Getting a Car Loan in New York
By J.A. Hale
Getting a car loan in New York can be tricky if you do not follow the steps in the right order. One thing that you need to be aware of especially is the fact that before you can get a car loan in New York, you will need to show proof of auto insurance. It may seem like putting the cart before the horse, but in New York, you pretty much need the car insured before you can actually buy it. This is because if you purchase a car with a loan, New York law requires the dealer to handle the titling and registration for you. And before you can register your car in New York, you have to have proof of insurance.
Be aware that when the dealer handles all of the necessary steps to getting your registration and titling, many of them will charge you the additional fees above and beyond the amount of your loan. Some will roll these charges into your car loan, and others will allow you to arrange to pay the expenses out of pocket.
Here are some other steps to follow when getting a car loan in New York:
1. Shop around for the best interest rates on your car loan. Dealers usually do not have the best interest rates. You can usually get a better rate from a bank or credit union.
2. If you are responding to a special financing offer in an ad, bring the ad in with you to show the dealer. If you have poor credit, you are not likely to get the advertised rate, but you might be able to negotiate a lower rate than the dealer is initially willing to give you.
3. Don’t pay more for a factory-ordered car than for one already sitting on the premises.
4. If you get a car loan to buy a vehicle from a private seller, be aware of the needed documents you will have to submit to have the car property registered:
· Proof of insurance (New York State Insurance ID Card)
· Proof that you own the car
· Documentation of your identity, and separate documentation of your birthdate
· Damage and odometer disclosure statements
· A special form: Form MV-82
· Enough money to cover all of the fees that will be assessed (title certificate fee, property tax, registration fee, plates, automobile use tax, any transfer fees that may be necessary, sales tax)
· Proof of sales tax paid, sales tax exemption (if already paid) or the purchase price (so that the DMV can assess how much sales tax you owe.
Visit New York Lending Center for a list of Recommended New York Auto Loan Companies, whether you are looking for a new or used car loan, or an auto loan refinance.
Article Source: http://EzineArticles.com/?expert=J.A._Hale
http://EzineArticles.com/?Getting-a-Car-Loan-in-New-York&id=333336
Monday, April 30, 2007
Saturday, April 28, 2007
Auto Loan Factory
New Car Loans
By Eddie Tobey
Once you find your dream car, you will have to figure out how you can afford it. There are many financing options available, of which the new car loan is the most feasible.
When applying for a new car loan, the first thing to consider is your financial situation. Determine how much you can afford to pay each month, as car financing is a long-term proposition. Most of the new car loans run for five years, so you should be able to meet this financial obligation for five years.
Before actually settling on a new car loan, it is advisable to shop around and compare prices of the various loan companies. The dealer’s rate is not always the best rate. Get quotes from finance companies and banks, and then choose the company offering the best rate and terms for your new car loan. The dealer may add unnecessary things to your loan amount, like tow packages and undercoating. You should decline all this, as it just adds to the price of the car, and serves no other significant purpose. When getting a new car loan, it is better to pay as much of a down payment as possible, as this lowers the amount to be financed. This in turn lowers your monthly payments.
There are some advantages to new car loans, like lemon law coverage, factory support, and full warranties. There is also a possibility of receiving lower financing rates with new car loans. However, as new cars cost more, there is limited room for price negotiation, which leads to a larger loan amount. Taking out new car loans also makes you take the hit for depreciation.
Car Loans provides detailed information on Car Loans, Car Loan Calculators, Bad Credit Car Loans, Used Car Loans and more. Car Loans is affiliated with New Auto Loans.
Article Source: http://EzineArticles.com/?expert=Eddie_Tobey
http://EzineArticles.com/?New-Car-Loans&id=230594
By Eddie Tobey
Once you find your dream car, you will have to figure out how you can afford it. There are many financing options available, of which the new car loan is the most feasible.
When applying for a new car loan, the first thing to consider is your financial situation. Determine how much you can afford to pay each month, as car financing is a long-term proposition. Most of the new car loans run for five years, so you should be able to meet this financial obligation for five years.
Before actually settling on a new car loan, it is advisable to shop around and compare prices of the various loan companies. The dealer’s rate is not always the best rate. Get quotes from finance companies and banks, and then choose the company offering the best rate and terms for your new car loan. The dealer may add unnecessary things to your loan amount, like tow packages and undercoating. You should decline all this, as it just adds to the price of the car, and serves no other significant purpose. When getting a new car loan, it is better to pay as much of a down payment as possible, as this lowers the amount to be financed. This in turn lowers your monthly payments.
There are some advantages to new car loans, like lemon law coverage, factory support, and full warranties. There is also a possibility of receiving lower financing rates with new car loans. However, as new cars cost more, there is limited room for price negotiation, which leads to a larger loan amount. Taking out new car loans also makes you take the hit for depreciation.
Car Loans provides detailed information on Car Loans, Car Loan Calculators, Bad Credit Car Loans, Used Car Loans and more. Car Loans is affiliated with New Auto Loans.
Article Source: http://EzineArticles.com/?expert=Eddie_Tobey
http://EzineArticles.com/?New-Car-Loans&id=230594
Friday, April 27, 2007
Auto Loan Factory
Run Your Business Hassle Free with Bad Credit Unsecured Business Loans
By Peter Taylor
When a borrower fails to pay his previous loans he suffers from Bad credit history. People with bad credit history usually find it difficult to get loans of any kind in future. Lenders normally don’t provide loan to borrower who has got bad credit, because lenders are suspicious of getting their return, as borrower has not been managing his finance properly in past. And people aspiring to run business or already in any venture, who have bad credit find it cumbersome to get any loan to give a better move to his business.
To deal with such arduous financial difficulties of borrower, bad credit unsecured business loans are of great use. It allows those borrowers who want to run a business, and have bad credit. It also enables borrower to take loan even if he has nothing to offer as collateral to lender against his loan amount. The reason of this loan being best is that it is easily accessible by everybody, not only by homeowners or person with assets, as there is no need to offer collateral.
Absence of collateral in bad credit unsecured business loans allows borrower to get the loan faster, as there is no need of property evaluation. It also saves problem of documentation. Plus, in some cases, you might get the loan amount according to your need, and can choose repayment plan as well.
You can easily find several borrowers willing to lend you bad credit unsecured loans at agreeable terms and conditions. Many financial websites will give you various information on locating a good lender. Through online, you can compare different bad credit business loans available in market, and chose the best one suited to your need.
On the one hand, bad credit unsecured business loans make borrower free of risk of losing his property, on the another, borrowers are charged higher interest rate, as they also have bad credit, besides offering no collateral. But this loan help borrower in improving his credit score, as, if he repays back the loan on time, it automatically will improve his credit score. Bad credit unsecured business loan can be used for buying factory land or business premises, buying raw materials or to cater to other requirements, improving the office premises, purchasing of any other machine or tools, etc.
Running a business contains several risks in itself. You might be in dire need to renovate and standardize the level of your business in order to meet the competition. In such cases, bad credit unsecured business loans don’t only ignore your credit score and collateral, but also it also relieves you of financial crisis in fulfilling all your business goals.
Peter Taylor is a senior financial analyst at BadCreditUnsecuredLoan with an acumen for finance and insurance.To find bad credit unsecured business loans, unsecured personal loan,adverse credit personal loan, new car loan, home improvement loan that best suits your need visit http://www.bad-credit-unsecured-loan.net
Article Source: http://EzineArticles.com/?expert=Peter_Taylor
http://EzineArticles.com/?Run-Your-Business-Hassle-Free-with-Bad-Credit-Unsecured-Business-Loans&id=269917
By Peter Taylor
When a borrower fails to pay his previous loans he suffers from Bad credit history. People with bad credit history usually find it difficult to get loans of any kind in future. Lenders normally don’t provide loan to borrower who has got bad credit, because lenders are suspicious of getting their return, as borrower has not been managing his finance properly in past. And people aspiring to run business or already in any venture, who have bad credit find it cumbersome to get any loan to give a better move to his business.
To deal with such arduous financial difficulties of borrower, bad credit unsecured business loans are of great use. It allows those borrowers who want to run a business, and have bad credit. It also enables borrower to take loan even if he has nothing to offer as collateral to lender against his loan amount. The reason of this loan being best is that it is easily accessible by everybody, not only by homeowners or person with assets, as there is no need to offer collateral.
Absence of collateral in bad credit unsecured business loans allows borrower to get the loan faster, as there is no need of property evaluation. It also saves problem of documentation. Plus, in some cases, you might get the loan amount according to your need, and can choose repayment plan as well.
You can easily find several borrowers willing to lend you bad credit unsecured loans at agreeable terms and conditions. Many financial websites will give you various information on locating a good lender. Through online, you can compare different bad credit business loans available in market, and chose the best one suited to your need.
On the one hand, bad credit unsecured business loans make borrower free of risk of losing his property, on the another, borrowers are charged higher interest rate, as they also have bad credit, besides offering no collateral. But this loan help borrower in improving his credit score, as, if he repays back the loan on time, it automatically will improve his credit score. Bad credit unsecured business loan can be used for buying factory land or business premises, buying raw materials or to cater to other requirements, improving the office premises, purchasing of any other machine or tools, etc.
Running a business contains several risks in itself. You might be in dire need to renovate and standardize the level of your business in order to meet the competition. In such cases, bad credit unsecured business loans don’t only ignore your credit score and collateral, but also it also relieves you of financial crisis in fulfilling all your business goals.
Peter Taylor is a senior financial analyst at BadCreditUnsecuredLoan with an acumen for finance and insurance.To find bad credit unsecured business loans, unsecured personal loan,adverse credit personal loan, new car loan, home improvement loan that best suits your need visit http://www.bad-credit-unsecured-loan.net
Article Source: http://EzineArticles.com/?expert=Peter_Taylor
http://EzineArticles.com/?Run-Your-Business-Hassle-Free-with-Bad-Credit-Unsecured-Business-Loans&id=269917
Thursday, April 26, 2007
Auto Loan Factory
Save Hundreds of Dollars with a Pre-approved Auto Loan
By Zenon Olearczuk
With America's Top Three automakers (General Motors, Ford and Chrysler) introducing their new 2007 models at this year's auto shows, consumers are comparing and shopping for the best financing deals online.
While consumer spending is down as a result of high-gas prices, and the average new vehicle loan at $24,000, buyers are financing their vehicle purchases over a longer period of time – from 4 years to 60 and 72 months. Nearly 57% plan to comparison shop through “multiple financing sources” before buying (http://moneycentral.msn.com/loan/loan.aspx?iType=3) according to a recent survey conducted by a leading lender.
What’s driving consumers buying behavior are “loans” and “purchase price.” A difference of a couple of percentage points can save or add about $1,500 in finance charges to a $25,000 loan. That’s why shopping for financing before you purchase your next car can save you hundreds of dollars.
Before visiting your dealer, remember their goal is to move cars off the lot. Having your financing in place, whether from a traditional brick-and-mortar bank or online lender, can give you the competitive edge you need to get those extra features (e.g., moon roof, leather interior, GPS navigation, etc.) at a budget you can afford.
In an effort to encourage consumers to buy on “impulse” many manufacturers have come up with creative financing options like “zero percent” or “factory rebates.” Subsidized by parent companies, these “captive financing companies” usually compete on rates and terms. Even smaller manufacturers have partnered up with national lenders, leaving them vulnerable to absorb finance charges and having to make up profits elsewhere.
This has left many banks and credit unions looking to compete on overall value. For instance, if a consumer has a choice between a 60 month term from an automotive manufacturer at a 2.9% APR or a $5,000 factory cash rebate at a 7.33% APR (the national bank average) on a $25,000 purchase, which should they choose? In this instance, using the Monthly Payment Calculator at MSN Money (http://moneycentral.msn.com/loan/loan.aspx?iType=3), obtaining a bank loan would offer the greatest savings -- nearly $2,400 over the course of the loan.
It’s best to figure out your total payment and understand what you can afford each month before you shop. You should never negotiate financing terms until you’ve agreed on the overall price. Knowing what amount you have pre-approved ahead of time can save you hundreds of dollars off your next purchase.
© 2006 Informa Research Services, Inc.
Zenon Olearczuk is a staff writer at Informa Research Services who writes about trends and investment opportunities in the financial services market. He can be reached at http://www.informars.com.
Article Source: http://EzineArticles.com/?expert=Zenon_Olearczuk
http://EzineArticles.com/?Save-Hundreds-of-Dollars-with-a-Pre-approved-Auto-Loan&id=380614
By Zenon Olearczuk
With America's Top Three automakers (General Motors, Ford and Chrysler) introducing their new 2007 models at this year's auto shows, consumers are comparing and shopping for the best financing deals online.
While consumer spending is down as a result of high-gas prices, and the average new vehicle loan at $24,000, buyers are financing their vehicle purchases over a longer period of time – from 4 years to 60 and 72 months. Nearly 57% plan to comparison shop through “multiple financing sources” before buying (http://moneycentral.msn.com/loan/loan.aspx?iType=3) according to a recent survey conducted by a leading lender.
What’s driving consumers buying behavior are “loans” and “purchase price.” A difference of a couple of percentage points can save or add about $1,500 in finance charges to a $25,000 loan. That’s why shopping for financing before you purchase your next car can save you hundreds of dollars.
Before visiting your dealer, remember their goal is to move cars off the lot. Having your financing in place, whether from a traditional brick-and-mortar bank or online lender, can give you the competitive edge you need to get those extra features (e.g., moon roof, leather interior, GPS navigation, etc.) at a budget you can afford.
In an effort to encourage consumers to buy on “impulse” many manufacturers have come up with creative financing options like “zero percent” or “factory rebates.” Subsidized by parent companies, these “captive financing companies” usually compete on rates and terms. Even smaller manufacturers have partnered up with national lenders, leaving them vulnerable to absorb finance charges and having to make up profits elsewhere.
This has left many banks and credit unions looking to compete on overall value. For instance, if a consumer has a choice between a 60 month term from an automotive manufacturer at a 2.9% APR or a $5,000 factory cash rebate at a 7.33% APR (the national bank average) on a $25,000 purchase, which should they choose? In this instance, using the Monthly Payment Calculator at MSN Money (http://moneycentral.msn.com/loan/loan.aspx?iType=3), obtaining a bank loan would offer the greatest savings -- nearly $2,400 over the course of the loan.
It’s best to figure out your total payment and understand what you can afford each month before you shop. You should never negotiate financing terms until you’ve agreed on the overall price. Knowing what amount you have pre-approved ahead of time can save you hundreds of dollars off your next purchase.
© 2006 Informa Research Services, Inc.
Zenon Olearczuk is a staff writer at Informa Research Services who writes about trends and investment opportunities in the financial services market. He can be reached at http://www.informars.com.
