Car sales have slumped to levels not seen in a decade -- good news for both buyers and borrowers.
Declining sales mean a rising number of bargains for the consumer; for the auto loan applicant, it could mean a lower down payment, and a better rate on down the line. Not to mention a load of discount financing, factory-to-dealer incentives, and rebates right now.
The models with the deepest discounts may surprise you, such as the Mercury Grand Marquis, which comes with a rebate of up to $6,500. Other vehicles which made the list include the Chrysler 300C, the Dodge Ram 1500 and the Ford Explorer. One note: financing and discounts tend to vary by region, so check around for the bargains in your area.
http://www.bankrate.com/brm/news/car-advice/20080321_discounted_2008_cars_a1.asp?prodtype=auto
Wednesday, March 26, 2008
Wednesday, March 19, 2008
FED RATE CUTS A BOOST FOR AUTO LOAN APPLICANTS
Thanks to the latest rate cuts by the Federal Reserve, borrowers should see lower costs on more than just mortgages -- it should help make auto loans more attractive, too.
According to a story in the Santa Rosa Press Democrat, rate cuts should help perk up auto loans. "Once there are more funds into the overall banking system, generally you see fixed rates start to come down," said Steve Stapp, chief financial officer for Redwood Credit Union. "There's more willingness by institutions to lend. Car sales have been down, so it's really an effort to stimulate buying by the consumers.
Auto loans are fixed-rate loans and not tied to the prime, but costs for those and other fixed loans should ease with the overall boost to lending, Stapp added.
http://www1.pressdemocrat.com/article/20080319/NEWS/803190383/1036/BUSINESS01
According to a story in the Santa Rosa Press Democrat, rate cuts should help perk up auto loans. "Once there are more funds into the overall banking system, generally you see fixed rates start to come down," said Steve Stapp, chief financial officer for Redwood Credit Union. "There's more willingness by institutions to lend. Car sales have been down, so it's really an effort to stimulate buying by the consumers.
Auto loans are fixed-rate loans and not tied to the prime, but costs for those and other fixed loans should ease with the overall boost to lending, Stapp added.
http://www1.pressdemocrat.com/article/20080319/NEWS/803190383/1036/BUSINESS01
BAD CREDIT NO LONGER AN OBSTACLE TO GETTING A CAR LOAN
Thanks to the Internet, low credit no longer means you're automatically going to get the red light for a new car loan.
In fact, far from shying away from subprime customers, a new breed of auto loan websites are actually catering to the bad-credit crowd. And the terms aren't as bad as you might think: interest rates on these loans can be as low as 12% to 16%, depending upon the type of loan you're seeking.
Not only that, you can usually make alternate payment arrangements if you know you're going to miss a payment -- adding flexibility as well as a manageable APR to the loan. Plus, these bad-credit auto loans are often available in both secured and unsecured forms.
The funds are right at your fingertips -- just do a search for "auto loans" and you'll see what we mean.
http://www.bestsyndication.com/?q=20080311_low_interest_auto_loans.htm
In fact, far from shying away from subprime customers, a new breed of auto loan websites are actually catering to the bad-credit crowd. And the terms aren't as bad as you might think: interest rates on these loans can be as low as 12% to 16%, depending upon the type of loan you're seeking.
Not only that, you can usually make alternate payment arrangements if you know you're going to miss a payment -- adding flexibility as well as a manageable APR to the loan. Plus, these bad-credit auto loans are often available in both secured and unsecured forms.
The funds are right at your fingertips -- just do a search for "auto loans" and you'll see what we mean.
http://www.bestsyndication.com/?q=20080311_low_interest_auto_loans.htm
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