybe does not have all of the bells and whistles you want – but that is attainable right now.

2. Scrape together whatever down payment you can beg or borrow:

Another way to greatly increase your chances of getting your auto loan application approved is to do whatever you can to increase the size of your down payment. Borrowing the money from family or working an extra shift for a month or so could be sources of this money. The bottom line is: the more you can afford to put down for the loan, the cheaper your payments will be and the better chances you will have getting your application accepted.

3. Prepare your paperwork:

Be sure to review your most recent credit report (issued within the past 2-4 weeks) and check for any errors or glitches that you can get fixed in short order. Doing so could have an immediate and positive effect on your FICO score.

4. Create a list of “bad credit auto lenders”:

Now, conduct a quick online search for “bad credit auto loans” and “poor credit car loans.” You will be surprised at how many lenders are out there to choose from that fit this description. Be sure to visit their websites to see if they look reputable. Then, make a list of at least 7 of them so that you can contact them.

5. Put your game face on:

Before you start applying to these lenders, make sure you put your game face on. Translation: turn into a tough-but-fair negotiator. You need to remain polite at all times, but be firm about asking for a better deal than whatever they initially offer you. Do this with all 7 lenders to whatever you apply.

Follow these 5 easy steps for securing difficult-to-obtain auto financing for individuals with less-than-perfect credit.

Guaranteed Auto Loan – Ways to Get Approved

Are you stuck with your bad credit scores? Are you wondering about how to get the auto loan? It is generally uncertain whether you will get your auto loan approval or not and if you are having poor credit scores it adds to your trouble. In such circumstances, guaranteed auto loan could have been the…

Are you stuck with your bad credit scores? Are you wondering about how to get the auto loan? It is generally uncertain whether you will get your auto loan approval or not and if you are having poor credit scores it adds to your trouble. In such circumstances, guaranteed auto loan could have been the way to your rescue.

When you are trying for guaranteed auto loan, traditional financial institutions and banks are simply out of question. Even the credit unions are not very approachable. Yet you have some options to choose from like private lenders, dealers, online auto financing companies, etc. However, you have to keep following the things in mind:

Down Payment: If you have hefty salary package and enough cash reserve to pay a very big amount for the down payment, then you can level up with the dealer to give you the desired loan amount. In other case, it might be a problem. High down payments reduce the risk that the dealer is willing to take. Here, he will be willing to give you the loan even when you fall in the 'risky' clientele.

Lenders: When you are looking for lenders, do not be selective. Approach every dealer and manufacture you know. Try to get hold of details of as many loan programs as possible. Check the advertisements and discount offers in the newspapers, classifieds. You never know which loan program of which lender may work out for you.

Paper-work: A lot of times, more paper work and declarations are required for loan application of this kind. The lenders try to ascertain how much you can actually afford to pay on the monthly basis. They can ask for your pay stubs, credit reports, financial papers, tax clearances and others to get a clear picture of your financial standing. And if you have filed for bankruptcy, then they will also check whether you have permission from the trustees to incur new debts. So it will be convenient for you if you actually keep all the papers together to avoid last minute mix ups.

Interest rates: It is a fact that if you can pay high down payments, the rate of interest will be lower. Interest rate is also one of the reasons to seek as many loan programs and lenders as possible to compare and choose the best deal. Some of the lenders will charge interest rates so high that it is not worth applying for the loan. Moreover, if you have good credit scores, the interest rates are out to be lower. But otherwise the lender will try to take advantage of your position and make you shelve out more.

Collateral: It may happen that you have bad credit. In general, it will be difficult for a person with bad credit to get a guaranteed auto loan. But if the person has asset which he can show as additional collateral, the dealer may agree to bring down the interest rates.

Thus, we see that all is not lost and there are ways to get your auto loan with guaranteed approval.

What You Need To Know When Looking For Or Choosing A Car Loan For The First Time

When you are planning on buying a car, you will usually need a very large amount of money, and not many people can afford to raise or get hold of such a huge amount all at once. This is where a loan can come in handy; it facilitates the purchase of the car. There are,…

When you are planning on buying a car, you will usually need a very large amount of money, and not many people can afford to raise or get hold of such a huge amount all at once. This is where a loan can come in handy; it facilitates the purchase of the car. There are, however, many variations of car loans, and just distinguishing between one and another is a daunting task. So although before you exam each and every one of these variations, let us first ground you on some principles:

Secured VS Unsecured Loans, what you need to know.