Article Source: http://EzineArticles.com/?expert=Zenon_Olearczuk
http://EzineArticles.com/?Save-Hundreds-of-Dollars-with-a-Pre-approved-Auto-Loan&id=380614
Wednesday, April 25, 2007
Auto Loan Factory
Let Your Business Thrive With Commercial Bridging Loan
By Eva Baldwyn
Expansion is life- that is what most of the business owner believe and act accordingly. But, sometimes lack of finance may not allow you to expand your business further. With the availability of commercial bridging loan, getting funds is no more a constraint to move ahead.
Commercial bridging loans are usually short term loans with a repayment period up to 2 years. Though it is short term, but it is of great help for the business men, who need instant capital for their business. With the help of commercial bridging loan, you can withdraw an amount up to £10,000,000. You can use the cash to buy new office premises, factory, machines or other tools required for your business.
Another advantage of the commercial bridging loan is its easy and fast approval. And today’s online process has made it more convenient to access it. Hundreds of finance companies are offering commercial bridging loans online. So, no need to shop around in person. According to your convenience, you can apply from anywhere and get your commercial bridging loan within hours. But, without enough research don’t jump for any particular deal. Or else, you may end up with a costly deal.
When it is about the cost of your commercial bridging loan, rate of interest plays a significant role in it. Generally, they are attached with higher rate of interest. But, the secret of achieving a competitive rate lies in online research. Firstly, ask for free online quotes and compare their cost. It will help you choose the right commercial bridging loan as per your requirement and budget.
Commercial bridging loan is a sort of secured loan, which helps the business owners raise finance against the very same property, which is meant to be sold out. So, there is possibility of repossession of your property by the lender, in case of non repayment of the loan amount during the agreed time frame. But, the rightful choosing of a commercial bridging loan can truly build a bridge to overcome all the financial obstacles successfully.
Eva Baldwyn aims to inform common men and women of the several issues involved in personal loans and mortgages through her articles. An MSc in Economics & Finance from the Warwick Business School is proof enough of the knowledge that she possesses in the field of finance. To find bridging loan, Commercial Bridging Loan, residential bridging loan, personal bridging loan, short term bridging loan, development bridging loan visit http://www.easybridgingloansuk.co.uk
Article Source: http://EzineArticles.com/?expert=Eva_Baldwyn
http://EzineArticles.com/?Let-Your-Business-Thrive-With-Commercial-Bridging-Loan&id=461250
By Eva Baldwyn
Expansion is life- that is what most of the business owner believe and act accordingly. But, sometimes lack of finance may not allow you to expand your business further. With the availability of commercial bridging loan, getting funds is no more a constraint to move ahead.
Commercial bridging loans are usually short term loans with a repayment period up to 2 years. Though it is short term, but it is of great help for the business men, who need instant capital for their business. With the help of commercial bridging loan, you can withdraw an amount up to £10,000,000. You can use the cash to buy new office premises, factory, machines or other tools required for your business.
Another advantage of the commercial bridging loan is its easy and fast approval. And today’s online process has made it more convenient to access it. Hundreds of finance companies are offering commercial bridging loans online. So, no need to shop around in person. According to your convenience, you can apply from anywhere and get your commercial bridging loan within hours. But, without enough research don’t jump for any particular deal. Or else, you may end up with a costly deal.
When it is about the cost of your commercial bridging loan, rate of interest plays a significant role in it. Generally, they are attached with higher rate of interest. But, the secret of achieving a competitive rate lies in online research. Firstly, ask for free online quotes and compare their cost. It will help you choose the right commercial bridging loan as per your requirement and budget.
Commercial bridging loan is a sort of secured loan, which helps the business owners raise finance against the very same property, which is meant to be sold out. So, there is possibility of repossession of your property by the lender, in case of non repayment of the loan amount during the agreed time frame. But, the rightful choosing of a commercial bridging loan can truly build a bridge to overcome all the financial obstacles successfully.
Eva Baldwyn aims to inform common men and women of the several issues involved in personal loans and mortgages through her articles. An MSc in Economics & Finance from the Warwick Business School is proof enough of the knowledge that she possesses in the field of finance. To find bridging loan, Commercial Bridging Loan, residential bridging loan, personal bridging loan, short term bridging loan, development bridging loan visit http://www.easybridgingloansuk.co.uk
Article Source: http://EzineArticles.com/?expert=Eva_Baldwyn
http://EzineArticles.com/?Let-Your-Business-Thrive-With-Commercial-Bridging-Loan&id=461250
Tuesday, April 24, 2007
Auto Loan Factory
A Secret Credit Score Your Car Dealer Won't Tell You About by Stephen Snyder
You're ready to buy a new car.
You've done all your homework.
You know your three FICO credit scores.
You determine that your highest FICO credit score is from Equifax (also known as your BEACON score).
So, you find a car dealer who uses your highest score (which increases your opportunity to get approved at a good rate).
You get to the dealership and ignore all the salespeople by going directly to the finance director's office.
But as the finance director reviews your credit file in front of you...you can't help but think something is wrong.
Sure enough...the dealer says your Equifax/BEACON score isn't high enough for their lowest interest rate.
How can this be? You just checked your FICO credit scores through www.myfico.com/12 a few hours ago. It's possible--although unlikely--the information on your credit report has changed and that your scores have decreased since you last checked them. Remember, your credit scores are dynamic and will change whenever information on your credit reports changes.
Your credit reports can change several times each month as new information is added or updated by your lenders. But more than likely, your scores wouldn't change in this situation (especially if there were only a few hours between when you checked your scores and when the dealership reviewed your credit reports).
So, if your credit reports didn't change, why is the finance director staring at your scores with such a discouraging face?
Car Dealers Can Use "Different" FICO Scores Than The Ones You See
The car dealer is probably using what is known as the FICO Auto Industry Option score instead of a traditional FICO credit score. You see, car dealers not only get to select the credit reporting agency they receive FICO credit scores from...they also get to decide if they will use a traditional FICO credit score or a variation of a FICO score called an Auto Industry Option score.
What's the difference between these two types of scores?
Not a whole lot to most people...but there's enough variation to make the majority of auto lenders use the Auto Industry Option score. The real difference between the two scores is that the Auto Industry Option score pays a lot more attention to how you handled previous auto credit.
- Have you made late payments on a current or previous auto loan or lease?
- Have you ever settled an auto loan or lease for less than you owed?
- Have you had a car repossessed?
- Have you had an auto account sent to collections?
- Did you include your car loan or lease in your bankruptcy?
Those actions will affect your Auto Industry Option score more than they'll affect your traditional FICO score. Bottom line, if you handled your previous auto credit perfectly, you should have a high FICO Auto Industry Option score--that's a good thing.
But what if you've had a few bumps in the auto credit road in the past? You guessed it...your Auto Industry Option score will be lower. You'll be perceived as a greater credit risk and the auto lender may either deny you or use your lower score to justify charging you a higher interest rate.
You see, auto lenders are different than other types of lenders. And I'm not talking about their slimy ways, leisure suits, short ties, manly hairy chests, or gold bling.
A lot of other lenders look at your whole credit picture to determine whether or not to give you a loan. But many auto lenders care about only one thing...how you handled your past AUTO credit. That's what a FICO Auto Industry Option Score gives car dealers--a way to pinpoint how you've handled what matters to them the most.
So, even if everything else on your credit reports went down the toilet after your bankruptcy, if you didn't include your auto loan in your bankruptcy and never defaulted or missed a car payment, your Auto Industry scores will probably be better than your traditional FICO scores!
What a Former Auto Finance Director Revealed to Me
I recently spoke with a former finance director, and this is what she told me...
"So many people I have helped couldn't believe their scores were so high with the FICO Auto Industry Option score. They had included all their credit card debt and their mortgage in their bankruptcy, but they reaffirmed their auto loan. What's good about the auto score is that it truly helps the auto lender concentrate on what is important--how the customer handles his/her auto loans.
By our dealership having the auto enhanced FICO, it helped 30% or more of our customers get better rates."
I don't believe I'm going to say this, but I think I may actually have found something good to say about car dealers! Well, some of them, anyway...
As you can see, the FICO auto scores can work in your favor, if they are used correctly.
OK, I just wouldn't be able to live with myself if I only said good things about car dealers.
So, in the interest of fair and balanced reporting, here's how to protect yourself against slimy car dealers that can use your FICO Auto Industry Option
scores against you...
A Dirty Trick Car Dealers Can Play with Your FICO Scores
Let's imagine your Equifax/Beacon FICO score is 585. Not too good. With a score that low, if you do get approved for a car loan, you'll probably wind up with a high interest rate and high monthly payment.
So you go to a dealership and talk with the finance director and tell him your Equifax FICO score is 585. The finance director then reviews your FICO Auto Industry Option score. And, unknown to you, this score is actually higher than the Equifax/Beacon FICO score you pulled.
With this higher score, you'll get approved at a better rate...right?
Not necessarily!
Here's what unscrupulous car dealers can do. They won't tell you that your auto score is higher than your traditional score!
They figure they have a sucker sitting in front of them. So they'll try to get you financed at a higher rate based on the lower FICO score (thus making more profit for themselves).
How Some Car Dealers "Play the Spread" to Get You to Pay More
Now check this out...
It's possible that a car dealer has the ability to pull your traditional FICO scores AND your FICO auto scores. That means they'll have six scores on you. It's a guarantee that some of those scores are going to be higher than the others. So which ones will they use when trying to get you financed?
It depends.
Are you familiar with the term "spread"? It's how car dealers make money when they finance you. If they can quote you a higher interest rate than you deserve--then they stand to make a nice chunk of change from the bank that finances you.
The only way to make a killer "spread" is to make you think that you have lower scores.
So, what can you do?
Don't despair...I can help you.
How to Use Your FICO Scores to Your Advantage when Buying a Car
Fortunately, you don't have to fall for their dirty tricks. Now that you know all about FICO Auto Industry Option scores, you can protect yourself. Here's what I suggest...
1. When you first walk into the finance director's office, don't tell him what your FICO scores are. Wait until he reviews the scores himself. Then ask him what your scores are.
2. If the scores he reviewed are higher than the ones you have, don't say anything and just go by his scores.
3. However, if your scores are higher, then pull them out and show him. If he has a choice in the type of scores he can use, there's a possibility that he'll be able to use your highest score. And, it will let him know that he doesn't have a fool sitting in front of him. He can't take advantage of you!
How do you find out what your FICO Auto Industry Option scores are before you walk into a car dealership?
You can't.
Sorry. They're not for sale--at any price. Only lenders have access to them.
FICO would like to sell them...but there just isn't enough demand. I mean seriously, up until you read this article, had you ever heard of the FICO Auto Industry Option score?
Exactly.
Remember, we were just given access to purchase all three of our traditional FICO credit scores on June 11, 2003 at 8:00 a.m. (I actually got misty that day...what a geek I am.)
Only a very small percentage of the population even knows they have three FICO credit scores...let alone three Auto Industry Option scores.
So How Can You Use This Information to Help You Get Your Next New Car Financed at the Best Interest Rate
1. First, get your three credit reports. If you handled your previous auto credit well--your FICO Auto Industry Option scores will be higher than your traditional FICO scores. So expect more from the lender.
2. You can also ask the lender to show you their tier levels. Tiers are basically charts lenders use that have different interest rates based on your scores. You want to see which tier your fall in. To see an example of an auto lender's tier schedule, click here.
3. If they won't show you...at least have them break it down verbally for you. (Personally, I like to see it with my own eyes, as I never believe a word that comes out of most car dealers' mouths.)
4. If you've handled your auto credit poorly...then you should simply try to find an auto lender that uses just the traditional FICO credit scores. When you find a lender that uses a traditional FICO credit score, you'll have your best chance to get the lowest interest rate.
5. Start by calling dealerships and asking the finance director if they use a traditional FICO credit score to make their lending decision or if they use the FICO Auto Industry Option score.
These steps will get you headed in the right direction. This won't be easy, as a lot of car dealers use the FICO Auto Industry Option score.
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information He has helped thousands of people get a car loan after bankruptcy by showing them how to increase their credit score.
About the Author
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information He has helped thousands of people get a car loan after bankruptcy by sho
You're ready to buy a new car.
You've done all your homework.
You know your three FICO credit scores.
You determine that your highest FICO credit score is from Equifax (also known as your BEACON score).
So, you find a car dealer who uses your highest score (which increases your opportunity to get approved at a good rate).
You get to the dealership and ignore all the salespeople by going directly to the finance director's office.
But as the finance director reviews your credit file in front of you...you can't help but think something is wrong.
Sure enough...the dealer says your Equifax/BEACON score isn't high enough for their lowest interest rate.
How can this be? You just checked your FICO credit scores through www.myfico.com/12 a few hours ago. It's possible--although unlikely--the information on your credit report has changed and that your scores have decreased since you last checked them. Remember, your credit scores are dynamic and will change whenever information on your credit reports changes.
Your credit reports can change several times each month as new information is added or updated by your lenders. But more than likely, your scores wouldn't change in this situation (especially if there were only a few hours between when you checked your scores and when the dealership reviewed your credit reports).
So, if your credit reports didn't change, why is the finance director staring at your scores with such a discouraging face?
Car Dealers Can Use "Different" FICO Scores Than The Ones You See
The car dealer is probably using what is known as the FICO Auto Industry Option score instead of a traditional FICO credit score. You see, car dealers not only get to select the credit reporting agency they receive FICO credit scores from...they also get to decide if they will use a traditional FICO credit score or a variation of a FICO score called an Auto Industry Option score.
What's the difference between these two types of scores?
Not a whole lot to most people...but there's enough variation to make the majority of auto lenders use the Auto Industry Option score. The real difference between the two scores is that the Auto Industry Option score pays a lot more attention to how you handled previous auto credit.
- Have you made late payments on a current or previous auto loan or lease?
- Have you ever settled an auto loan or lease for less than you owed?
- Have you had a car repossessed?
- Have you had an auto account sent to collections?
- Did you include your car loan or lease in your bankruptcy?
Those actions will affect your Auto Industry Option score more than they'll affect your traditional FICO score. Bottom line, if you handled your previous auto credit perfectly, you should have a high FICO Auto Industry Option score--that's a good thing.
But what if you've had a few bumps in the auto credit road in the past? You guessed it...your Auto Industry Option score will be lower. You'll be perceived as a greater credit risk and the auto lender may either deny you or use your lower score to justify charging you a higher interest rate.
You see, auto lenders are different than other types of lenders. And I'm not talking about their slimy ways, leisure suits, short ties, manly hairy chests, or gold bling.
A lot of other lenders look at your whole credit picture to determine whether or not to give you a loan. But many auto lenders care about only one thing...how you handled your past AUTO credit. That's what a FICO Auto Industry Option Score gives car dealers--a way to pinpoint how you've handled what matters to them the most.
