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Refinance car loan – Community First Credit Union #business #loans #calculator


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Refinance car loan – Community First Credit Union

Thinking of switching your car loan?

    You want a loan with greater flexibility such a s the ability to make extra repayments and access available redraw.

The fees you need to be aware of when refinancing your car loan include switching fees such as early loan repayment fees on your existing loan and application fees on the new loan. Different lenders charge different fees so you should check with individual financial institutions as to what fees and charges apply. Note that not all car loans have early repayment penalties.

You of course need to assess what your needs are to determine which loan is right for you. Following are some things for you to take in to consideration:

If the reason you are refinancing is because you are looking to save money on interest, then look for a loan with a low interest rate. You can even secure lower interest rates depending on the age and green star rating of your car. You should also take in to account loan account keeping fees. While small, these fees are usually compounded on to the loan so end up costing you more than what you think over the life of the loan.

If you are trying to pay off your debt as quickly as possible, you will need to look for a loan not only with a low rate, but one that enables you to make unlimited additional repayments at no extra cost.

If the features of your loan are important to you because you want flexibility, look for loans that allow you to access redraw in case you need it. Whether you pay your loan off quickly or according to the minimum repayments, you may want the security of knowing you won t be penalised either way. Loans that offer no penalties for making extra repayments will give you this peace of mind.

Secured car loans usually offer a lower interest rate than unsecured car loans. If your car is less than 3 years old, you could consider switching from an unsecured loan to a secured loan to enjoy some further savings. Many loans for newer cars also come with fixed interest options so you can enjoy the peace of mind of having the same low rate for the life of the loan, without your regular repayments changing.

How long do you plan on keeping your car before you sell it?

If you re looking for a loan with a balloon/residual payment at the end in order to lower your regular repayments you need to factor in how long you plan on keeping the car and whether or not you will have the money to pay the residual when it falls due.

If you plan on selling the car before the residual is due, consider what the car s market value will be and whether or not it is likely that you will need to pay out any differences in order to sell it.

It s also important to understand how your car loan is structured. Some car dealerships offer low interest rates on new cars, however the interest is structured like a home loan where you pay back more interest first before paying off the principle. These are designed for people who plan on keeping their car longer than the loan term. If you planned on selling the car after year one or two, you may find that you haven t paid much off the principle, only the interest. Should you decide to sell the car, this could mean needing to pay the difference between what you owe and the market value at the time of the sale which could be significant. As you repay more of the interest early in the loan, it wouldn t make sense to refinance your loan later on as you ve already paid for a large chunk of the interest.

Is it worth it?

Once you have assessed the reasons why you d like to refinance your car loan, you should weigh up all the switching costs and how they impact on the benefits you expect to realise. For example, if you re refinancing to save money on interest, you could find that the switching costs erode a lot of the savings you expected to make. This however isn t always the case. The savings you can expect to make really depend on the cost and features of the loan you have and the loan you want to switch to.

What if I have a secured car loan?

The loan you have on your car is likely to be either a secured or unsecured loan. A secured car loan means that the vehicle is taken as security for the loan, so that in the event you are unable to meet your repayment requirements, the financial institution will repossess the car.

An unsecured loan means that the vehicle is not taken as security over the loan. Unlike a secured car loan, a REVS check on the car will not show that there is finance owing on the vehicle.

Why refinance your car loan to Community First?

Community First car loans represent excellent value. All of our car loans are free of monthly account keeping fees and early repayment penalties.


Private Party Car Loans At myAutoloan #unsecured #loan


#loans for cars
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We can arrange your private party car loan online safe & easy

Private party car loans can relieve you of paying out-of-pocket for a car that s not from a dealer, auto broker or car lot. Even better, private party car loans are an affordable option for almost any budget. The fast and simple application provided by myAutoloan.com can match you with up to 4 of our lenders with unbeatable rates, all within minutes on the web.

myAutoloan is happy to be a financial resource that connects customers directly to real lenders with competitive rates so they can secure the car of their dreams. The private party auto loan application only takes about two minutes, is completely confidential, and is free of price and obligation.

You ll be matched with our trusted lenders and on your way to a check or online certificate confirming your new auto loan in as little as 24 hours. By arranging your private party car loan now, you’ll be better prepared to purchase your next vehicle with no worries or hassle attached.

