Credit News

How To Check The Current Car Loan Rates #easy #personal #loans

#current auto loan rates

How To Check The Current Car Loan Rates

When buying a new or used car, it is important to have a good idea what the current car loan rates for your area is. Interest rates vary by location, credit score and term of contract, and keeping up to date on the latest car loan interest rates can be confusing if you don’t know where to look. Fortunately, the following can help point you in the right direction. Here are a couple of sites that make it easy to find out what the current prevailing car loan interest rates are:


Bankrate is one of the oldest, and most experienced, financial internet sites on the World Wide Web. began as “The Bank Rate Monitor” and was founded in 1976. offers a host of convenient, and easy to use, tools to help consumers check interest rates in their area.

You can search for current care loan interest rates by state and city. In addition, you can narrow the search for rates by the type of loan and length of term. constantly monitors the state of the current auto interest rate market, and their rates are updated in real time. This means you always have instant access to the most current car loan rates.


Another great site for finding current car loan interest rates is They have been offering consumers accurate and up to date information on car loan interest rates since 1994. Like, they offer users the option of searching for interest rates by state and city. However, they also offer a convenient option of searching by zip code only. This makes searching for current car loan interest rates even quicker.

You could also try calling your local bank for current car loan interest rates. They may or may not be comparable with you will find online. However, having some information is better than having none – especially, when it is time to buy a new car.

How to Compare Car Loans #10000 #loan

#compare car loans

How to Compare Car Loans

It’s easier than you think

Many people miss the point when they attempt to compare a range of different car loans. Often, they look at only one factor – usually the interest rate, but sometimes also the monthly repayment. The truth about comparing car loans is a little more complicated than that.

It’s important to understand the detail because significant savings are on offer for those who do their sums correctly.

Here’s how to get a car loan comparison right.

In reality, the main factor in comparing car loans is: How much is this automotive loan really going to cost me, in total? Say you’ve got three of four different car loans in front of you – all for the same amount, all for the same term – the best way to compare them is to add up the total amount payable over the term of the loan. This would mean starting with the establishment fee, plus broker or dealer origination fees (if any) and then taking the regular payment (whether it’s weekly, fortnightly or monthly) and multiplying it by the total number of payments. You also need to add in any regular charges, such as monthly account keeping fees.

Getting the total cost of each loan right is vital because the fees and other charges can have a huge impact on the cost of the loan overall. In fact, fees and other charges can mean that a high-fee loan with a really sharp-sounding 6% notional interest rate might actually be more expensive overall than a low-fee car loan at a more expensive-sounding 10%.

You really owe it to yourself to do the numbers on each and every car loan offer, and not merely focus on the one factor, like a nice, low interest rate number.

Exactly the same comparison method applies to commercial car finance agreements as well – provided it’s an apples-for-apples comparison. You’ll need to make sure they’re all, say, operating leases, and the term and amounts are identical. In the case of a residual or balloon payment at the end of the term, this amount would need to be the same as well.

Once you have those comparative numbers ballparked, you should also evaluate the early repayment penaly. Some loans with low setup costs impose hefty penalties for early repayment – although this might not be important to you if you deem it unlikely that you will exit the car loan agreement early.

Finally, you need to make sure that you qualify for the cheapest loan you have identified. You also need to make sure the vehicle itself is one that the lender is prepared to lend you the funds for, on those terms. This is where a specialized New Zealand-based business like can become a valuable resource. Our friendly consultants have access to a panel of reputable lenders, and we can help you select the best deal for you after considering all the relevant factors. Call or e-mail today for an obligation-free car finance appraisal.

How to Compare Bad Credit Car Loans #bankruptcy #auto #loans

#compare car loans

How to Compare Bad Credit Car Loans

There are many companies that offer bad credit car loans on the market today. If you find yourself in need of this kind of car loan, then it is important to research and investigate the different loan offers before making a final selection for an auto loan.

Step 1

Order your credit report. Since your credit score is a major factor in determining the type and quality of auto loan you will be offered, the first thing to do is order a copy of your credit report so that you will know your credit score going into the loan process. With this information in hand, you can either conduct some preemptive credit repair to improve your credit score, or you can go ahead and apply for a loan.