So, even if everything else on your credit reports went down the toilet after your bankruptcy, if you didn't include your auto loan in your bankruptcy and never defaulted or missed a car payment, your Auto Industry scores will probably be better than your traditional FICO scores!
What a Former Auto Finance Director Revealed to Me
I recently spoke with a former finance director, and this is what she told me...
"So many people I have helped couldn't believe their scores were so high with the FICO Auto Industry Option score. They had included all their credit card debt and their mortgage in their bankruptcy, but they reaffirmed their auto loan. What's good about the auto score is that it truly helps the auto lender concentrate on what is important--how the customer handles his/her auto loans.
By our dealership having the auto enhanced FICO, it helped 30% or more of our customers get better rates."
I don't believe I'm going to say this, but I think I may actually have found something good to say about car dealers! Well, some of them, anyway...
As you can see, the FICO auto scores can work in your favor, if they are used correctly.
OK, I just wouldn't be able to live with myself if I only said good things about car dealers.
So, in the interest of fair and balanced reporting, here's how to protect yourself against slimy car dealers that can use your FICO Auto Industry Option
scores against you...
A Dirty Trick Car Dealers Can Play with Your FICO Scores
Let's imagine your Equifax/Beacon FICO score is 585. Not too good. With a score that low, if you do get approved for a car loan, you'll probably wind up with a high interest rate and high monthly payment.
So you go to a dealership and talk with the finance director and tell him your Equifax FICO score is 585. The finance director then reviews your FICO Auto Industry Option score. And, unknown to you, this score is actually higher than the Equifax/Beacon FICO score you pulled.
With this higher score, you'll get approved at a better rate...right?
Not necessarily!
Here's what unscrupulous car dealers can do. They won't tell you that your auto score is higher than your traditional score!
They figure they have a sucker sitting in front of them. So they'll try to get you financed at a higher rate based on the lower FICO score (thus making more profit for themselves).
How Some Car Dealers "Play the Spread" to Get You to Pay More
Now check this out...
It's possible that a car dealer has the ability to pull your traditional FICO scores AND your FICO auto scores. That means they'll have six scores on you. It's a guarantee that some of those scores are going to be higher than the others. So which ones will they use when trying to get you financed?
It depends.
Are you familiar with the term "spread"? It's how car dealers make money when they finance you. If they can quote you a higher interest rate than you deserve--then they stand to make a nice chunk of change from the bank that finances you.
The only way to make a killer "spread" is to make you think that you have lower scores.
So, what can you do?
Don't despair...I can help you.
How to Use Your FICO Scores to Your Advantage when Buying a Car
Fortunately, you don't have to fall for their dirty tricks. Now that you know all about FICO Auto Industry Option scores, you can protect yourself. Here's what I suggest...
1. When you first walk into the finance director's office, don't tell him what your FICO scores are. Wait until he reviews the scores himself. Then ask him what your scores are.
2. If the scores he reviewed are higher than the ones you have, don't say anything and just go by his scores.
3. However, if your scores are higher, then pull them out and show him. If he has a choice in the type of scores he can use, there's a possibility that he'll be able to use your highest score. And, it will let him know that he doesn't have a fool sitting in front of him. He can't take advantage of you!
How do you find out what your FICO Auto Industry Option scores are before you walk into a car dealership?
You can't.
Sorry. They're not for sale--at any price. Only lenders have access to them.
FICO would like to sell them...but there just isn't enough demand. I mean seriously, up until you read this article, had you ever heard of the FICO Auto Industry Option score?
Exactly.
Remember, we were just given access to purchase all three of our traditional FICO credit scores on June 11, 2003 at 8:00 a.m. (I actually got misty that day...what a geek I am.)
Only a very small percentage of the population even knows they have three FICO credit scores...let alone three Auto Industry Option scores.
So How Can You Use This Information to Help You Get Your Next New Car Financed at the Best Interest Rate
1. First, get your three credit reports. If you handled your previous auto credit well--your FICO Auto Industry Option scores will be higher than your traditional FICO scores. So expect more from the lender.
2. You can also ask the lender to show you their tier levels. Tiers are basically charts lenders use that have different interest rates based on your scores. You want to see which tier your fall in. To see an example of an auto lender's tier schedule, click here.
3. If they won't show you...at least have them break it down verbally for you. (Personally, I like to see it with my own eyes, as I never believe a word that comes out of most car dealers' mouths.)
4. If you've handled your auto credit poorly...then you should simply try to find an auto lender that uses just the traditional FICO credit scores. When you find a lender that uses a traditional FICO credit score, you'll have your best chance to get the lowest interest rate.
5. Start by calling dealerships and asking the finance director if they use a traditional FICO credit score to make their lending decision or if they use the FICO Auto Industry Option score.
These steps will get you headed in the right direction. This won't be easy, as a lot of car dealers use the FICO Auto Industry Option score.
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information He has helped thousands of people get a car loan after bankruptcy by showing them how to increase their credit score.
About the Author
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information He has helped thousands of people get a car loan after bankruptcy by sho
Monday, April 23, 2007
Auto Loan Factory
Loan To Own! Be Speculative When Making Your Car Purchase by Christine Macguire
Most car-shopping experiences are filled with myriad questions pertaining to the make, model, color, and options for their purchase. But what about questions pertaining to your affordability, the interest rate you will have to pay, and whether zero percent or cash back is the better option? Getting the best deal for your money on a new or used car is at times quite painful. It not only requires a lot of research but also some smart bargaining to shift the deal in your direction. Dealers and lenders offer a variety of loan terms and payment schedules that are often lucrative but if chosen inappropriately, may lead to bankruptcy.
Ironically, the high interest epidemic has traditionally hit self-employed and hard-working low-income/fixed-income folks more often than others, rendering such individuals apathetic as a sense of control over one's own life is often tied to income security and the chance to earn more. A growing number of Americans who find themselves in a financial bind are turning to car title loans for financing their dream car. Though a source of quick money, these car title loans have eventually ended up costing them their vehicle, and often the most valuable thing they own.
Car title loans are small loans secured by a borrower's vehicle that typically have triple digit interest rates. In an effort to sidestep laws and other protections, title lenders sometimes refer to such loans as "sales and leasebacks," "title pawns," or "motor vehicle equity lines of credit." Title loans drag low- and moderate-income borrowers into a cycle of debt that results in tremendous expenses and can strip borrowers of their most valuable possession. Losing a car because of a title loan can make it impossible for borrowers to keep a job, attend school, or obtain health care. The auto credit industry has a very strong lobby everywhere, and most consumer advocates say it will be tough to get something accomplished unless more politicians are involved. With no laws in place, you will find uncapped interest rates, some as high as 1200 percent.
Sometimes desperate times call for desperate measures. But title loans are not the only alternative. Bad credit auto loans can also do the legwork for you. Lenders of bad credit car loans usually have relationships with numerous other auto finance institutions and dealers who specialize in providing auto loans for people with bad credit histories. Many dealers and lenders offer bad credit car financing for new and used cars. If you suffer from a history of credit problems whether it is late payment, delinquencies, foreclosures, even bankruptcies you can still get car financed by such institutions offering to lend.
Well, it always pays off if you stay on top of credit cards and make sure your credit rating doesn't hurt your future. Having good credit is one of the best ways to prove to lenders that you are trustworthy. If you ever want to purchase anything on credit, whether it is a new car, an education, or a house, having a good credit rating can help. This is often the safest way out of a jam, but then again, there arises situations where you may be forced to use your credit for purchasing things and eventually land up with poor credit records. As your credit score declines, getting a car loan becomes extremely difficult. Only bad credit auto loans can help you out in such situations. Maximize your chances of getting such loans by doing your homework and knowing your credit score before applying for one.
About the Author
Christine is an expert Internet marketing professional with years of experience in various industries such as: Business, Finance, Real Estate, Web-Design, Health & Medicine and many more. Used Car Loan
Most car-shopping experiences are filled with myriad questions pertaining to the make, model, color, and options for their purchase. But what about questions pertaining to your affordability, the interest rate you will have to pay, and whether zero percent or cash back is the better option? Getting the best deal for your money on a new or used car is at times quite painful. It not only requires a lot of research but also some smart bargaining to shift the deal in your direction. Dealers and lenders offer a variety of loan terms and payment schedules that are often lucrative but if chosen inappropriately, may lead to bankruptcy.
Ironically, the high interest epidemic has traditionally hit self-employed and hard-working low-income/fixed-income folks more often than others, rendering such individuals apathetic as a sense of control over one's own life is often tied to income security and the chance to earn more. A growing number of Americans who find themselves in a financial bind are turning to car title loans for financing their dream car. Though a source of quick money, these car title loans have eventually ended up costing them their vehicle, and often the most valuable thing they own.
Car title loans are small loans secured by a borrower's vehicle that typically have triple digit interest rates. In an effort to sidestep laws and other protections, title lenders sometimes refer to such loans as "sales and leasebacks," "title pawns," or "motor vehicle equity lines of credit." Title loans drag low- and moderate-income borrowers into a cycle of debt that results in tremendous expenses and can strip borrowers of their most valuable possession. Losing a car because of a title loan can make it impossible for borrowers to keep a job, attend school, or obtain health care. The auto credit industry has a very strong lobby everywhere, and most consumer advocates say it will be tough to get something accomplished unless more politicians are involved. With no laws in place, you will find uncapped interest rates, some as high as 1200 percent.
Sometimes desperate times call for desperate measures. But title loans are not the only alternative. Bad credit auto loans can also do the legwork for you. Lenders of bad credit car loans usually have relationships with numerous other auto finance institutions and dealers who specialize in providing auto loans for people with bad credit histories. Many dealers and lenders offer bad credit car financing for new and used cars. If you suffer from a history of credit problems whether it is late payment, delinquencies, foreclosures, even bankruptcies you can still get car financed by such institutions offering to lend.
Well, it always pays off if you stay on top of credit cards and make sure your credit rating doesn't hurt your future. Having good credit is one of the best ways to prove to lenders that you are trustworthy. If you ever want to purchase anything on credit, whether it is a new car, an education, or a house, having a good credit rating can help. This is often the safest way out of a jam, but then again, there arises situations where you may be forced to use your credit for purchasing things and eventually land up with poor credit records. As your credit score declines, getting a car loan becomes extremely difficult. Only bad credit auto loans can help you out in such situations. Maximize your chances of getting such loans by doing your homework and knowing your credit score before applying for one.
About the Author
Christine is an expert Internet marketing professional with years of experience in various industries such as: Business, Finance, Real Estate, Web-Design, Health & Medicine and many more. Used Car Loan
Saturday, April 21, 2007
Auto Loan Factory
Bad Credit Car Loan by Josh Hanson
Taking a car loan is one of the easiest things to do... For this reason we must watch out and not just settle a deal with the first lender we come across. Besides the excellent conditions offered by some car loan dealers, they will also help you get a better price for the car you want, since their professional mediation is more powerful than most privates.
Watch Out For Dark Cats
The reference to "dark cats" is that they all look the same at night. So with some light and a good eyesight you'll be able to pick out what is convenient for you. If your credit rating is lees than perfect, you just need to apply for a secured auto loan that can help you repair your credit (http://www.repaircreditcarloan.com) in which the payment is secured with the car itself. Secured loans are something like a white elephant, but they are an option too and will depend on your good financial background.
Three Variables
No doubt about this: Interest Rate, payback term and insurance. Interest rate and payback term as essential condiments of the loan and insurance to cover your back. But you are essentially shopping for a car, giving you the most important job to carry out after the loan is dealt with. You can try independent operations or have both done through the broker, but work out if there is a real advantage in having one operator perform everything for you.
A Good Way To Know
Little things like wanting to make you change your decision on the choice of a car or model, will give you a hint. They might be luring you into something convenient for them and not necessarily for you. It's so easy to just say "Yeah, sure, let's go ahead", and they're really not offering you your own convenience but theirs.
A Different Deal For Each Situation
If you are an employee, for example, you may want to apply for a novated lease, in agreement with your employer. This means that the payment is taken from your pre-tax salary, making your taxable income a little lower. If you should change jobs before the loan has expired, the car and the novated lease go with you to your new job.
Why Insurance?
Insurance is necessary for three reasons. One is that the borrower may die and not be able to pay. This is life insurance. Next, he or she may fall ill, be disabled or lose their jobs and that calls for payment insurance. The last one is that the car might be affected by a crash, flood, earthquake or any contingency that causes the total loss of the vehicle and, since everybody wants to get their money back, a car insurance will be the case.
When you start looking for what is available, be inquisitive and don't leave any stone unturned. You might just find the exact measure of your needs. However, look out for scammers who want to rush you to the end of the deal, without even giving you the chance to blink.
About the Author
Mr. Hanson provides advice and knowledgable information about vehicle lending and insurance.
Taking a car loan is one of the easiest things to do... For this reason we must watch out and not just settle a deal with the first lender we come across. Besides the excellent conditions offered by some car loan dealers, they will also help you get a better price for the car you want, since their professional mediation is more powerful than most privates.
Watch Out For Dark Cats
The reference to "dark cats" is that they all look the same at night. So with some light and a good eyesight you'll be able to pick out what is convenient for you. If your credit rating is lees than perfect, you just need to apply for a secured auto loan that can help you repair your credit (http://www.repaircreditcarloan.com) in which the payment is secured with the car itself. Secured loans are something like a white elephant, but they are an option too and will depend on your good financial background.
Three Variables
No doubt about this: Interest Rate, payback term and insurance. Interest rate and payback term as essential condiments of the loan and insurance to cover your back. But you are essentially shopping for a car, giving you the most important job to carry out after the loan is dealt with. You can try independent operations or have both done through the broker, but work out if there is a real advantage in having one operator perform everything for you.
A Good Way To Know
Little things like wanting to make you change your decision on the choice of a car or model, will give you a hint. They might be luring you into something convenient for them and not necessarily for you. It's so easy to just say "Yeah, sure, let's go ahead", and they're really not offering you your own convenience but theirs.
A Different Deal For Each Situation
If you are an employee, for example, you may want to apply for a novated lease, in agreement with your employer. This means that the payment is taken from your pre-tax salary, making your taxable income a little lower. If you should change jobs before the loan has expired, the car and the novated lease go with you to your new job.
Why Insurance?
Insurance is necessary for three reasons. One is that the borrower may die and not be able to pay. This is life insurance. Next, he or she may fall ill, be disabled or lose their jobs and that calls for payment insurance. The last one is that the car might be affected by a crash, flood, earthquake or any contingency that causes the total loss of the vehicle and, since everybody wants to get their money back, a car insurance will be the case.
When you start looking for what is available, be inquisitive and don't leave any stone unturned. You might just find the exact measure of your needs. However, look out for scammers who want to rush you to the end of the deal, without even giving you the chance to blink.
