Where to Find Car Loan Low Interest Finance

You may be surprised to learn how much you will be able to save when you take out car loan low interest finance. If you have been working hard to negotiate the best sale price on your new car, you certainly won’t want to negate the savings you make by paying dearly for finance. There are many companies around who can offer you a good deal on an auto loan and, when looking for car finance, you should aim to pay the lowest rate you can.

When looking for car loan low interest finance you should ensure that you consider all options available to you. A lot of people feel more comfortable sticking with their own financial institutions or the larger bank lenders as they seem to think they will be able to provide the best loans at the best rates. This is not always the case. These days there are a large number of non-bank lenders who provide car loan low interest finance.

Probably the best place to start looking for car loan low interest finance is on the internet. The majority of non-bank loan providers operate solely online as it is an easy way to set up their business without having to outlay a lot of capital. These companies also have minimal running costs, so they can afford to offer car loan low interest finance and still make a reasonable profit.

It is important, when searching for car loan low interest finance, that you realize that interest rates can vary considerably between lenders these days. Ensure that you take the time to shop around and get as many quotes as possible, as you may never know when you will come across the perfect auto loan at the lowest price around. It is only by approaching as many lenders as you can that you will have any success in finding car loan low interest finance.

Looking for car loan low interest rate financing is quick and easy when you do it online. Not only can you compare lenders at a time that is convenient for you, but you will only need to enter your details once in order to receive multiple quotes. The other great thing about getting car loan low interest finance online is that the application process is incredibly straight forward. Once you have found a great rate from a reliable lender, you will be able to apply for your loan online by completing a standard application form. Your application will be submitted to your lender immediately and so the processing of your application is a lot faster.

One thing that you will need to be cautious about when getting car loan low interest finance online is that you will need to ensure that the lender you go with is legitimate and reputable. Sometimes a company that offers ridiculously low rates may not be the most trustworthy, so always take the time to find out more about a lender before signing on the dotted line. You can check out the business ratings of various lenders online through the Better Business Bureau or through auto finance review sites.

The Top 10 Dealership Scams Part 3

Car Dealers have numerous ways to scam a potential buyer. Let’s continue examining a few of them so you know what to look out for when making your next car purchase:

6. The Dealer Mark up Scam

This is an unnecessary fee that the dealer charges for no reason other than greed. This fee can be seen on the orange sticker marked on the manufacturer’s suggested retail price (MSRP).

The additional dealer markup is nothing more than requiring more money for no real reason. They can include all kinds of extra fees in the additional dealer markup.

When you see an extra dealer mark up fee, ask the dealer to get rid of it. If they refuse, it is pretty much up to you, but remember that if you do pay the extra dealer markup, you are overpaying for no real reason.

7. The Payoff Your Loan Scam

This is when the dealer offers to pay off the balance of your current car loan no matter how much money you still owe. It is a common sales strategy.
When the average buyer hears it, they think that by purchasing a new car with a new dealership, they will automatically owe no more money on their current car.

That couldn’t be further from the truth.

What really happens is that the dealership does help you get out of your current contract; however, they normally are forgetting to tell you how high your fees are going to be for breaking the lease agreement with your old dealership.

You will now be responsible to pay fees that are in the thousands to make up for it.

You also will not be able to refinance for a new car until those fees are paid. Of course the dealership can add the cost on to your contract with them at a substantially higher rate.

The dealership only agrees to this deal because they want to get more money off of your current car. They aren’t really doing anything for you at all.
The dealership will also give you far less then the car is worth on the trade off. Basically this scam works because they will up your monthly fees, and then sell your trade in for a more money than its worth.

The dealership then extends your monthly payments so that they can make it appear that you are paying a small amount monthly when you don’t even realize that you have committed to an extra year of payments.

To avoid this scam, you have to bite the bullet and ride out your current lease till the end. If you are really determined to get a new car, then you should try selling your current car on your own.

Just sell it so that the buyer just takes over the lease payments.

8. The Used Car Sold “As Is” Scam

This is when a dealership will sell you a car that has been in a car wreck, but they will tell you that the car has been completely refurbished.

When you see the car it has a sticker on it that says “as is” on it and no warranty is included with your purchase.

This is the dealer’s way of telling you that you can’t bring the car back, you are assuming all risks for the car, and that it is not under warranty.

To avoid this scam, don’t buy a car without a warranty or one that says “as is” on it. By doing this, you might as well buy a car from a stranger on the street with the same deal.

9. The Bounced Check Scam

This is when you walk into a dealership with a bank draft and the dealership charges that they can’t accept your draft because your bank bounces checks often so they now refuse checks from that bank.

Of course, this leaves the table open for them to get the extra money they want by offering to sell you a car at a higher interest rate.

You can avoid this scam first by getting your drafts from Capital One Auto Finance.

Then let the finance manager know that you are aware of the scam that they are pulling and that Capital One Auto Finance is in the business of giving loans so the checks don’t bounce.