Step 2

Apply for a car loan. There are many companies online that offer loan clearinghouse services. The advantage of applying for a car loan this way is that you will receive multiple bad credit car loans to review and compare. If you are uncomfortable with using online lenders, you will need to visit several different car loan lenders to gather information about what loans are available from sources like banks or credit unions.

Step 3

Review the loan information. Each loan offer will have different details. Evaluate the loan interest rate, the length of the loan and any other services or products that might be included in the loan (insurance, fees, annual registration, etc).

Step 4

Even with bad credit it is possible to find lenders who are quite willing to work with borrowers for a bad credit car loan.

How to Apply for a Car Loan #mortgage #loan #modification

#apply for loan

Introduction to How to Apply for a Car Loan

Applying for an auto loan doesn’t have to be complicated — just be sure to do your homework first.

It’s 7:15 p.m. and you’re finally on your way home from work. It’s been a long day, but it’s not over yet. You still have to pick up dinner and the dry cleaning before you can catch the bus. It’s going to be 9:00 p.m. before you get home. As you finally find yourself seated under a pile of packages on the bus, you begin to daydream about having a car. No more taking the bus or train. No more riding your bike in bad weather. No more sitting in the back seat of the carpool — you could be the one behind the wheel.

Your neighbor just got a cute new coupe. If only you could too. But how would you pay for a car? By doing what most car buyers do — apply for a car loan. Purchasing a vehicle can be a little overwhelming, especially handling the financing part. But it doesn’t have to be. It is possible to navigate the car buying and financing process smoothly. First, you need to have a good understanding of who the lenders are.

If you have an established relationship with a bank or credit union. that might be a good option to consider. Typically, banks have conservative policies and are geared toward individuals with good credit. It can be harder to get a bank loan, but it could mean a better interest rate. As non-profits, credit unions usually have low operating costs, which can mean better interest rates.

A finance company acts as a retailer selling money. It borrows money at wholesale, marks it up and lends it, and it’s likely to have higher interest rates. Dealerships offer financing, acting as the intermediary between you and the lender. Buyers beware — they make money offering this service through fees and markups.

If you own your own home, you can use it to get money through either a home-equity loan or a home-equity line of credit. Usually these loans have low interest rates and may be tax-deductible. However, should your home’s value drop and you sell, you’re responsible for repaying the home-equity loan, even if you don’t make that money back. With a home-equity line of credit, you’ll likely have prepayment penalties and a lien on your home until it is paid. In a lien, the lien holder (the lender) has first right to that asset until the lien is satisfied.

Now that you know who the lenders are, it’s time to consider your credit.

Guarantor Car Loans – Talk Guarantor Loans #loan #shop

#guarantor loans

Guarantor Car Loans

Guarantor Loans emerged in the UK market in 2005 as a direct response to the huge number of people who couldn’t access High Street loans because of an impaired credit history. The concept was simple, provide a Guarantor to support your application and you could be offered cheaper rates than you could get on your own.

Initially the loans were fairly generic and for general purposes, but over the years many lenders have entered the market and some niche markets have developed – one of them being Guarantor Car Loans.

There were (and still are) several options for customers wanting to access finance to purchase their car – in other words, people who don’t have the whole purchase price saved up and need either a loan or a finance arrangement to allow them to buy the car they want.

Customers with excellent credit histories can probably access finance deals directly from the showroom – particularly if the dealer is owned or franchised by one of the manufacturers – however they will normally have to pay some sort of a deposit. Alternatively these customers can probably get loans at low, high street rates to get the car they want.

But, what about those people whose credit histories aren’t perfect? This is where Guarantor Car Loans can really help out.

Guarantor Car Loans are designed to help people whose credit history is impaired in some way, meaning they can’t get the help they need to purchase a car. They work by inviting customers to provide a Guarantor to support their application.

Which Car Can I Buy?

One of the advantages of a Guarantor Car Loan over finance provided by say a dealer, is that the loan is made to you as an individual and is not tied to a specific car. That means you are free to choose whatever vehicle you want with the money – maybe you’ve got your eye on a classy little fixer-upper that needs your tlc to get her back on the road. No problem, the loan won’t rely on the current state of the vehicle.