Don t wait get your next private party car loan today from myAutoLoan.com.


No Credit History? You Can Still Buy a Car #payday #loans #chicago


#no credit car loans
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No Credit History? You Can Still Buy a Car

by: Justin Leach

It s a classic scenario: you want a car loan but don t have any real credit history. Many first-time car buyers think they ll either have to buy some old beat up car for cash or accept financing terms that anyone else would find outrageous.  The truth is there are several things you can do today to get you behind the wheel of a solid car and still leave you with enough money to fill up the tank.

Step one:

I can t stress this enough-Get your credit report and credit score from all three credit bureaus (Experian, Equifax and TransUnion.)  You need to know where you stand.  Are you certain your student loan consolidation got reported correctly?  Or how about that time you were late paying your credit card?  Maybe you forgot, but the credit bureaus didn t.  The dealer will pull your credit reports, so make sure they are accurate and that you ve taken care of any outstanding problems.

Step two:

Take a realistic look at your finances.  After all other expenses, how much can you really afford to put toward a car payment, insurance, gas and maintenance? You ll be a more attractive buyer if you can provide a decent down payment and keep your car payment to a low percentage of your monthly income.

If you ve got a couple cars already in mind, go online to get several auto insurance quotes.  Many financing sites like ToyotaFinancial.com provide on-line tools to help you estimate payments.

Play with the numbers and remember a lower annual percentage rate (APR) with longer terms will give you lower monthly payments the flipside is that you ll pay more in interest over the life of the contract. To help save more money, consider taking a contract with a shorter term.

Read more car buying stories:

Step three:

Explore your options. You may qualify for programs that could bring down the purchase price of a vehicle or provide you with better financing options. For example:

College Grad: Did you just graduate or will you soon?  At Scion.com not only do they offer $400, but they offer no money down, deferred first payment for 90 days and they throw in free roadside assistance for a year.  And, of course, at Scion, there is no price negotiation the price is the price, no haggling.

First Time Buyer: Some programs assist first time buyers in purchasing certain model vehicles.  Interested in a Yaris, Matrix, Corolla or a Tacoma?  Check out the iFinance program at Toyota.com.  You ll need 10 percent down, a steady job, car insurance, references and a minimum income, but you won t need a co-signer.

Certified Used Vehicles: Another way to save? Go used.  A certified used vehicle is one that meets standards set by the manufacturer and comes with a warranty.  You can probably find advantageous same as new financing, too.

Leasing: Even though we re talking about purchasing a vehicle, before you hit the lots, consider if a lease might be the right option for you.  To learn more about the differences between leasing and buying, check out the article Finance or Lease: Choosing One on youngmoney.com.

Co-signer: Got a family member with good credit willing to risk getting stuck with the bill if you miss a payment?  Should your account ever go to collections, guess who they can go after-your loving and trusting co-signer.

I m not against the co-signer option; for many first-time car buyers, this is actually the fastest way to obtain vehicle financing and get a more reasonable rate. Just make sure you fully weigh all the benefits and potential consequences when going this route.

Add On s :  You won t leave a dealership without being offered extended warranties and payment protection plans. Don t discount the necessity of these options.  But if your goal here is to make sure you can afford your car, research and understand what will be offered. Also, check out life and disability insurance to cover your car payments should you become disabled or, well, you know, dead.

Step four:

Get your paperwork together. Here are a few things to bring car shopping:

1)      Proof of employment or future employment-a W2 or pay stubs showing at least six months of employment, or an offer letter for employment stating your salary.

2)      References the names and contact info for up to six people.

3)      Proof of enrollment in college and graduation date-or if you recently graduated, proof of graduation.

4)      Copies of your credit reports.

5)      If you have it, proof of collision insurance.

6)      And any research you have done on the vehicles you like including invoice pricing data, incentives, rebates, Kelley Blue Book value (if you re looking at a used car) and your insurance quotes.

OK, so you have your credit reports and credit score, you know how much you can afford, you ve researched rebates and special offers, and you have all your paperwork together. Now you re ready for that test-drive.

Justin Leach is a communications specialist for Toyota Financial Services.  Prepare yourself for your next car buying experience by visiting toyotafinancial.com where you can view finance programs and offers tailored to meet your needs and learn more about understanding and protecting your credit, differences between buying and leasing, and various vehicle protection plans.