10. The Forced Credit Application

If you are hoping to pay for a car outright or in cash with a bank draft or check that is what you should do. Some dealerships will not let you.

You will hear one of these lines so that they can try and get you into paying monthly terms for more money.

“State laws require that you must fill out a credit application before I can sell you this car.”

“Everyone that buys a car from us fills out a credit application first.”

“It’s the company’s policy”.

If you hear any of these lies, then know what’s going on. When you are paying cash why would you think that you need to fill out a credit application?

It doesn’t make sense. No state will force you to apply for credit when paying cash.

Would you have to fill out a credit report if you want to buy a sofa or groceries while paying cash? See how silly this is. To avoid this scam, just laugh in their faces.

5 Best Android Tablet Finance Apps

For Android tablets, the common reason for buying them may be for entertainment and leisure. Did you know that Android tablets are also proven useful in the financial world? Android has offered so many finance apps in the market which are very much relevant and useful to your every day financial needs. Whether you want the latest finance news or you need to make monetary computations, finance-related Android apps have got it all for you. Here is a list of the five best Android finance apps in the market:

1. Finance

Ever wanted to have a personal financial planner but you just can’t afford to pay for one? Simply called Finance, Android has come up with a powerful app which strips you of the need to hire a personal planner. Finance is an app which is capable of providing you with the most recent updates about the stock market. The best feature of this app is that it provides you with stock quotes which are very much reliable because they are quoted real-time. This app also syncs well with your stock portfolios which are loaded in Google Finance.

2. Real Estate Droid

If it is your dream to be a real-estate businessman someday or to be a licensed real estate broker, then this finance app is the best deal for you. Real Estate Droid comes with features which can, for one, search houses for sale. Once you find a catch, you can search information about its neighborhood with real-time updates. With this app, you can also check out mortgage quotes made by real lenders and compute for mortgage loans. You can always take advantage of the built-in loan calculator.

3. Financisto

Financisto is a finance app that is very much capable of doing many things. For one, it lets you add multiple types of bank accounts and even a multiple number of accounts per type. This means that you can add checking and savings accounts together into your file manager. For both types, you can add more than one account. With Financisto, you can also monitor which among your payments are recurring. Once you see the pattern, you can schedule them to make sure you don’t lag with your payments. This app can also help you create either a short-term or long-term budget.

4. Karl’s Mortgage Calculator

If Real Estate Droid is not enough for your mortgage needs, then you can always opt for a more specialized finance app, which is Karl’s Mortgage Calculator. By using this app, you can calculate how much mortgage you should be paying in the future and you can even visually see the results with its easy-to-read charts and graphs. This app can help you compute for your future payments, given the principal loan amounts, interest rate and terms. Karl’s Mortgage Calculator, however, is limited to supporting interest-only amortization and Canadian computations.

5. PayPal

Almost everybody knows of PayPal now. With the PayPal Android app offered in the market, you can do all things you normally do on your PayPal account. The bonus point here is that apart from being able to pay an item, you can also help hasten its delivery process. So, if you’re dying to take hold of that most recent Victoria Secret scent, then you don’t have to wait for the normal number of shipping days just to have it. You can always make it two or three days earlier with this app. With PayPal app at your reach, you can always access your PayPal account anytime you want.

The Best Free Android Finance Apps

Obviously many people will be skeptical as to how good free apps actually are, with many consumers actually purposefully not downloading free apps due to fears that they will crash or being infected with various ways of stealing your money. However these fears are totally unfounded and without evidence so do not let this put you off. Now to the apps:

PayPal

If you have been on the internet at some point then you will have undoubtedly heard of PayPal. The service facilitates payments between people via a simple email address, avoiding the complexities usually associated with bank transfers and the like. The PayPal Android app allows users to manage their PayPal account just as they would through the official website. The app is totally secure and allows you to make purchases or deposits also amongst other activities on the move, a very useful addition to the marketplace.

Quote Pro

Quote Pro is also an incredibly useful app, used by many on a daily basis it has fast become one of the most downloaded in its range. Not only can you obtain extremely detailed and accurate information about the range of stocks you have an interest in, but you can also keep an eye on your portfolio of stocks and shares.

Tip Calculator by TradeFields

Tip Calculator is perhaps one of the most imaginative apps I have personally seen on the app marketplace. It is incredibly useful for an aspect you will have probably have struggled with every time you’ve been out for a meal, the tip. Not only will the app inform you of the total tip you should be leaving behind, but will also divide the total tip amount between the number of people at the dinner, saving much embarrassment, delays and napkin calculations!

Currency Converter

How many times have you been in a foreign country or at the airport and have been wondering how much you will actually get in return for your dollars? Numerous times in all probability. The currency converter provided by Pocketools will enable you to be provided with an accurate, up to date and independent currency exchange valuation allowing you to shop around to find the best exchange rate. Not only does this app provide you with the current exchange rate, it will also give you data on the currency of your choice over the last 5 year period through the use of many easy to read graphs.