What Happens If I Want To Sell The Car?

No problem. The loan is made to you and not secured against the car. If you decide you want to sell the car during the loan term you can – of course, you’ll need to keep up the repayments for the rest of the loan term.

The Guarantor

These days most people can act as a Guarantor – they don’t have to own their own home – and they can be a friend, family member, colleague or even your boss. They should be somebody that knows you and is happy to vouch for the fact that you’ll repay the loan. They should have a good credit history.

What Does It Mean For The Guarantor?

The Guarantor is there as a back-up if things go wrong. If you don’t keep up the repayments on your loan then the Guarantor may well be asked to step in and make them on your behalf. They will have signed the contract to this effect when you took out the loan so you need to make sure that you’re comfortable keeping up the payments.

If you think a Guarantor Car Loan may be right for you then just pop your details into the short contact form and we’ll call you straight back. We work with a panel of lenders offering these types of loan and we can discuss your needs, explain the products available and ask any questions you may have. And remember, we DO NOT charge any UPFRONT Fees. EVER!

You May Also Be Interested In.

Welcome to Talk Guarantor Loans, the website that puts you in direct contact with UK based guarantor

Guaranteed Car Finance Deals – Car Loans 4 U Zuto? #loan #modification #program

#car loans 4 u

Guaranteed Car Financing

Guaranteed Car Finance

“Is there such a thing as guaranteed car finance, and if so, should I take it?

Let me dispel any illusions you have about guaranteed car finance deals. No company in the UK can currently guarantee you car financing or a higher purchase plan. It’s impossible to do without the lending company going into administration at a rapid rate.

To guarantee car finance to anybody would mean offering loans to those that are unemployed, very elderly, very recently bankrupt (it’s illegal to obtain credit within 12 months of filing for bankruptcy), or dealing with colossal debts that would make car financing repayments impossible to maintain.

I hear ads on the radio every day about companies that are offering guaranteed car finance. It’s just a marketing angle to convince people to apply, as a percentage will be deemed lendable.

Best chance ever

There are now more lenders that ever and the criteria to accepting an individual for car finance has been eased over recent years. So there is a realistic opportunity for many people to access car finance that perhaps couldn’t have just five years ago…And there are a few great companies around such as Car Loans 4 U or Zuto – more on that in a moment.

What’s the catch?

If you have a poor credit history but still qualify for a car finance agreement there is a price to pay, and it’s a financial one.

Firstly, some interest rates on poor credit finance deals are extraordinarily high. While a high street lender can offer loans at a base rate of around 7% (subject to status of course), a poor credit lender can charge anything from 12% base interest rate right up to 25%. I have even seen some companies charging over 30% base interest rate.

So that means you’d pay £300 interest for every £1000 borrowed. But it’s actually more than that when we calculate using APR which often includes fees and charges that may be spread over the period of the loan.

So, poor-credit finance can be an expensive business for the consumer. Not only is the credit expensive but the cars are often grossly over-priced as well. When you add it all together you can be paying thousands and thousands of pounds more for a car than you otherwise might.

Question: Do you want to be making payments of let’s say, £154 per month, almost three years into a finance agreement, when the car has depreciated and is now worth less than a £1000? This is a common scenario and one you could easily find yourself in if you opt for car finance from an expensive lender.

Finding a better lender that will actually accept you

I’d like to add that there are some reasonably good credit lenders (that deal with prime and sub-prime clients) on the market today. Sure their interest rates can be a little higher than the bank, but they don’t reach the scaly heights of 25% interest.

Here, I’m gonna focus on one such lender. I’ve done a lot of business with them over the years and found them to be contactable and affordable for consumers with excellent customer service and follow up.

Zuto Car Finance (formally Car Loans 4 U)

The company work a little differently from most other car finance companies as you can apply for a loan before you’ve found a car (recommended.) If and when you’re accepted, you’ll know how much money you are spending on a car, the loan repayments and other terms of the loan. This gives consumers an opportunity to reflect on the finance proposal and decide if it’s an affordable option.

If you decide that the package isn’t right for you, there’s no obligations and it’s fine to just say no.