Beginner s Guide to Car Loan Hunting

Car Shopping: Kicking Your Financial Knowledge into Gear

get-pre-approved-for-a-car-loan


No Credit Check Car Loans in Australia #savings #and #loans


#no credit check car loans
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No Credit Check Car Loans in Australia

There are only a few providers in the market that will provide no credit check car loans in Australia, meaning they will not run a check on your credit file. This can be useful for those in need of a car loan without the ability to obtain a loan from any other lender due to their credit file.

As you could imagine, these types of car loans are the most costly, with usually very high interest rates and high establishment fees and early exit fees. Some of these providers will also not give you the full freedom to choose the vehicle you want and often you end up paying substantially more for the car than you normally would.

Top 5 benefits

You may also find that some of the conditions imposed on qualifying for the no credit check car loan may require a certain deposit to minimise the risk. There has been some media attention with some of the kinds of arrangements, where the provider will get around certain laws by selling the client a car that is worth $2000 wholesale and their sale price would be around $18000 and provide an ‘interest free’ car loan, where the client would need to put down a $2000 deposit to qualify for this loan.

As you can see they have priced the interest into the sale price of the car to offer an interest free loan, to try and create a loophole in the system. They then require your down payment being the wholesale price they paid for the car themselves, taking all the risk out of the equation and every payment the client makes is then the profit margin, so if the client with poor credit does not pay any repayments, they have only really lost their time and recovered their main costs by requesting the deposit at the beginning.

A no credit check car loan, although may not be the best possible deal, can sometimes assist in showing better lenders that you have improved your situation by keeping your repayments on time for over 12 months. This will definitely show that you are now more financially able to repay a car loan and your past history would be less reflective on the outcome of a loan with a more mainstream lender. They are costly, but if there is no other option, you could use them as a stepping stone.

CarLoans.com.au can provide you a free car loan assessment, this assessment will determine what loan product suits your needs best as well as providing you with the interest repayments – click here to get a free assessment


No Credit Car Loans for First Time Buyers #how #to #pay #off #debt


#no credit car loans
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No Credit Car Loans

Don’t let zero credit history affect your present. Get guaranteed approval on no credit auto loans even if you have low income. Low rates are a reality for no credit car buyers. Students and first time buyers need not worry about co-signing as it is not compulsory.

The one thing that every American desires is a car. Automobiles are favorites on everyone’s wish-list. But, not everyone is able to strike it off the list. For all those who want to buy a car, credit score is often considered a major requirement. Does that mean people with a zero credit score cannot get car loans?

Understanding the needs of people with no credit history, Fastautoloanapproval.com has introduced no credit auto loan program. Applicants can now easily buy the car they want-new or used with these instant loans.

Fastautoloanapproval.com is an online auto financing company that efficiently caters to the needs of borrowers with no credit. It believes that a credit score is nothing but your history and it should never affect your present. This means you no longer have to depend on no credit needed dealers.

Most college students and graduates/undergraduates face the problem of zero credit ratings. The company understands the importance of a car in student-life and that’s why; offers easy car loans to students, even if they have a zero credit history.

Most first-time car buyers avail credit for the first time and they face the same trouble of no credit history. If you are facing trouble in getting quick approval, worry no more. Fastautoloanapproval.com is here to rescue you by offering car loans without credit history.

What Factors Are Considered For Availing Car Loans without Credit?

Fast Auto Loan Approval has wide approval criteria. Don’t think that if you are weak in one aspect, approval will become difficult. The company believes in concentrating on your strong factors and in this way, it makes financing a car with zero credit very easy.

• Income

• Employment Term

• Time At Residence

• Regularity In Making Payments of Other Loans, If Any

• Down Payment Amount

• Availability of Co-Signer

• Loan To Value (LTV)

• Age of Vehicle

• Term of Loan

• Miles on Vehicle

• Total Debt to Income Including New Payment.

By looking at these factors, you can understand that a credit score isn’t and will never be the sole responsible aspect for your loan approval.

When you are applying with fastautoloanapproval.com, you don’t have to worry about the safety of your data. Your personal information is protected from identity theft so don’t be apprehensive about sharing your SSN and other private data.