About the Author
Mr. Hanson provides advice and knowledgable information about vehicle lending and insurance.
Friday, April 20, 2007
Auto Loan Factory
Unsecured Business Loans A Safe Option To Pursue
By Peter Taylor
Everyone tries to earn in one-way or the other, some try professions some are free lancers and the rest go in to business. Business is the only way where we need to put in money from our side and that is crucial. After all money is the only thing that makes things happen in the business world one-way or the other.
You can use the unsecured business loans for following purposes.
· For buying factory land or business premises.
· For buying raw materials or to cater to other requirements
· For improving the office premises i.e. total renovation
· For purchasing of any other machine or tools.
We may have the shrewdest of brains but without money we cannot use that to its best. That is where we can take the help of unsecured business loans.
Unsecured business loans as the name suggests are loans specifically designed to meet the needs of the people looking to enter the business world.
Unsecured business loans now days can be availed at the proverbial snap of the fingers. All that is needed on the part of the borrower is that he should find himself a lender and after that should submit his details to him and just wait for the decision of the lender.
The reason why unsecured business loans are the best are as they are unsecured they are accessible by everybody not only homeowners or asset holders. Unsecured business loans are therefore risk free as well. The loan amount that can be approved will be in accordance with your needs. With unsecured business loans you can usually choose the repayment plan as well.
Although the interest rates may be a little higher than what you might be offered when you go for secured business loans. It is still worth going for at the worst of times.
Unsecured loans are available to people with bad credit history as well.
People like:
CCJ’s
Arrears
Defaults
IVA’s or
People who have previously filled for bankruptcy
They also need to follow the same pattern to avail the loans. Same features will be offered to them to those people as well. In addition they can improve their defamed credit reputation by making regular repayments.
Business cannot flourish until all the factors involved in it are up to the mark. Money is an important ingredient involved in the business. So we must make sure that it is in good supply and to make sure that happens the best alternative are the unsecured business loans which should be taken without any hesitation to make sure that we succeed in our endeavor.
Peter Taylor is a senior financial analyst at easyfinance4u with acumen for finance and insurance. In recent years he has taken up to provide independent financial advice through his informative articles. To find Secured loans, Unsecured loans, secured debt consolidation loans, Unsecured business loans in uk that best suits your need visit http://www.easyfinance4u.com.
Article Source: http://EzineArticles.com/?expert=Peter_Taylor
http://EzineArticles.com/?Unsecured-Business-Loans-A-Safe-Option-To-Pursue&id=185061
Most people in the world do the business but, to make sure that it flourishes regular cash injections are a necessity and the best source of it if we cannot afford them are unsecured business loans.
By Peter Taylor
Everyone tries to earn in one-way or the other, some try professions some are free lancers and the rest go in to business. Business is the only way where we need to put in money from our side and that is crucial. After all money is the only thing that makes things happen in the business world one-way or the other.
You can use the unsecured business loans for following purposes.
· For buying factory land or business premises.
· For buying raw materials or to cater to other requirements
· For improving the office premises i.e. total renovation
· For purchasing of any other machine or tools.
We may have the shrewdest of brains but without money we cannot use that to its best. That is where we can take the help of unsecured business loans.
Unsecured business loans as the name suggests are loans specifically designed to meet the needs of the people looking to enter the business world.
Unsecured business loans now days can be availed at the proverbial snap of the fingers. All that is needed on the part of the borrower is that he should find himself a lender and after that should submit his details to him and just wait for the decision of the lender.
The reason why unsecured business loans are the best are as they are unsecured they are accessible by everybody not only homeowners or asset holders. Unsecured business loans are therefore risk free as well. The loan amount that can be approved will be in accordance with your needs. With unsecured business loans you can usually choose the repayment plan as well.
Although the interest rates may be a little higher than what you might be offered when you go for secured business loans. It is still worth going for at the worst of times.
Unsecured loans are available to people with bad credit history as well.
People like:
CCJ’s
Arrears
Defaults
IVA’s or
People who have previously filled for bankruptcy
They also need to follow the same pattern to avail the loans. Same features will be offered to them to those people as well. In addition they can improve their defamed credit reputation by making regular repayments.
Business cannot flourish until all the factors involved in it are up to the mark. Money is an important ingredient involved in the business. So we must make sure that it is in good supply and to make sure that happens the best alternative are the unsecured business loans which should be taken without any hesitation to make sure that we succeed in our endeavor.
Peter Taylor is a senior financial analyst at easyfinance4u with acumen for finance and insurance. In recent years he has taken up to provide independent financial advice through his informative articles. To find Secured loans, Unsecured loans, secured debt consolidation loans, Unsecured business loans in uk that best suits your need visit http://www.easyfinance4u.com.
Article Source: http://EzineArticles.com/?expert=Peter_Taylor
http://EzineArticles.com/?Unsecured-Business-Loans-A-Safe-Option-To-Pursue&id=185061
Most people in the world do the business but, to make sure that it flourishes regular cash injections are a necessity and the best source of it if we cannot afford them are unsecured business loans.
Thursday, April 19, 2007
Auto Loan Factory
A Secret Credit Score Your Car Dealer Won't Tell You About by Stephen Snyder
You're ready to buy a new car.
You've done all your homework.
You know your three FICO credit scores.
You determine that your highest FICO credit score is from Equifax (also known as your BEACON score).
So, you find a car dealer who uses your highest score (which increases your opportunity to get approved at a good rate).
You get to the dealership and ignore all the salespeople by going directly to the finance director's office.
But as the finance director reviews your credit file in front of you...you can't help but think something is wrong.
Sure enough...the dealer says your Equifax/BEACON score isn't high enough for their lowest interest rate.
How can this be? You just checked your FICO credit scores through www.myfico.com/12 a few hours ago. It's possible--although unlikely--the information on your credit report has changed and that your scores have decreased since you last checked them. Remember, your credit scores are dynamic and will change whenever information on your credit reports changes.
Your credit reports can change several times each month as new information is added or updated by your lenders. But more than likely, your scores wouldn't change in this situation (especially if there were only a few hours between when you checked your scores and when the dealership reviewed your credit reports).
So, if your credit reports didn't change, why is the finance director staring at your scores with such a discouraging face?
Car Dealers Can Use "Different" FICO Scores Than The Ones You See
The car dealer is probably using what is known as the FICO Auto Industry Option score instead of a traditional FICO credit score. You see, car dealers not only get to select the credit reporting agency they receive FICO credit scores from...they also get to decide if they will use a traditional FICO credit score or a variation of a FICO score called an Auto Industry Option score.
What's the difference between these two types of scores?
Not a whole lot to most people...but there's enough variation to make the majority of auto lenders use the Auto Industry Option score. The real difference between the two scores is that the Auto Industry Option score pays a lot more attention to how you handled previous auto credit.
- Have you made late payments on a current or previous auto loan or lease?
- Have you ever settled an auto loan or lease for less than you owed?
- Have you had a car repossessed?
- Have you had an auto account sent to collections?
- Did you include your car loan or lease in your bankruptcy?
Those actions will affect your Auto Industry Option score more than they'll affect your traditional FICO score. Bottom line, if you handled your previous auto credit perfectly, you should have a high FICO Auto Industry Option score--that's a good thing.
But what if you've had a few bumps in the auto credit road in the past? You guessed it...your Auto Industry Option score will be lower. You'll be perceived as a greater credit risk and the auto lender may either deny you or use your lower score to justify charging you a higher interest rate.
You see, auto lenders are different than other types of lenders. And I'm not talking about their slimy ways, leisure suits, short ties, manly hairy chests, or gold bling.
A lot of other lenders look at your whole credit picture to determine whether or not to give you a loan. But many auto lenders care about only one thing...how you handled your past AUTO credit. That's what a FICO Auto Industry Option Score gives car dealers--a way to pinpoint how you've handled what matters to them the most.
So, even if everything else on your credit reports went down the toilet after your bankruptcy, if you didn't include your auto loan in your bankruptcy and never defaulted or missed a car payment, your Auto Industry scores will probably be better than your traditional FICO scores!
What a Former Auto Finance Director Revealed to Me
I recently spoke with a former finance director, and this is what she told me...
"So many people I have helped couldn't believe their scores were so high with the FICO Auto Industry Option score. They had included all their credit card debt and their mortgage in their bankruptcy, but they reaffirmed their auto loan. What's good about the auto score is that it truly helps the auto lender concentrate on what is important--how the customer handles his/her auto loans.
By our dealership having the auto enhanced FICO, it helped 30% or more of our customers get better rates."
I don't believe I'm going to say this, but I think I may actually have found something good to say about car dealers! Well, some of them, anyway...
As you can see, the FICO auto scores can work in your favor, if they are used correctly.
OK, I just wouldn't be able to live with myself if I only said good things about car dealers.
So, in the interest of fair and balanced reporting, here's how to protect yourself against slimy car dealers that can use your FICO Auto Industry Option
scores against you...
A Dirty Trick Car Dealers Can Play with Your FICO Scores
Let's imagine your Equifax/Beacon FICO score is 585. Not too good. With a score that low, if you do get approved for a car loan, you'll probably wind up with a high interest rate and high monthly payment.
So you go to a dealership and talk with the finance director and tell him your Equifax FICO score is 585. The finance director then reviews your FICO Auto Industry Option score. And, unknown to you, this score is actually higher than the Equifax/Beacon FICO score you pulled.
With this higher score, you'll get approved at a better rate...right?
Not necessarily!
Here's what unscrupulous car dealers can do. They won't tell you that your auto score is higher than your traditional score!
They figure they have a sucker sitting in front of them. So they'll try to get you financed at a higher rate based on the lower FICO score (thus making more profit for themselves).
How Some Car Dealers "Play the Spread" to Get You to Pay More
Now check this out...
It's possible that a car dealer has the ability to pull your traditional FICO scores AND your FICO auto scores. That means they'll have six scores on you. It's a guarantee that some of those scores are going to be higher than the others. So which ones will they use when trying to get you financed?
It depends.
Are you familiar with the term "spread"? It's how car dealers make money when they finance you. If they can quote you a higher interest rate than you deserve--then they stand to make a nice chunk of change from the bank that finances you.
The only way to make a killer "spread" is to make you think that you have lower scores.
So, what can you do?
Don't despair...I can help you.
How to Use Your FICO Scores to Your Advantage when Buying a Car
Fortunately, you don't have to fall for their dirty tricks. Now that you know all about FICO Auto Industry Option scores, you can protect yourself. Here's what I suggest...
1. When you first walk into the finance director's office, don't tell him what your FICO scores are. Wait until he reviews the scores himself. Then ask him what your scores are.
2. If the scores he reviewed are higher than the ones you have, don't say anything and just go by his scores.
3. However, if your scores are higher, then pull them out and show him. If he has a choice in the type of scores he can use, there's a possibility that he'll be able to use your highest score. And, it will let him know that he doesn't have a fool sitting in front of him. He can't take advantage of you!
How do you find out what your FICO Auto Industry Option scores are before you walk into a car dealership?
You can't.
Sorry. They're not for sale--at any price. Only lenders have access to them.
FICO would like to sell them...but there just isn't enough demand. I mean seriously, up until you read this article, had you ever heard of the FICO Auto Industry Option score?
Exactly.
Remember, we were just given access to purchase all three of our traditional FICO credit scores on June 11, 2003 at 8:00 a.m. (I actually got misty that day...what a geek I am.)
Only a very small percentage of the population even knows they have three FICO credit scores...let alone three Auto Industry Option scores.
So How Can You Use This Information to Help You Get Your Next New Car Financed at the Best Interest Rate
1. First, get your three credit reports. If you handled your previous auto credit well--your FICO Auto Industry Option scores will be higher than your traditional FICO scores. So expect more from the lender.
2. You can also ask the lender to show you their tier levels. Tiers are basically charts lenders use that have different interest rates based on your scores. You want to see which tier your fall in. To see an example of an auto lender's tier schedule, click here.
3. If they won't show you...at least have them break it down verbally for you. (Personally, I like to see it with my own eyes, as I never believe a word that comes out of most car dealers' mouths.)
4. If you've handled your auto credit poorly...then you should simply try to find an auto lender that uses just the traditional FICO credit scores. When you find a lender that uses a traditional FICO credit score, you'll have your best chance to get the lowest interest rate.
5. Start by calling dealerships and asking the finance director if they use a traditional FICO credit score to make their lending decision or if they use the FICO Auto Industry Option score.
These steps will get you headed in the right direction. This won't be easy, as a lot of car dealers use the FICO Auto Industry Option score.
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information He has helped thousands of people get a car loan after bankruptcy by showing them how to increase their credit score.
About the Author
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information He has helped thousands of people get a car loan after bankruptcy by sho
You're ready to buy a new car.
You've done all your homework.
You know your three FICO credit scores.
You determine that your highest FICO credit score is from Equifax (also known as your BEACON score).
So, you find a car dealer who uses your highest score (which increases your opportunity to get approved at a good rate).
You get to the dealership and ignore all the salespeople by going directly to the finance director's office.
But as the finance director reviews your credit file in front of you...you can't help but think something is wrong.
Sure enough...the dealer says your Equifax/BEACON score isn't high enough for their lowest interest rate.
How can this be? You just checked your FICO credit scores through www.myfico.com/12 a few hours ago. It's possible--although unlikely--the information on your credit report has changed and that your scores have decreased since you last checked them. Remember, your credit scores are dynamic and will change whenever information on your credit reports changes.
Your credit reports can change several times each month as new information is added or updated by your lenders. But more than likely, your scores wouldn't change in this situation (especially if there were only a few hours between when you checked your scores and when the dealership reviewed your credit reports).
So, if your credit reports didn't change, why is the finance director staring at your scores with such a discouraging face?
Car Dealers Can Use "Different" FICO Scores Than The Ones You See
The car dealer is probably using what is known as the FICO Auto Industry Option score instead of a traditional FICO credit score. You see, car dealers not only get to select the credit reporting agency they receive FICO credit scores from...they also get to decide if they will use a traditional FICO credit score or a variation of a FICO score called an Auto Industry Option score.
What's the difference between these two types of scores?
Not a whole lot to most people...but there's enough variation to make the majority of auto lenders use the Auto Industry Option score. The real difference between the two scores is that the Auto Industry Option score pays a lot more attention to how you handled previous auto credit.
- Have you made late payments on a current or previous auto loan or lease?
- Have you ever settled an auto loan or lease for less than you owed?
- Have you had a car repossessed?
- Have you had an auto account sent to collections?
- Did you include your car loan or lease in your bankruptcy?
Those actions will affect your Auto Industry Option score more than they'll affect your traditional FICO score. Bottom line, if you handled your previous auto credit perfectly, you should have a high FICO Auto Industry Option score--that's a good thing.