Zuto or Car Loans 4 U. do NOT sell cars themselves. They only provide the finance for them.

What are the criteria?

I can’t give you any perfect answer here, but I can give you a good idea of what’s required…

Zuto have a panel of lenders, and are able to consider car finance applications from people with a wide range of financial circumstances.

You may still apply if:

You have little or no deposit (subject to certain terms of course)

You have some poor credit against you

If you’re self-employed

If you’re young ( but at least 18 years old have a good credit rating)

If you’re not on the electoral role

If you’re in the Forces  (must have a UK address other than barracks)

If you need to refinance your existing car

If you’ve found a car privately (this is dependent on certain criteria including the particular panel lender and the vehicle in question, as age and mileage restrictions apply)

If you’ve applied for credit elsewhere in the last few weeks or months Car Loans 4 U will initially conduct a soft search which doesn’t leave a trace on your credit file. The soft search is enough to determine the likelihood of lending

If you need finance for a commercial vehicle or motor bike

Adverse credit, missed payments or arrears

This loan company have several lenders who will provide finance to people who have missed previous payments or have a poor credit rating. But as I’ve spoken about already, there are no guarantees here and the only way to really find out if you’ll be accepted is to go ahead and apply.

If you have an IVA (individual voluntary arrangement) Car Loans 4 U will require a confirmation letter from your Insolvency Practitioner that they are happy for you to access finance again. If your IVA has passed and been settled then you’re fine to go ahead and apply.

Bankruptcy – If you’ve been bankrupt in the last 12 months you do NOT meet the qualifying criteria. If you’ve been discharged from bankruptcy for at least 12 months you may be considered for finance but this is under some strict guidelines.

CCJs – If you have outstanding CCJs you’re still able to apply for finance as long as the CCJ is more than 4 weeks old.

If you apply and you’re accepted, you’ll know how much money you can spend on a car and the exact terms of the loan. Next you can begin searching for cars that meet the criteria of your lender. Age and mileage are the main factors that determine if a lender is happy to finance. Generally, the car needs to be less than 10 years old and certainly fewer than 100,000 miles. Ideally the car should be a maximum of 8 years old and under 80,000 miles.

Once you’ve found a car at a dealer and you’re happy to proceed, you’ll need to tell the dealership that you have finance arranged with a lender.

Telephone Zuto (Car Loans 4 U) and inform your adviser that you’ve found a car and want to buy it.

Your advisor will then contact the dealership directly and work through the details.

From a dealer’s point of view, Car Loans for You can be a little frustrating to deal with. They want lots of information, invoices, warranty details etc.; before they’ll make a pay-out to the dealer. But for you, the consumer, it’s all good because Zuto Finance go to great lengths to ensure the car is legitimate and worth the money being asked.

Tip: Ask your advisor to request that the dealership add a 12 month warranty into the deal free of charge. This is a good thing to do and most dealers will agree if it means closing the deal and getting paid out.

It can take several days for the lender and the dealer to work all the paperwork out and get the agreement signed off. Once they do you’ll be able to pick up your new car and drive into the sunset.

Getting a Car Loan? #payday #loans #uk

#new car loan

Average new car loan is now 66 months

When it comes to new-car loans, many people are gravitating towards loans that extend over increasingly long periods of time. What they may not realize is that those loans could be dangerous to their finances.

According to a recent report by Experian Automotive. the average new car loan in the first quarter of 2014 was 66 months, a month longer than the average over the same period in 2013. And nearly 25 percent of loans were for 73 to 84 months. We’ve even seen some financing companies offer car loans of as long as eight years.

Why the attraction to longer loans? Because they result in lower monthly payments. That encourages you to buy more car than you may be able to afford. And car dealers get excited when they can get customers to focus on the low monthly payments instead of on the fact that their new car is costing twice as much as their parents paid for their first house. But this mortgagelike approach to auto financing has serious downsides, which is why we don’t recommend buying a car that requires a loan of more than 48 months.

Get a Car Loan – Auto Loans with Low Interest Rates to buy a new car #student #loan #network

#loan comparison
#The interest charged for a car loan will vary between banks and other financial institutions for essentially the same product (loan amount, term etc.) So, if you are interested in taking out a car loan, it will probably pay you to shop around and compare deals. Don t be afraid to ask the lender for a detailed breakdown of the costs and repayment terms so that you can easily compare unsecured loan offers between different banks or building societies.