The no credit car loan program is a great way of building your score. Start today by applying with us.


No Cosigner Car Loans with Bad Credit #online #payday #loans


#loans for people with no credit
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Owning a beautiful and luxurious car is every hearts dream. But bad credit or no cosigner holds back to avail the car. With Rapid Car Loans, its not a matter of issue as you can easily get a car loan without a cosigner. We can offer you easy car loans without any hindrance.

For people with bad credit or no credit finding a cosigner become a tedious task. Thus rapidcarloans offer you no cosigner car loans which can get you freedom from wandering to find a cosigner. Students can also avail car loans without cosigner as it does happens with the students that their family members have a bad credit history and there’s no one to cosign. In addition to this more often students being the 1st time buyer have zero credit history. Lenders consider zero credit borrowers less risky than bad credit because bad credit may be due to default payment but no credit means you haven’t build your credit yet. As a result students or any other person with no credit can get an instant approval for no credit auto loan without cosigner at a lower interest rate.

No cosigner car loans can be also used for buying an old car. Since used cars are generally cheaper than new cars, a lot of people prefer buying a used vehicle. But they find it difficult to finance old car from banks and even more difficult if they have to get a cosigner. Hence these car loans can be utilized for both types of car that is new and used and can get you finance easily.

Looking at the majority of people not everyone is financially sound to pay cash for a car and has the best credit. For those people, no credit check auto loans could be a smart decision. No credit check auto loans are created to help those who for any reason have poor credit, financial problem or bankruptcy and need a car. Applying for no credit check car loans can provide you with a better rate than any ordinary car loans.

Apply online for instant approval on your car loan.


New and Used Car Loans #online #payday #loans


#best car loan rates
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Great values on car, truck, and van financing

    Features Details Reviews Apply

New or Used Car Loan Benefits

  • New and used cars, trucks, and vans at the same low rates
  • Rates as low as 1.74% Annual Percentage Rate
  • Borrow up to 120% of price
  • Finance up to 84 months
  • Save with Relationship benefits and electronic payment

New and Used Auto Loan Details

  • New or used vehicles at the same low rates Car dealers and most institutions often charge you more for used Save on rates when you qualify for Relationship benefits on your DCU Checking Account and make payments electronically (payment by transfer in Online Banking, Mobile Banking, Easy Touch Telephone Teller, DCU ATM, or internal DCU automatic transfers. Add 0.50% to rate for other payment methods.

Auto Loan Rates*

For New or Used Cars, Trucks, and Vans


Maximum Rate Allowed on Florida Used Car Loans. #car #loan #bad #credit


#car loan interest rate
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Maximum Rate Allowed on Florida Used Car Loans

Posted June 30, 2012 7:44am by attorney Dana Manner

The maximum amount of interest, or the highest interest rate (APR) allowed by law in Florida on used car loans is governed by Florida Statutes 520.08 – “Finance charge limitation .”

The statute provides for a sliding-scale of increasing interest rates allowed, depending on the age of the car at the time that it is sold or financed.

For example: Let’s consider a 5 year old used car, that is being financed by a 3-year loan with 36 monthly payments. According to Florida Statutes 520.08(d). a 5 year old car is a “Class 4″ used motor vehicle, and the maximum finance charge allowed is “$17 per $100 per year.” So, the average used car buyer might think the highest rate allowed under Florida law for a used car loan like this is 17% APR, but the wording of the statute is misleading, and the actual APR allowed is much higher.In fact, the maximum APR allowed in this example is whopping 29.07% APR. (This rate varies slightly depending on the term or length of the loan, but for the most older model used car loans the maximum rate is between approximately 27% and 30%).

  • If you think that you have been overcharged by a lender, or Buy Here Pay Here dealer on a used car loan, please contact my office to review your loan documents. The penalties for a lender exceeding the maximum finance charge allowed on a used car loan in Florida, can be substantial.