In Banking & Finance, we are taught that when a huge amount of money is involved, obtaining a loan from the lending institution – such as a bank – would involve the submission or offering of a quoted possession (such as a piece of very expensive jewelry or a land title for a very large tract of land which you happen to own) to serve as 'collateral' or sort of a 'security' pledged for the repayment of the loan. In car loan lingo, a loan obtained in this way is called a 'secured' car loan, and this type of loan brings with it many advantages, as well as being easily available, mostly from banks. Some of these advantages are relatively low interest rates, the ability to borrow a large amount, and the negotiability and / or flexibility to pay in small monthly installments and / or longer repayment periods, so you can easily manage the repayment of your car loan. The main disadvantage of this type of car loan, however, is that you run the risk of losing your collateral if you do not repay the loan in the agreed-upon period of time, even if it is usually very generous and also usually comes with an 'extended' time frame called a 'grace period'.

You can avoid this very real risk of losing your collateral, on the other hand, by instead taking what is called an 'unsecured' car loan, which will not require you to offer or submit a collateral. But because the lender does not have any security at all of recovering his money in case of failure to pay on your part, customers are sort of 'penalized' by the huge interest rates that they are forced to pay by securing this type of car loan . Most car 'financing' schemes as well as car dealership loans employ this kind of loan, and most customers choose this simply because they have no collateral to offer or do not want to offer / submit one.

Thus, there are essentially two main types of loans, 'Secured' and 'unsecured'. All the different variations of car loans or car loan 'schemes' as they call them, are basically just subtypes of these two. There are other factors that come into play, such as the participation of sort of a 'sponsoring' bank with which you have a credit record or one which can obtain your credit records. Such banks, for instance, would offer to your interest payments, thereby allowing you to enjoy those so-called 'zero-interest' payment schemes, provided you have a good credit history or a high credit rating / standing, another major factor which also comes into play.

These are just some of the numerous things you have to consider when seeking or choosing a car loan, especially if you are a first-time buyer. Educate yourself on the ramifications and these various sundries about car loans before finally deciding to choose one, and good luck in your quest for the car loan best suited for you!

Do You Have to Choose Esanda Car Loans Or Are There Other Finance Options?

Many people have obtained Esanda Car loans over the years, and as such, they are one of the leading car finance providers within Australia. Esanda car loans are a way to get the finances you need in order to purchase a new or used vehicle, however you will need to live in Australia to do…

Many people have obtained Esanda Car loans over the years, and as such, they are one of the leading car finance providers within Australia. Esanda car loans are a way to get the finances you need in order to purchase a new or used vehicle, however you will need to live in Australia to do so.

If you have a look online, you will definitely come across many lenders that offer very competitive interest rates. When you search online for your car financing needs, you could find that you can save more in terms of interest rates, as well as fees and charges, when you apply for and obtain an online loan. Esanda car loans are available to be applied for online as well, as are many other reputable companies. Most online lenders will offer you a no obligation quote to help you make a more informed decision. You can also use these quotes to conduct your own comparisons, or you can take advantage of some of the easy to use comparison sites that will compare a product such as Esanda car loans, with all the other loans of the same nature from other reputable institutions .

There are of course still traditional options, such as contacting a company by phone or actually visiting them in person, however online loans offer convenience and this is especially the case when you are not sure what questions you need to ask. Esanda car loans, as well as other online lending companies, provide a great deal of valuable information on their sites. You can use this to find the types of loans that are on offer, the repayment terms and repayment frequency. You will also be made aware of how long it takes to get the approval you are looking for, and the estimated time it will take for the loan proceeds to be available in your nominated account. This kind of information is handy to know when you are in a hurry to purchase a new or used car, whether it be through obtaining the funds with Esanda car loans or another lender alike.

One important point you need to keep in mind is that a loan for a car is not like a short term loan that you will be paying back in two weeks time. Whether you choose Esanda car loans or not, you will need to be comfortable with repaying the amount, plus interest, over the length of the term, which could be anywhere from 5 to 7 years from now. If you choose to go with a lender that charges a significant interest rate, then it would be in your best interests to shop around and try to find a rate that is more competitive. Esanda car loans have an up-front application processing fee, although many companies may also charge a higher fee. You need to take control of the decision and compare a number of loan products to find the one that suits both you and your budget, the best.

If you need a new or used car right now and you want to organize your funds as quickly as possible, obtaining the finances you need online, is the most convenient way. In a matter of hours you could have your approval and the loan funds could be on their way to your bank account. Esanda car loans, and other companies, may not offer expedited service like this, so you will need to either find out, or go with a lender that you know can offer you the funds today.

Car Loans For All Vehicle Types and Your Current Financial Status

Searching for car loans for all vehicle types and your current financial status, can take a bit of time if you are not sure what you are looking for, or what your specific needs might be. There are so many different vehicles that you can purchase, and you really need to consider the exact amount…

Searching for car loans for all vehicle types and your current financial status, can take a bit of time if you are not sure what you are looking for, or what your specific needs might be. There are so many different vehicles that you can purchase, and you really need to consider the exact amount that you should borrow, or an amount that you think is affordable for you. It can be even trickier to find the funds you need to purchase a vehicle, when all your credit history report is good for, is to wipe your feet on to get the mud off your shoes!

