Car Financing Basics
To get car loans and do it
right you must be prepared. You
can obtain car financing from
a
bank, credit union or from other
financial institutions. Getting
your financing before you buy
a
new or used vehicle is a pretty
good idea. E-LOAN
or Capital One Auto Finance
are two online finance resources
where you can apply for car loans
online and receive a blank check
to go shopping with.(Blank
Check® is a registered trademark of Capital One Auto Finance.com)
You can also get financing
from the dealer or automobile
manufacturer. A general rule
of
thumb says that getting financed
at the dealership will cost
you
more, but that is not always
the
case. Despite the hype from
the
dealerships that say, "No money
down" or "0% financing", dealer
financing can put you under
a lot
of pressure. The best way to
get
the car loans that will fit
your
budget is to shop around.
One other choice is a home
equity loan. You'll get a good
interest rate and the payments
will be tax deductible. Go
to the
Internet
Mortgage Center to see
how they can set you up with
an
equity loan from their 50,000
lending resources.
Something to keep in mind
is that interest rates on new
cars are lower than on used
ones
and, in general, new cars can
be
financed over longer terms
than
used ones. This can make a
new
car cheaper than a used vehicle
in many cases. Check out our
own
article, new
vs. used financing
for more information.
Try not to fall into the
dealer trap. Dealers will often
advertise a low price on a
car
and then make their money back
when they finance the car.
They
also offer very low interest
on
specific cars or models, but
then
they won't come down in price
at
all. Or, in order to get those
advertised low interest rates,
you will have to come up with
a
hefty down payment. You would
be
much better off if you were
to
get your car financing in advance
at E-LOAN
online where there is
no down payment required! Plus,
you will have the added advantage
of going into your deal with
a
cash offer.
Car Loans Approved with Capital One Auto Finance.com
Blank
Check® Financing
Car
Financing at Capital One Auto Finance
