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How to Qualify For the Best Auto Loan Rates

Finding the best auto loan can be confusing. Auto loans allow you to borrow the cash you need for the car you want. They also typically require you to apply for a loan using your house as collateral because most auto loans are unsecured. This is good news and bad news, respectively. The good news is that if you pay back your best auto loan service with a lower monthly payment, your credit score will increase and the interest rate will drop.

Finding the best auto loan rates for you can be as simple as getting prequalified. How do you get prequalified? Ask the dealer for prequalification information. Many dealerships encourage you to apply by filling out an application on their website. Be sure to fill out this form so you can get prequalified and start saving.

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How do you qualify for car loans online?

Auto dealers often provide a tool for you to enter in your credit information to find out how much you will qualify for. You can get prequalified by filling out a standard credit application or you can apply directly. Each type of loan has different requirements, so always read the terms before applying for any loan to avoid paying extra fees.

What is a 72-month term in an auto loan?

Most lenders require borrowers to qualify for a minimum of six months and a minimum of three years of payments. These terms are determined by your current credit score and capital one rating, whichever is higher.

What is the annual percentage rate or APR for my car loan?

The annual percentage rate (APR) is a key number that determines your monthly payment amount. The higher the APR, the more interest you will pay over the life of the loan. Shop around and compare APRs from different lenders to pick the lowest available.

I am going to buy a used vehicle. Do I still need a credit report?

If you are looking to buy a used car and do not currently have a credit report, you must obtain one before submitting an application for an auto loan. Lenders are required to check your report annually to determine if you are a good risk to approve for financing.

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What are interest rates and how do they affect my monthly payment amount?

Car loan terms depend on the value of the car and your current credit history. Lenders try to determine the appropriate interest rates for your situation based on your credit history and current debt load. Shop around for interest rates from several lenders and then apply for auto loans with the lowest interest rates.

Are there better online lenders available to obtain auto loans?

Capital One has been reported as being one of the best auto loan lenders in recent years. They do not report your credit history to the three major credit reporting agencies. Capital One offers many flexible payment terms and requires no down payment.

Are bad credit car loan rates higher than regular auto loan rates?

Unfortunately, yes. The good news is that sometimes a person can have a hard time qualifying for a regular auto loan. The bad news is that sometimes the qualifying standard is so high that a person cannot qualify. A person may have a bad credit score but be very diligent in paying all bills on time. Paying bills late does not help one’s credit score.

Where can I find the best rates on bad credit auto loans?

You should use a broker to shop for your interest rates. Brokers have access to many lenders and will work with you to get you the best interest rate possible. A broker will not allow you to shop around from lender to lender; he/she will provide you with rates from a large number of lenders.

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Do short-term and long-term auto loans exist for people with bad credit?

Yes, there are short-term and long-term loans available. These types of loans are usually only meant to help someone fix their vehicle over a period of six to twelve months. The long term loans are usually offere to those who are looking to keep their vehicle for longer periods of time, usually at least sixty months.

What is the best way to research auto loans?

The best way to research all loan terms is to use online brokers. A good online broker will have access to many different lenders and will do their own independent analysis to help you make the right decision. To find a good online broker, search on the internet for “Lightstream direct loans”. A good easy payday loans lender will offer competitive interest rates, no points, and low monthly payments.

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