Now that may be a bit harsh for some to take, but when you have a bad credit history and you get turned down for a loan around every corner, it can become quite a depressing situation. Those with a bad credit rating often take any loan they can get their hands on when they need a new vehicle, and although they may be happy to finally have the funds, over the long term it may not have been a sensible decision.

Even with a bad credit history, or perhaps not knowing which vehicle to choose, there are car loans for all people, to be found. You may need to search a bit harder, or look a bit further until you find a vehicle you like, but the budgets do exist for all personal situations, including bad credit, and they are currently available with competitive interest rates and flexible repayment terms, which may come as a surprise to some.

Look online to find car loans for all situations and circumstances and you are sure to come across a number of lenders who are willing and able to lend you the funds you need. Some of them are unscrupulous, so you will need to be careful and read the documented specifics of the individual car loans, for all the fine print, with extreme caution. Whilst there are a handful of lenders you should avoid, if you have done the appropriate amount of research, you should have a good list of lenders that you would like to consider doing business with. Look at a variety of car loans for all their specific details, including interest rates, loan application fees, repayments schedules, early payout fees, and most importantly, the default percentage rate should your circumstances change making you unable to make your repayments. If you do these things, you will be able to obtain the funds for a vehicle, regardless of your current indecision or negative financial status.

In fact, paying off car loans for all those with a bad credit history, will provide you with something positive to add to that history and will put you in a much better position to improve your credit score. This is why it is so cruel to obtain the right loan in the first place, because it could have been your chance to prove yourself for the future, especially when you need to try and obtain a home or other large purchase that you require good credit for .

If you look online you will indeed find that there are car loans for all financial situations, and there are car loans for all different types of vehicles. You will just need to select the one that is right for you.

Pay Little Or No Money Down for Bad Credit Auto Financing in 5 Steps

You deserve a car. No, maybe “need” is a better word. These days, it is hard to get almost anything done without one. Sure, there are buses, bikes, and trains for getting yourself around town – and these work for some people – but most of us need a car to get by. The challenge…

You deserve a car. No, maybe “need” is a better word. These days, it is hard to get almost anything done without one. Sure, there are buses, bikes, and trains for getting yourself around town – and these work for some people – but most of us need a car to get by.

The challenge of getting your own set of wheels through auto financing comes when you have a bad credit (FICO) score due to past bad decisions. Or, maybe you just had a run of bad luck such as the loss of a job or the inability to make your mortgage or car payments.

And, another potential roadblock in qualifying for financing a car is when you lack sufficient funds to offer as a down payment for your loan. You probably have been told by more than one lender: no down payment + bad credit = no car loan.

Fortunately, there exist bad credit auto lenders who specialize in working with bad credit individuals. In fact, some have built up their own business around the concept that people with a poor credit rating still deserve a car.

If you would like to pay little or no money down for bad credit auto financing, here are 5 steps to doing so:

1. Find a car to buy that is suitable to your situation:

You need to start your journey to getting approved for car financing by getting realistic about the type of car you can afford right now. As you can imagine, it will slant the odds of getting your loan approved in your favor if you choose to buy a lower-priced car that will require you to take out a much smaller loan. Look for something nice, but find the lowest-priced car you could possibly be happy with at this point in your life.

2. Get together whatever money you can manage for a down payment, if any:

You are no doubt short on funds, but any cash you can get together for a down payment will improve your odds even further. Even offering just a few hundred dollars as a sign of good faith can show your lender than you have every intention of sharing the risk of this vehicle loan with them.

3. Peruse your latest FICO report and fix any issues you find there:

Next, you will want to set your sights on apply for auto financing. In preparation for that, have one (or all three) of the major credit monitoring agencies pull your credit report. Then, peruse it carefully, line by line, while looking for any errors or mistakes. If you find any, write a formal letter of protest to the relative agency and get it fixed.

4. Build yourself a list of bad credit auto financing lenders:

Now it is time to get some particular lenders in mind so that you can apply for a loan. You will want to search for “bad credit auto financing lenders.” These are the ones who specialize in working with people in your situation.

5. Apply to at least 4-5 lenders before signing any contracts:

Make sure your list contains at least 4-5 names of good, reputable companies. Then, start applying. Make sure to ask for the same size (amount) of loan, as well as the same repayment terms (for example, 5 or 7 years) from each one. That way, you can easily compare quotes to see which is the best deal for you.

Take these 5 tips into account as you qualify for bad credit auto financing with little or no money down.