The reason for the difference between what would appear to be a limit of 17% interest rate on used car loans in Florida, and the 29.07% APR is that the statute uses the “add-on interest” method for calculating the finance charge IN DOLLARS, and not as a PERCENTAGE (i.e. Annual Percentage Rate or APR). The statutory “$17 per $100 per year” actually means that the lender can charge the borrower 17 DOLLARS, per each HUNDRED DOLLARS borrowed, per each YEAR OF THE LOAN’S LIFESPAN. In other words, the maximum finance charge is the DOLLAR AMOUNT OF INTEREST expressed as a PERCENTAGE of the AMOUNT FINANCED (or borrowed), and NOT expressed as an APR!

In our example the maximum amount of interest (i.e. the Finance Charge in dollars) would be: 0.17 x 3 = 0.51 or 51% of the Amount Financed. That means if you borrowed $10,000 for the car, you would pay $5,100 in interest over the life of the loan, and your total monthly payments would be $15,100. Your monthly payment would be $15,100 (total payments) divided by 36 (months) which equals $419.44 per month that you pay to the lender.

Now… in order to turn these figures into an APR, and to comply with the Truth in Lending Act (TILA) we have to do some more complicated math, which requires a spreadsheet or a financial calculator. If you’ve got one handy, the inputs are shown below.

Calculator inputs PV = 10,000 FV = o PMT = -419.44 (must be negative) N = 36 Solve for “I/Y” (and multiply by 12 if your calculator is set to 1 compounding period per year) to find the APR of 29.07% In Excel use the formula =RATE(36,10000,-419.44,0)*12


Low Interest Car Loans #best #home #loan #rates #australia


#low interest car loans
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LOW INTEREST CAR LOANS Calculate and save by comparing car loans

Low Interest Car Loans

Few things are as sweet as driving off in a new car with a great low interest car loan. The best way to track down a loan with great low interest rates is to search and compare a range of Australian car loans online.

Cars are a basic necessity for most Australians but high interest rates don’t have to be. In fact, it’s in your interest to drive down a low interest car loan as it could save your thousands.

Car loan interest rates can be easily overlooked when buyers are purchasing a car, but it shouldn’t be because interest rates will significantly impact the total amount you end up paying. You don’t want to lose the money you saved in hard negotiations with a car salesman, on a car loan with high interest rates.

Tracking down the best low interest car loan can take time, but it’s time worth investing. Fortunately there are comparison websites, like the one you’ve landed on, that can help steer you towards the right rate and into your dream car.

Take our low interest car loans page for a spin to see what you could save on interest and your new car.


Low Car Loan Interest Rates Australia #refinance #car #loan


#car loan interest rates
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Low Car Loan Interest Rates

Interest rates on car loans can have large variations between lenders and also products available and they will also vary from client to client.

The most common question we are asked as a finance brokers is, “what is your interest rate?” This seems to be the most important question for a client looking for a car loan.

As finance brokers would have a range of lenders available, the variation in interest rates is very large, as firstly it will be based on the vehicle and how you are purchasing it and this will shortlist down which lenders would actually approve the car you are purchasing.

Age of the Vehicle

As some lenders apply their interest rates on the age of the vehicle and others may use a “rate for risk” scoring system, to accurately determine what interest rate and lender would best suit your circumstances, would be based off the strengths in your application, your credit file and the activity on it, and the value of your car you are purchasing and how much you want to borrow against it, whilst using it as security over the loan.

This would mean a full application would be required to determine the best interest rate and lender for your proposal, as this will allow whether it would be better to use the “rate for risk” system, or a lender who applies a flat rate based on the age of the vehicle.

Fixed Term Loans

Car loan interest rates with the main lenders in the motor finance sector are most commonly fixed for the term of the loan, which would mean that they won’t move up or down with the market and your repayments and interest rate will stay the same throughout the whole loan term.

Some of the best interest rates in the market could be similar to what the average 5 year fixed rate on home loans would be at the current time, but these would usually be available for very strong applicants with good past borrowing experience and a good asset position. Also the vehicle price. how much is being borrowed against it and the term of the loan could also change what interest rate you would qualify for.

Although car loans are usually a lot easier to obtain approval on than a home loan, each and every lender has their own unique way of determining the interest rates available and this can make it all very daunting for the borrower. Good professional brokers should be able to break this down quite quickly as they should understand the lender’s policies and which option would best suit each individual application.

CarLoans.com.au can provide you a free car loan assessment, this assessment will determine what loan product suits your needs best as well as providing you with the interest repayments – click here to get a free assessment