Vehicle Financing and APR – Interest Rates, FICO Credit, and Loans

In this episode of Proctor Car Tips, Will answers frequently asked questions about vehicle financing and vehicle APRs to help you purchase your next car. Will discusses interest rates vs. apr, average interest rates, FICO credit scores, auto loans, mortgage and student loans, and financing new vs. used cars.

Please leave comments below if you have any more vehicle financing questions.

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Vehicle Financing and APR – Interest Rates, FICO Credit, and Loans

Learn more about common car issues, new car features, car parts, car financing, or new cars on the Proctor Car Tips Channel. These helpful car tip videos will help you learn more about car parts, how to fix common car issues, purchasing a new vehicle, trading in your old vehicle, understanding new car features, or virtually road testing the newest cars on the market.

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How to Find the Best Auto Loan Rates

Can you Get the Best Auto Loan Rates?

The major factor for the best auto loan rates is your credit. This does not mean that you cannot get a great rate if you have poor credit or less than perfect credit. You just have to know where you can go to get the best auto loan rates or you may just end up paying much more for your vehicle than you need to.

Are you thinking about buying a new or used automobile? Do you want to make sure you get the best auto loan rates you possibly can for your purchase? There are some tricks to getting a good rate on your auto loan. You need to arm yourself with these tips so that you can get the best possible deal and rate on your car or truck.

How You can Get the Best Auto Loan Rates

First, you need to understand that if you are purchasing a used vehicle, you can check with your bank to see if they will give you a better rate than the financial institution that the dealership uses. Plus if they give you a better rate you can take it back to the dealership and see if they will make a counter offer. This is a great way to get a lower rate.

Second, shop dealerships and find a couple of vehicles you like that are in the same class. This would be if you are looking for a coupe go to a Chevrolet, Ford, Toyota, and a few other dealerships and find a couple at each that is in the same price range and work out a deal. Then, you can use the best deal as leverage with the vehicle that you really want.

Third, you should try to avoid any auto loan that is over 7% on used and over 3% on new right now. There are plenty of places that will finance you at 0% or very close to 0% on a new vehicle and at 5% to 7% on a used vehicle. There is no need to pay more and you should refuse to pay more than this or you are not getting the best auto loan rates.

Getting the Best Auto Loan Rates if you have Bad Credit

If you have bad credit there are still a few ways you can get the best auto loan rates. Bad credit is found much more often now than it ever has been before and this means that lenders have made it easier for those with bad credit to get the financing they need. This is simply because they still have to give out loans in order to make money.

When you want to get the best auto loan rates and you do not have perfect credit you have to get a bit more creative. There are some dealerships that will still give you a great rate if you can put a nice amount of cash down for your vehicle. However, if this is not an option you need to know where you can look to get the rate that is best for you.

One of the best places to get a great rate with bad credit is called My Auto Loans. This is an online lender that will approve you rather fast and will give you the rate that you deserve. If any auto financing company can help you out with getting the best auto loan rates with bad credit is it My Auto Loans.

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Benefits And Drawbacks Of Secured Mortgage Rates

Are you checking into fixed mortgage prices to help you determine if here is the best answer available? Before you make any decisions, you need to know the pros and disadvantages for this style of mortgage rate.

Understanding the pros and cons shall help you make the wise choice for you. Why don’t we start with the advantages for fixed price mortgages.

1. Interest stays fixed throughout the whole term of loan – here is the biggest professional for anybody since it means that you will not have fluctuating rates, which can be a challenge proper. Fixed prices let you know what you will pay monthly which means you have no dilemmas make sure you can spend your prices alongside things on time.

2. Possiblity to plan your repayments – obtaining the repayments made on a mortgage is a must for anyone and having an interest rate which fixed will provide you with best possibility of planning for this. This sort of rate won’t fluctuate and that means that monthly you repayment will be the exact same amount.

Like that you are able to place this to your repayment program every month so you make sure you remember it and get issues you do not need.

3. Utilize the resources better – One advantage is using fixed rate it will be possible to effortlessly make use of the resources better than you can with other types of prices.

Now you understand the key advantages, you should know what the cons tend to be, which are under.

1. Higher rates – something that you should be aware of is the fact that the prices the fixed loans would be higher than the rates for a variable loan. It is likely to be true proper, whatever lender you use, however with somewhat looking around and evaluating you can easily locate the greatest price easy for you.

2. Amount of fixed rates – On these rates, they’ll be fixed for about 2 to 3 years after which they’ll be evaluated depending on the mortgage marketplace. Therefore, as time goes on the loan could be at the mercy of alter, and that means you have to be ready because of this.

Now you have the key pros and cons of fixed rate mortgages in your mind, you can make an even more confident decision about whether here is the correct option for you. Its smart to possess help of a specialist before making your final decision to be very confident that the best choice is manufactured designed for you.

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