Copy of A_Guide_To_Comparing_Used_Car_Loan_Rates by collectorcarin1

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									Title:
A Guide To Comparing Used Car Loan Rates


Word Count:
428


Summary:
If you want to get the perfect car loan that fits your budget, it is foolhardy to just sign-up when you have not
determined all of your available options. Before doing so, you might to consider first the figures that you
will be working with.


Once you have determined the model of the car that you want, where you will be getting the loan from, and
your monthly allowance for the used car loan payment, you may proceed with signing up. Then you will be
on your way to owning th...



Keywords:
car, auto, automobile, vehicle



Article Body:
If you want to get the perfect car loan that fits your budget, it is foolhardy to just sign-up when you have not
determined all of your available options. Before doing so, you might to consider first the figures that you
will be working with.


Once you have determined the model of the car that you want, where you will be getting the loan from, and
your monthly allowance for the used car loan payment, you may proceed with signing up. Then you will be
on your way to owning the vehicle that you want.


There are a lot of web sites online which offer auto loan rate calculators.


These rates vary by state and city. There are also online lenders who offer a cheaper rate, as compared to
getting car loans via banks who - more often than not - deny your loan application, especially for used
vehicles.


Research online and visit the used car dealers in your area. Collect the price quotes first to determine the
current rates for the used cars available in the market.


You can also ask around for the rates. You are bound to get more results by word of mouth, especially if you
know car enthusiasts.
Take the following as an example of the current used car rates:


In California, three lenders who offer used car loans are the Bank of America, Capital One Auto Finance
and Wells Fargo Bank.


For a used car loan, the Bank of America offers 20% down payment and an 11.2% rate. You would add to
this a $75 fee and a .25% discount with auto debit.


The second lender, which is Capital One Auto Finance, offers a 6.25 % rate and a 20% down payment.
There are no application fees and prepayment penalties.


Wells Fargo Bank offers an 8.88% rate and a 20% down, a $50 application fee and a .25% discount with
auto debit.


At the end of the day, just compare these three rates and determine which offer would fit your budget.


Also consider the distance, mileage and the final asking price.


One more thing that you should consider when comparing rates is the number of months for you to make the
payments.


There are several options. Some lenders offer a 36 month used car loan. For higher asking prices, longer
payment terms are available.


For a 36-month used car loan, for example, the rate offered is 8.31%. This rate increases as the number of
months increase.


After researching and looking through all of your options, choose the lowest rate that you can get and
remember not to overspend when you have already reached a certain target budget.




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