Title:
The Low-Down on Bank Car Loans
Word Count:
583
Summary:
Bank car loans are regulated. This is the most important fact that you will ever take from this article. This is
to say that the interest rate charged for the vehicle loan can only be so much annually and no more
Keywords:
bank. loans, car, interest, deal, auto, dealer, offer, rate, apr, regulated, cost, repayment
Article Body:
Bank car loans are regulated. This is the most important fact that you will ever take from this article. This is
to say that the interest rate charged for the vehicle loan can only be so much annually and no more. This is
not to say that banks will give you 100% on the value of the loan on a new or used car. Banks maintain
extremely fair and precise actuarial tables and books listing the fair value of both brand new and used
vehicles. They obtain the best market value and provide you financing for approximately 66% of the
automobile's cost to you, the buyer in the best cases. Their loan operations are excellent because they have
the best information in the automobile industry. They have the certified blue books, which show the
appraised value of every model of car made in the world. They also keep a close association with all the
automobile dealers in town, throughout the state and sometimes out-of-state whenever Interstate commerce
laws allow it.
Therefore your local bank has the best information on all the best bargains in used and new cars. It is certain
that you won't have to worry about getting a good deal if you have a good credit report. This insures your
rating in the eyes of your bank bringing such benefits as lower interest rates and longer loans. Now this is
the bright side of the coin, what I have to tell you next is the dark side of the car loan fable.
Throughout the city and state there are numerous used car sales lots. Many streets here in town are elbow to
elbow with used car lots. They look attractive and their price tags seem just right. The prospective buyer
should exercise extreme caution before financing a used car from any unknown automobile car lot. First,
there are many used car dealers who charge outrageous interest rates on the cars they sell. They can do this
because in our state, the state legislature has voted that used car dealers bear an extreme risk when financing
any car from their inventory to a person with questionable credit. This is the "usury allowance" laws which
have allowed bad car deals and legalized loan shark businesses to thrive throughout America. Our state isn't
the only one, where greed and avarice dwell you find similar programs. You see a car that really is the one
for you.
Maybe your credit isn't in such good shape so the bank can't help as much as you wanted. The "Triple Nasty
Car Dealership" offers you financing, free tags and sales tax on the car of your dreams. Only it becomes a
nightmare quickly when you decide on a car you really can't afford. The interest rates on your car payment
far exceed what your license tag or sales tax. In fact you can be making payments of over a thousand dollars
a month for a five year old vehicle. A young friend of mine, desperate for an automobile, bought a used car
that she had to pay a weekly car loan payment. Her credit risk according to the car dealership, warranted a
loan rate of 258%. The closing statement is this, make your car loan from a recognized bank and get a
manageable rate. If you cannot finance from a bank, or a lending association carefully look into the
repayment terms offered by the dealership. If they are exorbitant or too costly then don't sign the loan
papers, just walk away!
Credit Dispute Letter