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Traditional vs. Credit Union Auto Loans

admin — Wed, 29 Oct 2008 00:28:41 +0000

There are pros and cons of both traditional and credit union auto loans. Credit union auto loan rates are generally cheaper than traditional loans. A credit union can be very large or small and is very often organized by an employer to be used by employees. Credit unions are organized like banks and finance companies save for the fact that they are non profit. This is the reason that credit union auto loans can offer you lower interest rates as well as less fees. In short, you can save money when you opt for credit union auto loans.

Credit union auto loan rates are lower than traditional bank rates. So why would anyone want to get an auto loan at a traditional bank? Because they do not belong to a credit union. If your employer does not offer a credit union, you should look for one that is offered in your area. Even churches have credit unions. You simply join the union and deposit money into an account which is very much like a checking account. Credit unions are very close to what used to be a building and loan but then changed to savings and loan. But with one exception – remember that the credit union is non profit.

You can also usually get an auto loan easier at a credit union than at a bank. You will find that you do not have to put up as much collateral or even sign as much paperwork when you get credit union auto loans. Not only do you save money on the rate and fees, but you can also get the loan with a lot less hassle.

The only advantage that getting an auto loan at a bank or financing company is convenience. Whereas you can walk into a bank and apply for a loan right away, you have to join a credit union in order to get a loan from the union. If you belong to a credit union already, however, this is a moot point. Take a look at the credit unions in your area. Some of them are very small while others operate on a much larger scale. No profit is made, although administration fees are paid. They offer insurance for funds deposited and are regulated in a way similar to banks and savings and loans.

When you are buying a car, consider getting a credit union auto loan. Credit union auto loan rates are at an all time low and are lower than anything you will get at a financing company or bank, unless you are buying a new car with a special financing rate. Credit union auto loans are easier to get and can end up saving you quite a bit of money.

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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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Auto Loan Lenders

admin — Wed, 29 Oct 2008 00:19:03 +0000

Auto loan lenders range from finance companies, banks, savings and loans and even credit unions. You can find an auto loan lender by shopping online and compare rates as well as terms. When you are shopping for auto loans, take a look at the terms that are being offered as well as the APR, which is the annual percentage rate. The interest rate plays a huge significance in how much money the loan will cost you as well as the amount of your monthly payment. Once you find an auto loan lender that offers you the rate and terms that you want, you can then apply for a loan and get pre approved before you even start shopping for a car. If you have a high rate on your current car loan, you might even want to check out the possibility of refinancing with auto loan lenders.

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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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Auto Loan APR

admin — Wed, 29 Oct 2008 00:11:25 +0000

When you are shopping for an auto loan, be sure to find the lowest auto loan APR that you can find. The amount of interest that you pay for your auto loan will be determined by your past credit history as well as your currently employment situation. The auto loan APR is spread out throughout the term of the loan and divided into monthly payments that continue during the term of the loan. The lower the interest rate and longer the term, the lower the monthly payments. If you get an auto loan with a low APR and short term, however, you might end up paying about the same in your monthly payments if you have a high APR over a longer term. Check out the auto loan APR before committing to any auto loan.

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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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