But what if you've had a few bumps in the auto credit road in the past? You guessed it...your Auto Industry Option score will be lower. You'll be perceived as a greater credit risk and the auto lender may either deny you or use your lower score to justify charging you a higher interest rate.
You see, auto lenders are different than other types of lenders. And I'm not talking about their slimy ways, leisure suits, short ties, manly hairy chests, or gold bling.
A lot of other lenders look at your whole credit picture to determine whether or not to give you a loan. But many auto lenders care about only one thing...how you handled your past AUTO credit. That's what a FICO Auto Industry Option Score gives car dealers--a way to pinpoint how you've handled what matters to them the most.
So, even if everything else on your credit reports went down the toilet after your bankruptcy, if you didn't include your auto loan in your bankruptcy and never defaulted or missed a car payment, your Auto Industry scores will probably be better than your traditional FICO scores!
What a Former Auto Finance Director Revealed to Me
I recently spoke with a former finance director, and this is what she told me...
"So many people I have helped couldn't believe their scores were so high with the FICO Auto Industry Option score. They had included all their credit card debt and their mortgage in their bankruptcy, but they reaffirmed their auto loan. What's good about the auto score is that it truly helps the auto lender concentrate on what is important--how the customer handles his/her auto loans.
By our dealership having the auto enhanced FICO, it helped 30% or more of our customers get better rates."
I don't believe I'm going to say this, but I think I may actually have found something good to say about car dealers! Well, some of them, anyway...
As you can see, the FICO auto scores can work in your favor, if they are used correctly.
OK, I just wouldn't be able to live with myself if I only said good things about car dealers.
So, in the interest of fair and balanced reporting, here's how to protect yourself against slimy car dealers that can use your FICO Auto Industry Option
scores against you...
A Dirty Trick Car Dealers Can Play with Your FICO Scores
Let's imagine your Equifax/Beacon FICO score is 585. Not too good. With a score that low, if you do get approved for a car loan, you'll probably wind up with a high interest rate and high monthly payment.
So you go to a dealership and talk with the finance director and tell him your Equifax FICO score is 585. The finance director then reviews your FICO Auto Industry Option score. And, unknown to you, this score is actually higher than the Equifax/Beacon FICO score you pulled.
With this higher score, you'll get approved at a better rate...right?
Not necessarily!
Here's what unscrupulous car dealers can do. They won't tell you that your auto score is higher than your traditional score!
They figure they have a sucker sitting in front of them. So they'll try to get you financed at a higher rate based on the lower FICO score (thus making more profit for themselves).
How Some Car Dealers "Play the Spread" to Get You to Pay More
Now check this out...
It's possible that a car dealer has the ability to pull your traditional FICO scores AND your FICO auto scores. That means they'll have six scores on you. It's a guarantee that some of those scores are going to be higher than the others. So which ones will they use when trying to get you financed?
It depends.
Are you familiar with the term "spread"? It's how car dealers make money when they finance you. If they can quote you a higher interest rate than you deserve--then they stand to make a nice chunk of change from the bank that finances you.
The only way to make a killer "spread" is to make you think that you have lower scores.
So, what can you do?
Don't despair...I can help you.
How to Use Your FICO Scores to Your Advantage when Buying a Car
Fortunately, you don't have to fall for their dirty tricks. Now that you know all about FICO Auto Industry Option scores, you can protect yourself. Here's what I suggest...
1. When you first walk into the finance director's office, don't tell him what your FICO scores are. Wait until he reviews the scores himself. Then ask him what your scores are.
2. If the scores he reviewed are higher than the ones you have, don't say anything and just go by his scores.
3. However, if your scores are higher, then pull them out and show him. If he has a choice in the type of scores he can use, there's a possibility that he'll be able to use your highest score. And, it will let him know that he doesn't have a fool sitting in front of him. He can't take advantage of you!
How do you find out what your FICO Auto Industry Option scores are before you walk into a car dealership?
You can't.
Sorry. They're not for sale--at any price. Only lenders have access to them.
FICO would like to sell them...but there just isn't enough demand. I mean seriously, up until you read this article, had you ever heard of the FICO Auto Industry Option score?
Exactly.
Remember, we were just given access to purchase all three of our traditional FICO credit scores on June 11, 2003 at 8:00 a.m. (I actually got misty that day...what a geek I am.)
Only a very small percentage of the population even knows they have three FICO credit scores...let alone three Auto Industry Option scores.
So How Can You Use This Information to Help You Get Your Next New Car Financed at the Best Interest Rate
1. First, get your three credit reports. If you handled your previous auto credit well--your FICO Auto Industry Option scores will be higher than your traditional FICO scores. So expect more from the lender.
2. You can also ask the lender to show you their tier levels. Tiers are basically charts lenders use that have different interest rates based on your scores. You want to see which tier your fall in. To see an example of an auto lender's tier schedule, click here.
3. If they won't show you...at least have them break it down verbally for you. (Personally, I like to see it with my own eyes, as I never believe a word that comes out of most car dealers' mouths.)
4. If you've handled your auto credit poorly...then you should simply try to find an auto lender that uses just the traditional FICO credit scores. When you find a lender that uses a traditional FICO credit score, you'll have your best chance to get the lowest interest rate.
5. Start by calling dealerships and asking the finance director if they use a traditional FICO credit score to make their lending decision or if they use the FICO Auto Industry Option score.
These steps will get you headed in the right direction. This won't be easy, as a lot of car dealers use the FICO Auto Industry Option score.
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information He has helped thousands of people get a car loan after bankruptcy by showing them how to increase their credit score.
About the Author
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information He has helped thousands of people get a car loan after bankruptcy by sho
Wednesday, April 18, 2007
Auto Loan Factory
Auto or Car Loan
By Terje Ellingsen
An auto or car loan is necessary for most people when they buy
a new or used vehicle. Shopping for a car loan can be done many
places today, including online. Many companies send you a check
for the loan amount and you can simply make this check payable
to the auto dealer or car seller. This is all you have to do to
get the keys to your new or used car.
There are some lending companies that are really doing their
best to offer you a great auto loan. Good lenders always have a
friendly and professional customer service, regardless of your
credit rating. Be aware though that the best rates are for
customers with a high credit score. Wherever you apply for a
loan, it is subject to credit approval, which means that your
credit rate will be checked.
Many companies offer an introductory annual percentage rate,
which are changed after 30 or 45 days. However, what you should
look for is the long term interest rate, because this is the
basis of comparisons between offers from different vehicle loan
lenders. You should choose the lender with the lowest annual
percentage interest rate, all other conditions equal.
Another thing to look for in addition to the interest rate is
if and which fees are associated with your auto loan. Many
credit companies add lots of different types of loan fees like
payment fees, annual fees, penalties, etc. These fees should
also be included in the basis you use for comparing lenders. If
the interest rate is low but are eaten up by layers of fees, you
have to look closer at the offer. In all circumstances it is the
total cost of the loan you should compare because this is what
you pay for it.
Once you submit your car loan application online, it will be
reviewed by the lending company and you will receive a response
within a few minutes during business hours. If you apply during
non-business hours, your loan application will normally be
processed the next business day. It's really easy to shop a car
loan on the internet.
About the Author: Terje Brooks Ellingsen is an internet
publisher. He runs the website
http://www.cheap-used-cars.w-eland.com Terje gives advice and
helps people with automotive and financial issues like car
loans, see
http://www.cheap-used-cars.w-eland.com/used_car_loans.htm and
car auctions online, see
http://www.cheap-used-cars.w-eland.com/used_car_auction.htm
Source: http://www.isnare.com
By Terje Ellingsen
An auto or car loan is necessary for most people when they buy
a new or used vehicle. Shopping for a car loan can be done many
places today, including online. Many companies send you a check
for the loan amount and you can simply make this check payable
to the auto dealer or car seller. This is all you have to do to
get the keys to your new or used car.
There are some lending companies that are really doing their
best to offer you a great auto loan. Good lenders always have a
friendly and professional customer service, regardless of your
credit rating. Be aware though that the best rates are for
customers with a high credit score. Wherever you apply for a
loan, it is subject to credit approval, which means that your
credit rate will be checked.
Many companies offer an introductory annual percentage rate,
which are changed after 30 or 45 days. However, what you should
look for is the long term interest rate, because this is the
basis of comparisons between offers from different vehicle loan
lenders. You should choose the lender with the lowest annual
percentage interest rate, all other conditions equal.
Another thing to look for in addition to the interest rate is
if and which fees are associated with your auto loan. Many
credit companies add lots of different types of loan fees like
payment fees, annual fees, penalties, etc. These fees should
also be included in the basis you use for comparing lenders. If
the interest rate is low but are eaten up by layers of fees, you
have to look closer at the offer. In all circumstances it is the
total cost of the loan you should compare because this is what
you pay for it.
Once you submit your car loan application online, it will be
reviewed by the lending company and you will receive a response
within a few minutes during business hours. If you apply during
non-business hours, your loan application will normally be
processed the next business day. It's really easy to shop a car
loan on the internet.
About the Author: Terje Brooks Ellingsen is an internet
publisher. He runs the website
http://www.cheap-used-cars.w-eland.com Terje gives advice and
helps people with automotive and financial issues like car
loans, see
http://www.cheap-used-cars.w-eland.com/used_car_loans.htm and
car auctions online, see
http://www.cheap-used-cars.w-eland.com/used_car_auction.htm
Source: http://www.isnare.com
Tuesday, April 17, 2007
Auto Loan Factory
Getting The Best Auto Loan Rates
By Jay Moncliff
Getting a good auto loan rate is not luck, but rather a skill
that you must learn. There are good auto loan rates available
if you know the tricks of the trade and how to negotiate to get
the best deal for you. Remember, you should not be afraid or
nervous when trying to negotiate your auto loan because you
will be saving yourself money. That should give you the courage
to try and get the best auto loan rate available. Follow these
suggestions as well to guide you in buying a new care and
negotiating your auto loan interest rate.
Auto Loan Tip #1 Buy at the End of the Month
Frequently car dealerships have contests and the winner of the
contest gets a good prize, whether it is monetary or physical.
Generally, theses contests are a month long, so by the end of
the month the salesman are crazy to make a sale regardless the
price. So, you will be able to negotiate a better price on your
vehicle during these types of competitions. The lower the cost
of your vehicle, the better terms you might be able to get for
your auto loan.
Auto Loan Tip #2 Have Good Credit
Now this might seem obvious to you, but everyone is not aware
how their credit will affect their auto loan rate. If you have
great credit, go buy a car whenever you want because you have
grounds to negotiate an auto loan on. If you have bad credit,
work on rebuilding your credit for several months and then try
to get an auto loan. This effort alone will help you in more
areas than just your auto loan rates.
Auto Loan Tip #3 Negotiate Your Auto Loan
When talking to an auto loan lender don’t divulge how much
money you can spend per month on your auto loan. If you throw
out the highest number then this will be the starting point and
exactly what you want to avoid. Instead, negotiate with the
lender, know your limits however and that there are other car
dealers and lenders out there. You never should accept a first
offer without trying to get a better deal.
About the Author: Jay Moncliff is the founder of
http://www.loans-center.info a blog focusing on the latest Auto
Loans news, resources and articles. This site provides detailed
information on auto loans. For more info on loans visit:
http://www.loans-center.info
Source: http://www.isnare.com
By Jay Moncliff
Getting a good auto loan rate is not luck, but rather a skill
that you must learn. There are good auto loan rates available
if you know the tricks of the trade and how to negotiate to get
the best deal for you. Remember, you should not be afraid or
nervous when trying to negotiate your auto loan because you
will be saving yourself money. That should give you the courage
to try and get the best auto loan rate available. Follow these
suggestions as well to guide you in buying a new care and
negotiating your auto loan interest rate.
Auto Loan Tip #1 Buy at the End of the Month
Frequently car dealerships have contests and the winner of the
contest gets a good prize, whether it is monetary or physical.
Generally, theses contests are a month long, so by the end of
the month the salesman are crazy to make a sale regardless the
price. So, you will be able to negotiate a better price on your
vehicle during these types of competitions. The lower the cost
of your vehicle, the better terms you might be able to get for
your auto loan.
Auto Loan Tip #2 Have Good Credit
Now this might seem obvious to you, but everyone is not aware
how their credit will affect their auto loan rate. If you have
great credit, go buy a car whenever you want because you have
grounds to negotiate an auto loan on. If you have bad credit,
work on rebuilding your credit for several months and then try
to get an auto loan. This effort alone will help you in more
areas than just your auto loan rates.
Auto Loan Tip #3 Negotiate Your Auto Loan
When talking to an auto loan lender don’t divulge how much
money you can spend per month on your auto loan. If you throw
out the highest number then this will be the starting point and
exactly what you want to avoid. Instead, negotiate with the
lender, know your limits however and that there are other car
dealers and lenders out there. You never should accept a first
offer without trying to get a better deal.
About the Author: Jay Moncliff is the founder of
http://www.loans-center.info a blog focusing on the latest Auto
Loans news, resources and articles. This site provides detailed
information on auto loans. For more info on loans visit:
http://www.loans-center.info
Source: http://www.isnare.com
Monday, April 16, 2007
Auto Loan Factory
11 Tips For Buying A Used Car
By Teri B Clark
If you plan to buy a car at a used car lot, a car auction, or through an individual, it is unlikely that you will get completely honest answers to all your questions. So, what can you do? Well, certainly, don’t despair!! Let me give you several weapons that you can use against the automobile industry.
Get A Paint Meter
With one of these paint meters, you can detect paintwork or factory original tape. It will also show bondo-body puddy or replaced metal. And very few car salesmen will even know what you have!! At the very least, the salesman’s eyes will bug out when you ask him why the car you are interested in was painted. Was it because of an accident or just repainted to make it look good.
Remember that 99% of all salesmen do not know what goes on behind closed doors – otherwise known as the business end of the auto business. They are there simply to sell a car for every penny that they can squeeze out of the public buyer.
Why do I suggest that you get a paint meter? Because repainting a car is a very prolific practice in the auto business. I can not prove it, but if I had to make a guess how many cars sold to the open market via dealership have paint work done to them, I would guess at LEAST 40%. Every week, I personally see thousands of cars lined up at the “paint shop” to be repainted. This “paint shop” is located on the auction grounds and is otherwise known as the recon-facility.
Not every car is being fully repainted. Most are having their bumpers repainted. It makes sense to have the bumpers repainted because, though the rest of the car is flawless, the bumpers are often scratched up pretty badly. Next time you visit a dealership, notice how many of the bumpers are flawless – not a scratch on them even though the car is three years old.
The problem comes in with the dealers. Many retail dealers have the audacity to lie and claim that their cars are original. And people believe them because the work is just too nice to have been repainted. Do you know what the average price is to have these bumpers repainted? A mere $200. Perceived value by the public and exploited by the retail dealers? Thousands of dollars.
