AutoLoan101.com » Types of Auto Loans

Private Party Auto Loan

admin — Wed, 29 Oct 2008 00:22:52 +0000

A private party auto loan is when you borrow money for a car from an individual with the intent of paying him or her back. In some cases, private party loans are interest free. In other cases, the party from whom you borrow money will charge you interest. There are advantages and disadvantages to getting private party auto loans. One of the advantages is that they are generally easier to obtain than getting a loan through a bank or financial institution . The disadvantage of this type of loan is that your timely payments do not reflect positively on your credit history. You can weigh both advantages and disadvantages when you consider getting a private party auto loan to buy a car. For more about this, visit

Person to Person Auto Financing

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Student Auto Loan

admin — Wed, 29 Oct 2008 00:20:59 +0000

If you get a student auto loan, you can establish credit for yourself in your own name as well as get a reliable car to drive. Many finance companies offer special discount rates for student auto loans for those students with good grades. Some auto dealers will also offer a special discount for a student auto loan in the hopes of attracting sales from young people who may be going off to college and establishing credit for the first time. By paying off the loan in a timely manner, a student can accomplish two things – he or she can not only have a car that is reliable to drive, but can also establish credit in their own name using a student auto loan.

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Business Auto Loan

admin — Wed, 29 Oct 2008 00:19:51 +0000

A business auto loan is just like an individual loan for a car, except it is taken out in the name of your business. Business auto loans can be an excellent way for a new business to establish credit in the name of the business. You will need corporate information such as a tax number and paperwork that establishes your business as an entity when you get a business auto loan. You will also have to provide proof of insurance for your business vehicle. You can shop for business auto loans at banks, credit unions and even online finance companies that specialize in making small loans for businesses. If your car is a used for business purposes only, you can take out an auto loan in the name of your business and establish credit for the business at the same time.

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Instant Auto Loan

admin — Wed, 29 Oct 2008 00:15:27 +0000

An instant auto loan is something that you can get right away, usually online, and is based upon your credit score, how much money you make and the current outstanding loans that you have. Applying for instant auto loans online makes sense before you start shopping for a new or used car. You will want to be sure that you get a competitive interest rate on your loan which will influence the amount of money you will have to pay towards the loan on a monthly basis. You can often use an auto loan calculator to see how you can fit the loan into your monthly budget. The longer the term, the more you pay in interest but the lower your monthly payments. Once you have been approved for an instant auto loan, you are in a much better position to bargain when you are buying a car.

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Poor Credit Auto Loans

admin — Wed, 29 Oct 2008 00:07:30 +0000

A poor credit auto loan can enable you to buy the car that you have always wanted without having to be encumbered by having bad credit. The lending market today is much different than it was in the past, so much so that you can even shop for competitive rates and terms when looking for poor credit auto loans. Even if you have had a bankruptcy in the past and your credit has hit rock bottom, you can still find a way to get a car that you can rely on by obtaining an auto loan. The interest rate for a poor credit auto loan may be a bit higher than a regular loan, but it will enable you to buy a good car as well as help you on your way to reestablishing your credit rating.

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Low Interest Auto Loans

admin — Wed, 29 Oct 2008 00:06:46 +0000

A low interest auto loan will end up saving you quite a bit of money over the term of your loan. The lower the interest, the lower your monthly payments will be. Right now, in the interest of moving the economy and selling cars, many dealers are offering low interest auto loans. These are generally offered for brand new cars. You can also get low interest auto loans if you shop for loans at different venues such as banks, online lenders, finance companies and even credit unions. The lowest interest rates are generally reserved for brand new car purchases, but you can get a low interest auto loan if you have decent credit and are buying a used car if you shop around.

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Guaranteed Auto Loan

admin — Wed, 29 Oct 2008 00:05:58 +0000

A guaranteed auto loan enables you to shop for a car, new or used, with the comfort of knowing that your loan is guaranteed and that you will not have to worry about getting approved for the loan once you find a car that you like. Guaranteed auto loans are an excellent bargaining chip when you are shopping for a car as they will state how much money you have already been approved to spend. If you have ever haggled over the price of a car, you understand that you have more leverage if you are paying cash. The sales person will be more inclined to give you a better deal if he or she knows that they will not have to worry about you getting financing if you have a guaranteed auto loan.

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Credit Union Auto Loan

admin — Wed, 29 Oct 2008 00:05:12 +0000

A credit union auto loan may be cheaper when it comes to interest rates and fees, than an auto loan from anywhere else. You have to belong to a credit union, however, in order to take advantage of credit union auto loans. A credit union is a private organization that is often set up by large companies for their employees. You can open up a checking or savings account with your credit union and even obtain small loans, including auto loans. A credit union auto loan is often thought to be very desirable for those belonging to these establishments because they are non profit and can generally offer a lower interest rate as well as very low fees as compared to for profit financial institutions.

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Bankruptcy Auto Loan

admin — Wed, 29 Oct 2008 00:04:08 +0000

A bankruptcy auto loan is indeed possible, although it is generally offered at a higher rate than an ordinary auto loan. Just because you have filed bankruptcy is no reason to think that you cannot afford to buy a car using an auto loan. Bankruptcy auto loans are available from a number of different lenders and you can even shop for a competitive rate for these loans online. The longer it has been since you filed bankruptcy, the lower the rate will be for your bankruptcy auto loan. While bankruptcy can be devastating, it does not have to ruin your life or keep you from buying a car. If you pay off the loan in a timely manner, you will be working towards restoring your credit score.

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No Credit Auto Loan

admin — Tue, 28 Oct 2008 23:58:19 +0000

A no credit auto loan is usually offered at a higher interest rate than an auto loan for those with already established, good credit. But this can be an excellent way for young drivers with no previous credit history to establish credit in their name and build a good credit score. If you pay off your no credit auto loan in a timely manner, you will build upon your credit score, thus enabling you to have more borrowing power. Generally, a no credit auto loan is a short term loan offered by some banks and financial institutions that deal with sub prime lending. Just because you have no credit is no reason to think that you cannot afford to buy a car. You can apply for a no credit auto loan, have the car you want and establish credit in your name all at the same time.

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