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| *Loan,banking and credit>>>auto loan |
Where is the best place to get an auto loan? |
I am only 20 years old and a student I work half time and I dont have enough credit. I was curious of where the best place was to get a loan? You need to be careful. Many of the places that will offer you credit will charge an outlandish interest rate and you will end up upside down in the value of your car. My suggestions would be: 1.Can you get someone to co-sign? A parent maybe? My mom co-signed on my first car so I could get it. Then I built enough credit on my own by paying for that. 2.Check with your bank. If you have had an account for a while and have a stable account history, they might be able to work with you. 3.Find a local bank. The rates might not be as good as with larger banks, but they are more flexible because they need the customers. They are more likely to work with you. 4. See if you can get the dealer to finance you through THEIR company. GMAC has their own, as do Honda and Ford for sure. Fill out the papers and see how much they will finance you for and at what interest rate. Since they are "double-dipping" on the money (Getting the money from the car and the loan) you may be able to get a better rate. 5. Whatever you do, don't take a rate over 10% on a new car and 12% on a used. Those are very high already, but anything higher and you will be paying forever and will always owe more than the car is worth. 6. If you have to finance it forever to be able to afford it (say like the new 6 and 7 year terms they offer) by only a Kia or a Hyundai. They have the longer bumper-to-bumper and powertrain warranties. You will have to be committed to that car until you pay it off, as you will always owe more than its worth. But since they have the longer warranties, you are covered for a longer portion of the time you will be paying for it. Say you finance a Dodge for 6 years. Well the warranty runs out in 3, so you have 3 more years to pay payments and have to worry about something going wrong. If you finance a Kia or Hyundai for 6 years, their bumper-to-bumper is 5 years and their powertrain is 10, so you are covered on everything for most of the loan period and on the engine until well after the car is paid for. That way you don't have to worry about making car payments and having to replace a transmission. (Of course you have to stay within the mileage limits as well, but they are still much better than any other brand) And as a side note, I had to buy a Hyundai, and even though they are not glamorous, they are cheap, and the warranty is killer. For a college student, you can't beat the overall value. HDFC bank |
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