Well, if you have a paint meter, then you will know the truth. So, what is my policy on repainted vehicles? If the car was properly repainted and done so professionally – a factory repainted process – then I have no problems buying the car. A professional paint job would make the car look the way it did the day it rolled off the assembly line.
The point of the paint meters is to give you more inside information than what Carfax discloses. Just because it does not show up on Carfax does not mean that the car is free of any negative history.
Determine The Warranty Time
You have to determine the correct warranty time and can do this by checking the drive side door and seeing when the car was manufactured. It will give a date like 5/11/99.
Let’s say you are interested in buying a 2000 Nissan Maxima with just 22,000 miles on it and it is currently September 29,2002. You ask the salesman or the neighbor that you are buying the car from what the factory warranty is and he tell you 3 years or 36,000 miles. What many people fail to realize is this: a 2000 model is actually 3 years old!!!!
Don’t believe me? Let’s count the years: 2000, 2001, 2002.
I see people making this mistake over and over. And to make matters worse, when you open the driver side door and it says manufactured in 5/11/99, the warranty starts within 3 months of THAT date!! So really, what you have is a warranty that started in the middle of 1999!!!
And then you need to check to see whether the warranty even transfers to you at all. Some manufacturers allow up to triple transfers of owners with the warranty intact and some do not. The best way to check is to call the dealership and find out. You can also have them run a VIN check to let you know the status of the warranty on that car.
Open the Oil Cap
This is good for everyone, but especially for those of you buying an older car. Open the oil cap and look at the cap carefully. If there is sludge (thick black goop) on the back of the oil cap, it means the oil never got changed---or not often enough!! Do NOT buy the car!!
If there appears to be a caramel color syrup goop on the cap, it means that the anti-freeze is leaking into the engine. This is terminal cancer to an engine, so do NOT buy the car.
The problem with this tool is that most dealers know about this, too, and know to clean up the cap and change the oil so that everything “looks” fine.
Ask For a Cold Start
When coming to look at any car, request to be able to start the car cold. This means that the engine has been at rest for a minimum of 12 hours, but preferably 24 hours.
Why? When starting cold, a lot of problems with the motor can be seen and heard. If you hear any sounds that are not “normal, like loud clanking or scraping noises, that go away when the car gets warmed up, do NOT buy it without a thorough check by YOUR mechanic.
If you see a lot of blue smoke on a cold start, this means that the car is burning oil. If it blows out white smoke, then there is anti-freeze in the engine. These are NOT good signs!!
Check The Compression of the Engine
You can check the compression of the engine simply by revving the engine while in neutral and looking at the RPM’s. A RPM’s of a car with good compression will go up quickly and back down quickly. If the car has trouble getting the RPM’s up or when they do get up come down very slowly, then the engine is losing compression. Do NOT buy it!!
Know The Loan Value On The Car
Finding out what the loan value for the car you want from the current year models to 5 year old models is essential to knowing what a good wholesale price is. Call the bank to get the loan values. This helps you to determine what price you want to pay.
You also need to get the appropriate mileage deductions built in. The mile deduction is 12,000 per year. So, if a car is 5 years old, then the mileage deduction is 60K. If the car is 3 years old, then the mileage deduction is 36K.
Always try to buy cars with the appropriate mileage deduction on them. Knowing what the loan value is lets you know pretty closely what the dealer paid for the car.
Be Sure That The Vehicle’s Body Is Straight
Stand behind the vehicle and check to see if the rear wheels line up squarely behind the front wheels and that the body is angled properly. If the car seems slightly off-center or even crooked, it's a sure sign that the car was in an accident and its frame is bent.
Check For Water and Flood Damage
According to the American Automobile Association, there are thousands of used cars on the market that have been victims of floods and other types of water damage. So:
*Check for dried mud in cracks and crevices under the hood or behind trim panels inside the car
*Notice any damp or musty odors in the vehicle
*Look for any newly replaced carpeting or upholstery.
These are all clues of water damage.
Look Under the Vehicle
Check for any fluids that might have leaked out onto the pavement. If you see a small puddle or damp spot of oil, water, or some other fluid, the car may have expensive-to-repair mechanical problems.
Check The Odometer
The "normal allocation" is 12,000 to 15,000 miles per year. If the car has unusually high mileage for its age, you may want to consider another vehicle.
If the car has unusually low mileage, you may have reason to be suspicious. Odometer tampering is a widespread and difficult-to-prove crime.
Have Your Mechanic Inspect The Vehicle BEFORE You Buy It
Your mechanic will be able to tell you what repair work the car needs now and what repair work it may need in the future. Having your mechanic inspect the car before you buy it is one of the best things you can do to insure that you're not getting a "lemon." If the seller won't allow your mechanic to look at the car, you should be highly suspicious.
By purchasing a used car you can save a lot of money. You may be able to buy a loaded model with all the bells and whistles that you couldn’t afford had you bought a new car. However, buying a used car can be a gamble. You can breathe easier when you follow these tips.
Teri B. Clark is a professional writer and published author offering writing help for professionals. Her book, Private Mortgage Investing, is a finalist in the Foreword Magazine's Book of the Year Award. Her book, 301 Things You Can Do To Sell Your Home NOW and For More Money Than You Thought, has just been released. Learn more about Teri at http://TeriBClark.com
Article Source: http://EzineArticles.com/?expert=Teri_B_Clark
http://EzineArticles.com/?11-Tips-For-Buying-A-Used-Car&id=475454
By Teri B Clark
If you plan to buy a car at a used car lot, a car auction, or through an individual, it is unlikely that you will get completely honest answers to all your questions. So, what can you do? Well, certainly, don’t despair!! Let me give you several weapons that you can use against the automobile industry.
Get A Paint Meter
With one of these paint meters, you can detect paintwork or factory original tape. It will also show bondo-body puddy or replaced metal. And very few car salesmen will even know what you have!! At the very least, the salesman’s eyes will bug out when you ask him why the car you are interested in was painted. Was it because of an accident or just repainted to make it look good.
Remember that 99% of all salesmen do not know what goes on behind closed doors – otherwise known as the business end of the auto business. They are there simply to sell a car for every penny that they can squeeze out of the public buyer.
Why do I suggest that you get a paint meter? Because repainting a car is a very prolific practice in the auto business. I can not prove it, but if I had to make a guess how many cars sold to the open market via dealership have paint work done to them, I would guess at LEAST 40%. Every week, I personally see thousands of cars lined up at the “paint shop” to be repainted. This “paint shop” is located on the auction grounds and is otherwise known as the recon-facility.
Not every car is being fully repainted. Most are having their bumpers repainted. It makes sense to have the bumpers repainted because, though the rest of the car is flawless, the bumpers are often scratched up pretty badly. Next time you visit a dealership, notice how many of the bumpers are flawless – not a scratch on them even though the car is three years old.
The problem comes in with the dealers. Many retail dealers have the audacity to lie and claim that their cars are original. And people believe them because the work is just too nice to have been repainted. Do you know what the average price is to have these bumpers repainted? A mere $200. Perceived value by the public and exploited by the retail dealers? Thousands of dollars.
Well, if you have a paint meter, then you will know the truth. So, what is my policy on repainted vehicles? If the car was properly repainted and done so professionally – a factory repainted process – then I have no problems buying the car. A professional paint job would make the car look the way it did the day it rolled off the assembly line.
The point of the paint meters is to give you more inside information than what Carfax discloses. Just because it does not show up on Carfax does not mean that the car is free of any negative history.
Determine The Warranty Time
You have to determine the correct warranty time and can do this by checking the drive side door and seeing when the car was manufactured. It will give a date like 5/11/99.
Let’s say you are interested in buying a 2000 Nissan Maxima with just 22,000 miles on it and it is currently September 29,2002. You ask the salesman or the neighbor that you are buying the car from what the factory warranty is and he tell you 3 years or 36,000 miles. What many people fail to realize is this: a 2000 model is actually 3 years old!!!!
Don’t believe me? Let’s count the years: 2000, 2001, 2002.
I see people making this mistake over and over. And to make matters worse, when you open the driver side door and it says manufactured in 5/11/99, the warranty starts within 3 months of THAT date!! So really, what you have is a warranty that started in the middle of 1999!!!
And then you need to check to see whether the warranty even transfers to you at all. Some manufacturers allow up to triple transfers of owners with the warranty intact and some do not. The best way to check is to call the dealership and find out. You can also have them run a VIN check to let you know the status of the warranty on that car.
Open the Oil Cap
This is good for everyone, but especially for those of you buying an older car. Open the oil cap and look at the cap carefully. If there is sludge (thick black goop) on the back of the oil cap, it means the oil never got changed---or not often enough!! Do NOT buy the car!!
If there appears to be a caramel color syrup goop on the cap, it means that the anti-freeze is leaking into the engine. This is terminal cancer to an engine, so do NOT buy the car.
The problem with this tool is that most dealers know about this, too, and know to clean up the cap and change the oil so that everything “looks” fine.
Ask For a Cold Start
When coming to look at any car, request to be able to start the car cold. This means that the engine has been at rest for a minimum of 12 hours, but preferably 24 hours.
Why? When starting cold, a lot of problems with the motor can be seen and heard. If you hear any sounds that are not “normal, like loud clanking or scraping noises, that go away when the car gets warmed up, do NOT buy it without a thorough check by YOUR mechanic.
If you see a lot of blue smoke on a cold start, this means that the car is burning oil. If it blows out white smoke, then there is anti-freeze in the engine. These are NOT good signs!!
Check The Compression of the Engine
You can check the compression of the engine simply by revving the engine while in neutral and looking at the RPM’s. A RPM’s of a car with good compression will go up quickly and back down quickly. If the car has trouble getting the RPM’s up or when they do get up come down very slowly, then the engine is losing compression. Do NOT buy it!!
Know The Loan Value On The Car
Finding out what the loan value for the car you want from the current year models to 5 year old models is essential to knowing what a good wholesale price is. Call the bank to get the loan values. This helps you to determine what price you want to pay.
You also need to get the appropriate mileage deductions built in. The mile deduction is 12,000 per year. So, if a car is 5 years old, then the mileage deduction is 60K. If the car is 3 years old, then the mileage deduction is 36K.
Always try to buy cars with the appropriate mileage deduction on them. Knowing what the loan value is lets you know pretty closely what the dealer paid for the car.
Be Sure That The Vehicle’s Body Is Straight
Stand behind the vehicle and check to see if the rear wheels line up squarely behind the front wheels and that the body is angled properly. If the car seems slightly off-center or even crooked, it's a sure sign that the car was in an accident and its frame is bent.
Check For Water and Flood Damage
According to the American Automobile Association, there are thousands of used cars on the market that have been victims of floods and other types of water damage. So:
*Check for dried mud in cracks and crevices under the hood or behind trim panels inside the car
*Notice any damp or musty odors in the vehicle
*Look for any newly replaced carpeting or upholstery.
These are all clues of water damage.
Look Under the Vehicle
Check for any fluids that might have leaked out onto the pavement. If you see a small puddle or damp spot of oil, water, or some other fluid, the car may have expensive-to-repair mechanical problems.
Check The Odometer
The "normal allocation" is 12,000 to 15,000 miles per year. If the car has unusually high mileage for its age, you may want to consider another vehicle.
If the car has unusually low mileage, you may have reason to be suspicious. Odometer tampering is a widespread and difficult-to-prove crime.
Have Your Mechanic Inspect The Vehicle BEFORE You Buy It
Your mechanic will be able to tell you what repair work the car needs now and what repair work it may need in the future. Having your mechanic inspect the car before you buy it is one of the best things you can do to insure that you're not getting a "lemon." If the seller won't allow your mechanic to look at the car, you should be highly suspicious.
By purchasing a used car you can save a lot of money. You may be able to buy a loaded model with all the bells and whistles that you couldn’t afford had you bought a new car. However, buying a used car can be a gamble. You can breathe easier when you follow these tips.
Teri B. Clark is a professional writer and published author offering writing help for professionals. Her book, Private Mortgage Investing, is a finalist in the Foreword Magazine's Book of the Year Award. Her book, 301 Things You Can Do To Sell Your Home NOW and For More Money Than You Thought, has just been released. Learn more about Teri at http://TeriBClark.com
Article Source: http://EzineArticles.com/?expert=Teri_B_Clark
http://EzineArticles.com/?11-Tips-For-Buying-A-Used-Car&id=475454
Saturday, April 14, 2007
Auto Loan Factory
New Car Leases
By Jimmy Sturo
When it comes to leasing a car, your best bet is to lease a new one. Though it may cost more, it is a more practical decision. The primary consideration when you buy or lease a car should not be money - it should be the use that you can derive from it. A car fresh from the factory, generally gives you the assurance that all parts are in proper working condition. There is also a warranty that supports the car for a number of years - hopefully through the leasing period that will cover all major repair costs.
Leasing a new car does not require much financial expertise. You do want to be aware enough to haggle for the lowest possible deal so that the monthly payments will be lower. Depreciation is calculated on the estimated residual price of the vehicle when the lease period terminates. The difference has to be paid by the lessee. Once the price is settled, then papers are filled out and sent for approval. The deal is affected greatly by how good your credit is. Students and first-time lessees find it difficult to get a lease.
Monthly payments depend on a term called the money factor. This is a small decimal number, which when multiplied by 2400, gives the interest to be paid each month. An ideal deal is one in which the interest on a lease comes out to be the same as the interest on a normal loan.
While leasing a new car, it is important to remember that payments made every month will be significantly higher than for used cars. Depreciation is very high in the first year of purchase and is cut in half each successive year. That means for a short-term lease on a new car, the payment would be high. Add to that sales taxes, and you are paying a major bill each month for your car.
The satisfaction of leasing a new car is you are driving a new automobile with new technology. The car will also have a higher resale value at the end of the term should you decide to sell the car or trade it in for a new lease. New cars are easier to maintain and consume less fuel.
Car Leases provides detailed information on Car Lease Prices, Car Lease vs Buy, Car Leases, How to Get Out of a Car Lease and more. Car Leases is affiliated with Used Car Quotes.
Article Source: http://EzineArticles.com/?expert=Jimmy_Sturo
http://EzineArticles.com/?New-Car-Leases&id=278633
When it comes to leasing a car, your best bet is to lease a new one. Though it may cost more, it is a more practical decision. The primary consideration when you buy or lease a car should not be money - it should be the use that you can derive from it. A car fresh from the factory, generally gives you the assurance that all parts are in proper working condition. There is also a warranty that supports the car for a number of years - hopefully through the leasing period that will cover all major repair costs.
By Jimmy Sturo
When it comes to leasing a car, your best bet is to lease a new one. Though it may cost more, it is a more practical decision. The primary consideration when you buy or lease a car should not be money - it should be the use that you can derive from it. A car fresh from the factory, generally gives you the assurance that all parts are in proper working condition. There is also a warranty that supports the car for a number of years - hopefully through the leasing period that will cover all major repair costs.