Mileage

This is without doubt one of the best apps I have personally seen. With the rising prices of gas which look set to continue for the foreseeable future it is a great way of ensuring that you are driving as economically as possible and therefore saving as much gas as possible. I haven’t an idea about how it works but it does, the interface is also extremely slick, simple to navigate through and to understand.

Finance

Finance, whilst the name of the app may not excite you or conjure up ideas that this app is going to change the world it certainly fills a gap in the market which needed a simple app. It’s similar to Google search in many aspects, it provides a very basic user interface, but one that is incredibly effective and performs its job excellently. If you already use Google Finance or are considering starting to use it then this app is vital, it synchronizes everything meaning it’s like being on your main PC.

Financisto

Financisto is another great money manager. The ability to create long and short term budgets for holidays, short breaks or just a simple shopping trip is a real plus point for this app and one which has seen it rocket in terms of popularity. In addition to this the app has the capability to check your recurring payments amongst many other essential financial activities; this has left many users of the marketplace wondering why there is no charge.

10.5 Hints to Help You Get a Car Loan

1. Know your credit score.

Get a copy of your credit report. Review it for errors and make any corrections before you try and get a loan. If there are major errors in your credit report, consider delaying your application until the corrections are completed. This will make sure you keep the car dealers honest. If you desperately need transportation, try renting a car short term until your credit report is straightened out. You may actually save money on fuel, insurance and repairs by renting which you can add to your down payment.

2. Have an explanation for your credit issues.

Don’t be apologetic. Bad things happen to good people. Be specific about any problems or crisis that caused your problem. Let the bank know about any major upheaval in your life that may have led to your problems such as an illness or a natural disaster, like Katrina, or 9-11. Make sure that you can substantiate your claim.

3. Don’t lie about anything on the credit app.

Lenders will turn reject your loan if they find you lied to them.

4. Know your income.

Make sure you can prove what you make. Have your proof readily available.

5. Save your down payment.

More down means more car. Larger down payments can sometimes get a lender to view your application more favorably.

6. Know what the payoff on your trade-in is.

If you are trading in a car with a payoff, get a ten day payoff from the lender. If you have a warranty or additional policies bought with the vehicle, find out if you can cancel them. This will lower your payoff or entitle you to a refund after the vehicle is paid off.

7. Know what your car is worth.

Check out NADA or KBB first. Go to CarMax and see what they will buy it for. Use these figures to negotiate the best trade in value. Remember, If you get more than the payoff, that amount becomes down payment.

8. Buy what you need, not what you want.

Set realistic expectations. Don’t buy more payment than you can truly afford. Rebuild your credit first, than rebuild your image later.

9. Don’t be argumentative.

Nice people get better deals than people who give sales reps a hard time.

10. Try other sources to get a loan.

Check online. Lenders such as Capital One, HSBC, Roadloans, and CitiFinancial all have websites which let you apply direct to them for a loan. You may get better rates and terms from lenders online than from a dealer.

Check your credit union or insurance co. They may have a loan program or lender relationship. A good payment history with your insurance company may help you get a loan from their bank. Credit unions can sometimes do automatic payroll deductions, which guaranty you pay the loan, so they may be more receptive.

10.5 Don’t go from dealer to dealer.

Excessive inquiries can be a reason a lender declines your application.

BONUS HINT!

Don’t be misled by “Every application is accepted”

Just because a dealer says your application is accepted, that doesn’t meen that your loan is approved. Accepting your application means that the dealership will take your infomration to submit to a lender. It’s up to the lender to approve your loan application, not the dealership.

DOUBLE BONUS HINT!!

Adverse action notification under the Equal Credit Opportunity Act (ECOA) and the Fair Credit Reporting Act (FCRA) requires a creditor obligation to furnish certain information to a customer seeking financing
whenever a decision is made that is adverse to the customer. This means that a dealership must submit your application to a lender for adecision or THEY (the dealership) must furnish you with an Adverse Action Notice describing why THEY (the dealership) declined to approive your request for a loan, AS SUBMITTED. Unless the dealership has their own finance company, they are required by law to either submit your application to a lender or tell you what information the dealership has used in order to decline your request for credit. If a dealership dopes not submit your application, they may be in violation of these two federal laws!

Geoff Cohen is a seasoned auto professional, with over 30 years experience. He has done it all, from sales rep to F&I Manager, New Car Manager, Used Vehicle Manager, up to GSM and GM. He has also worked as an area sales manager for a major sub-prime lender as well as run his own BHPH and Auto Leasing/Brokerage company.. He is the National Accounts Manager for AutoLending Network and is a contributing author to Subprimeconsulting.com, a blog about Special Finance solutions for auto dealers as well as F&I Magazine and World of Special Finance Magazine