    Like any other form of borrowing, a car loan needs to be repaid. The repayment period for the loan is also quite flexible ranging from six months up to ten years typically. If your bank or building society won t give you a car loan, you might want to offer transferring your account to another financial institution if they agree to grant you the loan on favorable terms. Loyalty is a two way street!

It could be the right time to consider buying a new car because of the current global recession. Due to the lack of confidence in global financial markets, it is currently difficult for businesses (and individuals) to borrow money. Car manufacturers are asking for financial assistance to help them through their current difficulties from their governments and many have already made moves to scale back production levels. It may be more difficult at the moment for you to get a car loan through the traditional channels because financial institutions are currently very risk averse.

It is surely ironic that, in the face of a global financial crisis that largely stems from a loss of confidence about and within the financial sector, financial institutions have become much more cautious about lending money to members of the general public. Lending money is at the very heart of banking sector activities and it is only through the granting of new loans that the global recession that the world is experiencing will be brought to an end. The recession was largely triggered by the so-called sub-prime lending crisis in which major financial institutions lent money to individuals that were ultimately unable to repay their debt. At the moment, the financial sector seems to be in a once bitten, twice shy mindset. Confidence will return to the sector, but the system has had a nasty shock and it will take some time before money supply recovers. In the meantime, car manufacturers are looking for customers like you.

The current financial climate has turned the market into a buyeR s market where producers are all chasing a smaller pool of customers. Traditionally, the best way to attract a customer in hard times is to drop the cost of your product; so expect to see some fabulous deals on new and used cars in the coming months. I think you may well find dealerships offering some very attractive deals on car loans too. During the last recession, it was not unknown for some dealerships to offer car loans at zero percent APR (annual percentage rate or interest) on new cars.

So if the banks are reluctant to offer you a loan, why not talk to the dealer at your local garage? It could be the time to try that least British of activities; haggling. The dealer wants to sell you a car, but you need a car loan and a sweet deal on your new motor (John). Don t forget that you need to look at the total price of the deal: cost of the car itself and the cost of your car loan (i.e. the APR on the loan times the number of years that the car loan is being taken out for). Now could be the perfect time to shop around for the car of your dreams. In a buyeR s market, you should take your time and perhaps consider a range of cars from different manufacturers, or even different affiliates of the same manufacturer that are available within your region.

Another factor that you ll want to consider is the resale value of your old car which you need to factor into the deal as well. Of course, if you can get a zero percent APR deal and talk the garage into a good price on the new car, you may be able to get a really good bargain but remember not to spend more than you can afford and calculate your monthly expenditure.

Why you should pay off your car loan ASAP #small #cash #loans

#car loan payment

Why you should pay off your car loan ASAP

You may not save a huge amount on interest, but you ll free up cash in your budget every month.

Free Loan Amortization Calculator for Car and Mortgage #subsidized #student #loan

#car loan repayment calculator

Loan Amortization Calculator

The browser does not support JavaScript. The calculations created using SpreadsheetConverter will not work. Please access the web page using another browser.


Term of Loan. Mortgage loans usually have 15 or 30-year terms. Auto loans are usually between 2 and 5 years. For a 6-month term, enter 0.5.

First Payment Date. Assumes that the first payment date is at the end of the first period.

Payment (per period). This is the amount that you would pay by the due date each period. Although the payment is rounded, this calculator does not account for rounding, so the balance may be off by a few cents or dollars.

Total Interest. This is the total amount of interest that you would pay, assuming that you make all of your regular payments.

What does the Comparison of Payment Frequency Options show? This table lets you compare the payments, and more importantly, the total amount that you would pay, without having to manually keep changing the payment frequency in the amortization calculator. The point is that making more frequent payments usually results in a lower total paid. By the way, bi-weekly payments are usually only allowed when using direct deposit.

Other Amortization Spreadsheets and Calculators:

Note: This amortization calculator is meant for educational purposes only. Please consult your financial advisor or lending institution before making any final financial decisions.