Leasing a new car does not require much financial expertise. You do want to be aware enough to haggle for the lowest possible deal so that the monthly payments will be lower. Depreciation is calculated on the estimated residual price of the vehicle when the lease period terminates. The difference has to be paid by the lessee. Once the price is settled, then papers are filled out and sent for approval. The deal is affected greatly by how good your credit is. Students and first-time lessees find it difficult to get a lease.
Monthly payments depend on a term called the money factor. This is a small decimal number, which when multiplied by 2400, gives the interest to be paid each month. An ideal deal is one in which the interest on a lease comes out to be the same as the interest on a normal loan.
While leasing a new car, it is important to remember that payments made every month will be significantly higher than for used cars. Depreciation is very high in the first year of purchase and is cut in half each successive year. That means for a short-term lease on a new car, the payment would be high. Add to that sales taxes, and you are paying a major bill each month for your car.
The satisfaction of leasing a new car is you are driving a new automobile with new technology. The car will also have a higher resale value at the end of the term should you decide to sell the car or trade it in for a new lease. New cars are easier to maintain and consume less fuel.
Car Leases provides detailed information on Car Lease Prices, Car Lease vs Buy, Car Leases, How to Get Out of a Car Lease and more. Car Leases is affiliated with Used Car Quotes.
Article Source: http://EzineArticles.com/?expert=Jimmy_Sturo
http://EzineArticles.com/?New-Car-Leases&id=278633
When it comes to leasing a car, your best bet is to lease a new one. Though it may cost more, it is a more practical decision. The primary consideration when you buy or lease a car should not be money - it should be the use that you can derive from it. A car fresh from the factory, generally gives you the assurance that all parts are in proper working condition. There is also a warranty that supports the car for a number of years - hopefully through the leasing period that will cover all major repair costs.
Friday, April 13, 2007
Auto Loan Factory
Financing A New Car
By Chuck Brown
For most people, paying cash for a new car isn't even a possibility. Even if you do have the cash, you don't want to deplete your savings. So financing a new car is the only choice. In any case, you probably shouldn't even attempt to finance your car with a car dealership to begin with. Although it's fast, it's high pressure and the loans are often front-loaded--which means that the payments in the beginning are mostly interest. This makes paying it off early not even worthwhile; the dealership gets their money first and laughs all the way to the bank!
Even if the loan is not "front loaded," there are other ways that the dealership will get more money out of you than if you get your car financing elsewhere. It's important to remember that the finance manager at a car dealership works on commission. This means that he will try to get all sorts of things added on to your car's price. Things like an extended warranty, undercoating, alarm system, etc. He will try to upsell you on those things AFTER you've agreed to a price with the car salesman.
Remember this: The Finance and Insurance (F&I) department at car dealerships is often a bigger source of profit for dealerships than the sales department. This is how it works: The "finance manager" sends your credit info to the lender (bank) that they deal with, and the bank returns a table of interest rates based on the term (number of payments.) The finance manager then takes the lowest interest rate and marks it up. This markup is the dealership's profit on the financing and they are NOT required by any law to reveal how much they have marked it up.
This is called the Retail Installment Sales Contract (RISC). And incredible though it may seem, but a 0% loan rate offered at a dealership can often be beat by a 8% or higher rate gotten elsewhere. Because they have more in their magic "Bag 'O Tricks" than meets the eye: Often manufacturers will offer a Factory-to-Consumer Rebate on certain models if they notice that these models are not moving as fast as they would like. So they give the dealers an incentive to sell these by offering this rebate. But know that the rebates usually don't apply if you get the 0% interest rate. Because that means that you'll have shorter terms and so the overall price will be lower--so there's no need to offer a rebate...
Here's where you can save with a 8% or higher rate over the 0% interest rate: Take the Factory-to-Consumer Rebate elsewhere (like to your own bank) and finance the car there. Apply the rebate and you'll likely pay less for your 8% loan than for the 0% loan at the dealership!
Financing a new or used car should be done at anyplace other than the dealership. Ideally, arrange financing BEFORE stepping onto the dealer's lot. This puts YOU in the driver's seat.
Charles Brown is a successful Webmaster and publisher. He provides lots more information on financing a new car on his website.
Article Source: http://EzineArticles.com/?expert=Chuck_Brown
http://EzineArticles.com/?Financing-A-New-Car&id=454323
For most people, paying cash for a new car isn't even a possibility. Because even if you do have the cash, you don't want to deplete your savings. So financing a new car is the only choice. In any case, you probably shouldn't even attempt to finance your car with a car dealership to begin with.
By Chuck Brown
For most people, paying cash for a new car isn't even a possibility. Even if you do have the cash, you don't want to deplete your savings. So financing a new car is the only choice. In any case, you probably shouldn't even attempt to finance your car with a car dealership to begin with. Although it's fast, it's high pressure and the loans are often front-loaded--which means that the payments in the beginning are mostly interest. This makes paying it off early not even worthwhile; the dealership gets their money first and laughs all the way to the bank!
Even if the loan is not "front loaded," there are other ways that the dealership will get more money out of you than if you get your car financing elsewhere. It's important to remember that the finance manager at a car dealership works on commission. This means that he will try to get all sorts of things added on to your car's price. Things like an extended warranty, undercoating, alarm system, etc. He will try to upsell you on those things AFTER you've agreed to a price with the car salesman.
Remember this: The Finance and Insurance (F&I) department at car dealerships is often a bigger source of profit for dealerships than the sales department. This is how it works: The "finance manager" sends your credit info to the lender (bank) that they deal with, and the bank returns a table of interest rates based on the term (number of payments.) The finance manager then takes the lowest interest rate and marks it up. This markup is the dealership's profit on the financing and they are NOT required by any law to reveal how much they have marked it up.
This is called the Retail Installment Sales Contract (RISC). And incredible though it may seem, but a 0% loan rate offered at a dealership can often be beat by a 8% or higher rate gotten elsewhere. Because they have more in their magic "Bag 'O Tricks" than meets the eye: Often manufacturers will offer a Factory-to-Consumer Rebate on certain models if they notice that these models are not moving as fast as they would like. So they give the dealers an incentive to sell these by offering this rebate. But know that the rebates usually don't apply if you get the 0% interest rate. Because that means that you'll have shorter terms and so the overall price will be lower--so there's no need to offer a rebate...
Here's where you can save with a 8% or higher rate over the 0% interest rate: Take the Factory-to-Consumer Rebate elsewhere (like to your own bank) and finance the car there. Apply the rebate and you'll likely pay less for your 8% loan than for the 0% loan at the dealership!
Financing a new or used car should be done at anyplace other than the dealership. Ideally, arrange financing BEFORE stepping onto the dealer's lot. This puts YOU in the driver's seat.
Charles Brown is a successful Webmaster and publisher. He provides lots more information on financing a new car on his website.
Article Source: http://EzineArticles.com/?expert=Chuck_Brown
http://EzineArticles.com/?Financing-A-New-Car&id=454323
For most people, paying cash for a new car isn't even a possibility. Because even if you do have the cash, you don't want to deplete your savings. So financing a new car is the only choice. In any case, you probably shouldn't even attempt to finance your car with a car dealership to begin with.
Thursday, April 12, 2007
Auto Loan Factory
Financing A New Car
By Chuck Brown
For most people, paying cash for a new car isn't even a possibility. Even if you do have the cash, you don't want to deplete your savings. So financing a new car is the only choice. In any case, you probably shouldn't even attempt to finance your car with a car dealership to begin with. Although it's fast, it's high pressure and the loans are often front-loaded--which means that the payments in the beginning are mostly interest. This makes paying it off early not even worthwhile; the dealership gets their money first and laughs all the way to the bank!
Even if the loan is not "front loaded," there are other ways that the dealership will get more money out of you than if you get your car financing elsewhere. It's important to remember that the finance manager at a car dealership works on commission. This means that he will try to get all sorts of things added on to your car's price. Things like an extended warranty, undercoating, alarm system, etc. He will try to upsell you on those things AFTER you've agreed to a price with the car salesman.
Remember this: The Finance and Insurance (F&I) department at car dealerships is often a bigger source of profit for dealerships than the sales department. This is how it works: The "finance manager" sends your credit info to the lender (bank) that they deal with, and the bank returns a table of interest rates based on the term (number of payments.) The finance manager then takes the lowest interest rate and marks it up. This markup is the dealership's profit on the financing and they are NOT required by any law to reveal how much they have marked it up.
This is called the Retail Installment Sales Contract (RISC). And incredible though it may seem, but a 0% loan rate offered at a dealership can often be beat by a 8% or higher rate gotten elsewhere. Because they have more in their magic "Bag 'O Tricks" than meets the eye: Often manufacturers will offer a Factory-to-Consumer Rebate on certain models if they notice that these models are not moving as fast as they would like. So they give the dealers an incentive to sell these by offering this rebate. But know that the rebates usually don't apply if you get the 0% interest rate. Because that means that you'll have shorter terms and so the overall price will be lower--so there's no need to offer a rebate...
Here's where you can save with a 8% or higher rate over the 0% interest rate: Take the Factory-to-Consumer Rebate elsewhere (like to your own bank) and finance the car there. Apply the rebate and you'll likely pay less for your 8% loan than for the 0% loan at the dealership!
Financing a new or used car should be done at anyplace other than the dealership. Ideally, arrange financing BEFORE stepping onto the dealer's lot. This puts YOU in the driver's seat.
Charles Brown is a successful Webmaster and publisher. He provides lots more information on financing a new car on his website.
Article Source: http://EzineArticles.com/?expert=Chuck_Brown
http://EzineArticles.com/?Financing-A-New-Car&id=454323
By Chuck Brown
For most people, paying cash for a new car isn't even a possibility. Even if you do have the cash, you don't want to deplete your savings. So financing a new car is the only choice. In any case, you probably shouldn't even attempt to finance your car with a car dealership to begin with. Although it's fast, it's high pressure and the loans are often front-loaded--which means that the payments in the beginning are mostly interest. This makes paying it off early not even worthwhile; the dealership gets their money first and laughs all the way to the bank!
Even if the loan is not "front loaded," there are other ways that the dealership will get more money out of you than if you get your car financing elsewhere. It's important to remember that the finance manager at a car dealership works on commission. This means that he will try to get all sorts of things added on to your car's price. Things like an extended warranty, undercoating, alarm system, etc. He will try to upsell you on those things AFTER you've agreed to a price with the car salesman.
Remember this: The Finance and Insurance (F&I) department at car dealerships is often a bigger source of profit for dealerships than the sales department. This is how it works: The "finance manager" sends your credit info to the lender (bank) that they deal with, and the bank returns a table of interest rates based on the term (number of payments.) The finance manager then takes the lowest interest rate and marks it up. This markup is the dealership's profit on the financing and they are NOT required by any law to reveal how much they have marked it up.
This is called the Retail Installment Sales Contract (RISC). And incredible though it may seem, but a 0% loan rate offered at a dealership can often be beat by a 8% or higher rate gotten elsewhere. Because they have more in their magic "Bag 'O Tricks" than meets the eye: Often manufacturers will offer a Factory-to-Consumer Rebate on certain models if they notice that these models are not moving as fast as they would like. So they give the dealers an incentive to sell these by offering this rebate. But know that the rebates usually don't apply if you get the 0% interest rate. Because that means that you'll have shorter terms and so the overall price will be lower--so there's no need to offer a rebate...
Here's where you can save with a 8% or higher rate over the 0% interest rate: Take the Factory-to-Consumer Rebate elsewhere (like to your own bank) and finance the car there. Apply the rebate and you'll likely pay less for your 8% loan than for the 0% loan at the dealership!
Financing a new or used car should be done at anyplace other than the dealership. Ideally, arrange financing BEFORE stepping onto the dealer's lot. This puts YOU in the driver's seat.
Charles Brown is a successful Webmaster and publisher. He provides lots more information on financing a new car on his website.
Article Source: http://EzineArticles.com/?expert=Chuck_Brown
http://EzineArticles.com/?Financing-A-New-Car&id=454323
Wednesday, April 11, 2007
Auto Loan Factory
Save Money with Free Printable Grocery Coupons
By Stephanie Nelson
Over the past five years there has been a dramatic increase in the number of grocery coupon offers available from printable coupon websites. There were only a handful of printable grocery coupons available on a couple of sites five years ago. Today, you can print a total of over 200 coupons from several credible websites.
However, there are some individuals who sell counterfeit grocery coupons over the Internet on auction sites. These coupons are not from legitimate coupon sites and are actually forgeries. Sellers may sell several printable sheets of coupons for a nominal fee of $5 to $10 per set. Unfortunately, shoppers who buy and use these coupons are committing a criminal act and are risking severe penalties. Therefore, to avoid the confusion of knowing how to identify counterfeit coupons, your best bet is to avoid buying any coupons over the Internet. Simply find the free printable coupon sites and use their coupons!
You will get plenty of free grocery coupons if you learn what the legitimate printable coupon sites are and how to get more of their coupons. Studies have shown that the average coupon value for printable grocery coupons is slightly higher than newspaper grocery coupons, and they are available for many popular brands. You can expect to find many coupons from General Mills, Pillsbury, Betty Crocker, Aquafresh, Red Baron, and more. You can also visit the websites of food manufacturers and sign up for their email newsletters to receive free printable coupons.
When you sign up for a coupon site, you may be asked if you would like to receive their email newsletter notifying you of new offers. You should select "yes" so you receive their reminders when new offers are added.
Check the printable grocery coupon sites when you are creating your weekly shopping list to make sure you take advantage of free offers for items you are buying.
The printable sites will require you to download a coupon print manager. You can trust that the coupon print managers from the sites we recommend are safe and will not damage your computer.
The printable sites limit the number of coupons you can print for each offer (either one or two per offer, depending on the site). Once you have reached your limit, you will not be able to print any more coupons for that specific offer. However, when the site's advertiser renews their offer you will be able to print more, so it pays to check each site on a weekly basis.
Ask your grocery and drugstores if they accept coupons printed from the Internet. Because of some counterfeit coupon problems, some stores will not accept them. However, most stores do accept them. This policy also varies by store and even by individual store manager, so it is worth asking nearby stores if your store doesn't accept them readily.
Stephanie Nelson's free grocery-saving system at http://www.couponmom.com is used by millions of shoppers a year. Stephanie is a regular contributor on ABC News’ Good Morning America and writes a bi-weekly savings column for ABCnews.com. She is the author of the book “The Greatest Secrets of the Coupon Mom” and writes a weekly syndicated newspaper column, "Supermarket Shopper."
Article Source: http://EzineArticles.com/?expert=Stephanie_Nelson
http://EzineArticles.com/?Save-Money-with-Free-Printable-Grocery-Coupons&id=455627
By Stephanie Nelson
Over the past five years there has been a dramatic increase in the number of grocery coupon offers available from printable coupon websites. There were only a handful of printable grocery coupons available on a couple of sites five years ago. Today, you can print a total of over 200 coupons from several credible websites.
However, there are some individuals who sell counterfeit grocery coupons over the Internet on auction sites. These coupons are not from legitimate coupon sites and are actually forgeries. Sellers may sell several printable sheets of coupons for a nominal fee of $5 to $10 per set. Unfortunately, shoppers who buy and use these coupons are committing a criminal act and are risking severe penalties. Therefore, to avoid the confusion of knowing how to identify counterfeit coupons, your best bet is to avoid buying any coupons over the Internet. Simply find the free printable coupon sites and use their coupons!
You will get plenty of free grocery coupons if you learn what the legitimate printable coupon sites are and how to get more of their coupons. Studies have shown that the average coupon value for printable grocery coupons is slightly higher than newspaper grocery coupons, and they are available for many popular brands. You can expect to find many coupons from General Mills, Pillsbury, Betty Crocker, Aquafresh, Red Baron, and more. You can also visit the websites of food manufacturers and sign up for their email newsletters to receive free printable coupons.
When you sign up for a coupon site, you may be asked if you would like to receive their email newsletter notifying you of new offers. You should select "yes" so you receive their reminders when new offers are added.
Check the printable grocery coupon sites when you are creating your weekly shopping list to make sure you take advantage of free offers for items you are buying.
The printable sites will require you to download a coupon print manager. You can trust that the coupon print managers from the sites we recommend are safe and will not damage your computer.
The printable sites limit the number of coupons you can print for each offer (either one or two per offer, depending on the site). Once you have reached your limit, you will not be able to print any more coupons for that specific offer. However, when the site's advertiser renews their offer you will be able to print more, so it pays to check each site on a weekly basis.
Ask your grocery and drugstores if they accept coupons printed from the Internet. Because of some counterfeit coupon problems, some stores will not accept them. However, most stores do accept them. This policy also varies by store and even by individual store manager, so it is worth asking nearby stores if your store doesn't accept them readily.
Stephanie Nelson's free grocery-saving system at http://www.couponmom.com is used by millions of shoppers a year. Stephanie is a regular contributor on ABC News’ Good Morning America and writes a bi-weekly savings column for ABCnews.com. She is the author of the book “The Greatest Secrets of the Coupon Mom” and writes a weekly syndicated newspaper column, "Supermarket Shopper."
Article Source: http://EzineArticles.com/?expert=Stephanie_Nelson
http://EzineArticles.com/?Save-Money-with-Free-Printable-Grocery-Coupons&id=455627
Tuesday, April 10, 2007
Auto Loan Factory
New Car Leases
By Jimmy Sturo
When it comes to leasing a car, your best bet is to lease a new one. Though it may cost more, it is a more practical decision. The primary consideration when you buy or lease a car should not be money - it should be the use that you can derive from it. A car fresh from the factory, generally gives you the assurance that all parts are in proper working condition. There is also a warranty that supports the car for a number of years - hopefully through the leasing period that will cover all major repair costs.
Leasing a new car does not require much financial expertise. You do want to be aware enough to haggle for the lowest possible deal so that the monthly payments will be lower. Depreciation is calculated on the estimated residual price of the vehicle when the lease period terminates. The difference has to be paid by the lessee. Once the price is settled, then papers are filled out and sent for approval. The deal is affected greatly by how good your credit is. Students and first-time lessees find it difficult to get a lease.
Monthly payments depend on a term called the money factor. This is a small decimal number, which when multiplied by 2400, gives the interest to be paid each month. An ideal deal is one in which the interest on a lease comes out to be the same as the interest on a normal loan.
While leasing a new car, it is important to remember that payments made every month will be significantly higher than for used cars. Depreciation is very high in the first year of purchase and is cut in half each successive year. That means for a short-term lease on a new car, the payment would be high. Add to that sales taxes, and you are paying a major bill each month for your car.
The satisfaction of leasing a new car is you are driving a new automobile with new technology. The car will also have a higher resale value at the end of the term should you decide to sell the car or trade it in for a new lease. New cars are easier to maintain and consume less fuel.
Car Leases provides detailed information on Car Lease Prices, Car Lease vs Buy, Car Leases, How to Get Out of a Car Lease and more. Car Leases is affiliated with Used Car Quotes.
Article Source: http://EzineArticles.com/?expert=Jimmy_Sturo
http://EzineArticles.com/?New-Car-Leases&id=278633
By Jimmy Sturo
When it comes to leasing a car, your best bet is to lease a new one. Though it may cost more, it is a more practical decision. The primary consideration when you buy or lease a car should not be money - it should be the use that you can derive from it. A car fresh from the factory, generally gives you the assurance that all parts are in proper working condition. There is also a warranty that supports the car for a number of years - hopefully through the leasing period that will cover all major repair costs.
Leasing a new car does not require much financial expertise. You do want to be aware enough to haggle for the lowest possible deal so that the monthly payments will be lower. Depreciation is calculated on the estimated residual price of the vehicle when the lease period terminates. The difference has to be paid by the lessee. Once the price is settled, then papers are filled out and sent for approval. The deal is affected greatly by how good your credit is. Students and first-time lessees find it difficult to get a lease.
Monthly payments depend on a term called the money factor. This is a small decimal number, which when multiplied by 2400, gives the interest to be paid each month. An ideal deal is one in which the interest on a lease comes out to be the same as the interest on a normal loan.
While leasing a new car, it is important to remember that payments made every month will be significantly higher than for used cars. Depreciation is very high in the first year of purchase and is cut in half each successive year. That means for a short-term lease on a new car, the payment would be high. Add to that sales taxes, and you are paying a major bill each month for your car.
The satisfaction of leasing a new car is you are driving a new automobile with new technology. The car will also have a higher resale value at the end of the term should you decide to sell the car or trade it in for a new lease. New cars are easier to maintain and consume less fuel.
Car Leases provides detailed information on Car Lease Prices, Car Lease vs Buy, Car Leases, How to Get Out of a Car Lease and more. Car Leases is affiliated with Used Car Quotes.
Article Source: http://EzineArticles.com/?expert=Jimmy_Sturo
http://EzineArticles.com/?New-Car-Leases&id=278633
Monday, April 9, 2007
Auto Loan Factory
Secured Business Loans - Way to Low Cost Finance for Businesses
By Andrew Baker
Establishing a business requires huge amount as businesses demand expenditure on various fronts. It is not easier for every business person to arrange required finance from own source and therefore secured business loans become inevitable. Lower interest rate and other easier terms-conditions have made secured business loans popular options for business people.
Secured business loans are offered to business people depending on the type of their business. Business persons can utilize secured business loan for various purposes. One who intends to start a new business, secured business loans can serve in buying raw materials, machinery and even for procuring a piece of land for setting a manufacturing plant or a factory. In case secured business loans are required for existing business, the loan can be utilized for buying additional raw materials and machinery. The loan also can be used in paying staff salary. Previous debts are also paid on taking the loan.
Secured business loans are provided on taking any of the business person’s property as collateral. The property may be residential or commercial. With collateral in place, the lender can offer any amount of loan. The borrowings depend on equity in collateral. Higher equity in home or any property enables in taking greater secured business loans. Because the loan is fully secured, lenders can easily offer secured business loans at lower interest rate.
Lenders provide secured business loans for larger repayment duration.
Secured business loans can be comfortably paid back in 5 to 30 years. This means the business person has ample time for establishing business. All he has to ensure is that installments of secured business loans are paid regularly. Since the loan is usually spent in various works of business, there may not be much amount left with the business person. So for paying off installments the business person must have extra source of income or the business must start generating income immediately. Lenders also would like to ensure that the borrower has enough income at hand. Secured business loans are given without many enquiries to bad credit business persons. This is because in case of payment default, still the loan can be recovered on selling the borrower’s property.
Prior to applying a lender, compare different secured business loans providers for individual interest rates and terms-conditions. Prefer applying to online lenders for fast approval of the loan.
Secured business loans are cheaper source of much required finance for business persons. Make sure that the loan installments are paid back regularly for avoiding debts.
Andrew Baker has done his masters in finance from CPIT. He is engaged in providing free, professional, and independent advice to the residents of the UK. He works for the LoansFiesta for any type of loans as Secured business loans, Unsecured debt consolidation loans, secured personal loans, secured homeowner loan in uk please visit http://www.loansfiesta.co.uk
Article Source: http://EzineArticles.com/?expert=Andrew_Baker
http://EzineArticles.com/?Secured-Business-Loans---Way-to-Low-Cost-Finance-for-Businesses&id=335650
By Andrew Baker
Establishing a business requires huge amount as businesses demand expenditure on various fronts. It is not easier for every business person to arrange required finance from own source and therefore secured business loans become inevitable. Lower interest rate and other easier terms-conditions have made secured business loans popular options for business people.
Secured business loans are offered to business people depending on the type of their business. Business persons can utilize secured business loan for various purposes. One who intends to start a new business, secured business loans can serve in buying raw materials, machinery and even for procuring a piece of land for setting a manufacturing plant or a factory. In case secured business loans are required for existing business, the loan can be utilized for buying additional raw materials and machinery. The loan also can be used in paying staff salary. Previous debts are also paid on taking the loan.
Secured business loans are provided on taking any of the business person’s property as collateral. The property may be residential or commercial. With collateral in place, the lender can offer any amount of loan. The borrowings depend on equity in collateral. Higher equity in home or any property enables in taking greater secured business loans. Because the loan is fully secured, lenders can easily offer secured business loans at lower interest rate.
Lenders provide secured business loans for larger repayment duration.
Secured business loans can be comfortably paid back in 5 to 30 years. This means the business person has ample time for establishing business. All he has to ensure is that installments of secured business loans are paid regularly. Since the loan is usually spent in various works of business, there may not be much amount left with the business person. So for paying off installments the business person must have extra source of income or the business must start generating income immediately. Lenders also would like to ensure that the borrower has enough income at hand. Secured business loans are given without many enquiries to bad credit business persons. This is because in case of payment default, still the loan can be recovered on selling the borrower’s property.
Prior to applying a lender, compare different secured business loans providers for individual interest rates and terms-conditions. Prefer applying to online lenders for fast approval of the loan.
Secured business loans are cheaper source of much required finance for business persons. Make sure that the loan installments are paid back regularly for avoiding debts.
Andrew Baker has done his masters in finance from CPIT. He is engaged in providing free, professional, and independent advice to the residents of the UK. He works for the LoansFiesta for any type of loans as Secured business loans, Unsecured debt consolidation loans, secured personal loans, secured homeowner loan in uk please visit http://www.loansfiesta.co.uk
Article Source: http://EzineArticles.com/?expert=Andrew_Baker
http://EzineArticles.com/?Secured-Business-Loans---Way-to-Low-Cost-Finance-for-Businesses&id=335650
Sunday, April 8, 2007
Auto Loan Factory
A Business Loan: Best Companion of the Beginners and Experts of the Business World
By John Carry
With various avenues and jest for self freedom has stimulated many to start their own business. The way things are going on; it does not look a big task to start a new business. But for that there are some mandatory requirements like sheer jest to succeed, innovative ideas and the most important thing, money. Undoubtedly, you need consistent cash flow and one way or another to generate regular money. But, initially you need that firm support to go on with your dreams and a business loan can be the right solution.
You can have various reasons to go for a business loan and this loan would suit them. Much depends on your financial capability and circumstances. Well most of the times, people go for a business loan to purchase a piece of land to set up their own factory, to buy raw material or machinery, to pay off previous debts of their businesses, for further expansion of their business, to pay off the wages of the employees.
So, once you make up your mind to pursue your business dreams with all the courage and sheer desire then you can go for a business loan. If you are capable to offer collateral against the loan amount then procure a secured business loan. On the other hand, no need to feel bad even if you do not have any security or collateral to offer as you can go for an unsecured business loan.
Both loan solutions would suit you in one way or another. In case you avail the loan after offering security, then you would reduce the risk for the lender. Thus, the lender can easily afford to offer you flexibility in terms and conditions. Besides, you can also get the big loan amount and concession in interest rate. The loan which comes without security would not give you such liberties, but it would get you the much needed money even if you do not offer any collateral against it. It’s obvious that non-involvement of collateral would mean that it would take a lesser time for processing of the loan amount.
You need to finalise your priorities or business needs before going for a business loan. Beginners need to take a special care before settling upon a business loan plan. The best way to choose any business loan is to get all the detailed information about the various lenders and business loan plans. These preparations would definitely make the things easier for you.
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Ask4loans as a finance specialist.
For more information please visit: http://www.ask4loan.co.uk/
Article Source: http://EzineArticles.com/?expert=John_Carry
http://EzineArticles.com/?A-Business-Loan:-Best-Companion-of-the-Beginners-and-Experts-of-the-Business-World&id=313348
By John Carry
With various avenues and jest for self freedom has stimulated many to start their own business. The way things are going on; it does not look a big task to start a new business. But for that there are some mandatory requirements like sheer jest to succeed, innovative ideas and the most important thing, money. Undoubtedly, you need consistent cash flow and one way or another to generate regular money. But, initially you need that firm support to go on with your dreams and a business loan can be the right solution.
You can have various reasons to go for a business loan and this loan would suit them. Much depends on your financial capability and circumstances. Well most of the times, people go for a business loan to purchase a piece of land to set up their own factory, to buy raw material or machinery, to pay off previous debts of their businesses, for further expansion of their business, to pay off the wages of the employees.
So, once you make up your mind to pursue your business dreams with all the courage and sheer desire then you can go for a business loan. If you are capable to offer collateral against the loan amount then procure a secured business loan. On the other hand, no need to feel bad even if you do not have any security or collateral to offer as you can go for an unsecured business loan.
Both loan solutions would suit you in one way or another. In case you avail the loan after offering security, then you would reduce the risk for the lender. Thus, the lender can easily afford to offer you flexibility in terms and conditions. Besides, you can also get the big loan amount and concession in interest rate. The loan which comes without security would not give you such liberties, but it would get you the much needed money even if you do not offer any collateral against it. It’s obvious that non-involvement of collateral would mean that it would take a lesser time for processing of the loan amount.
You need to finalise your priorities or business needs before going for a business loan. Beginners need to take a special care before settling upon a business loan plan. The best way to choose any business loan is to get all the detailed information about the various lenders and business loan plans. These preparations would definitely make the things easier for you.
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Ask4loans as a finance specialist.
For more information please visit: http://www.ask4loan.co.uk/
Article Source: http://EzineArticles.com/?expert=John_Carry
http://EzineArticles.com/?A-Business-Loan:-Best-Companion-of-the-Beginners-and-Experts-of-the-Business-World&id=313348
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