Car Nation blog. Financing a new car or truck has never cost less, and qualifying for an auto loan is easier, too, even if your credit has a few dings and dents. ... Unfortunately, not everyone has the credit history required to qualify for 0 ... Auto loans keep getting cheaper and easier to find
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When you decide to buy a new or a used car, the main issue that needs to be dealt with is to get it financed. There are three ways to finance your vehicle:
1) Using the Disposable Income on Hand
Needless to say, the best way of paying for a vehicle is to use cold hard cash. This option is apt for you if you have an abundance of disposable income on hand. Having ready cash to offer when purchasing a vehicle is advantageous owing to the following reasons:
- You need not apply for an auto loan and bear the burden of monthly repayments for several years. In short, you can lead a debt-free life. Also, as you need not pay any interest, you can save thousands of dollars in your future.
- You can negotiate a better deal with the auto dealership as having cash offers flexibility. That is, you can choose whether you want to use hard cash, or whether you want to take advantage of the strong relations that your dealership has with financial companies to obtain auto finance at low interest rates.
Try to determine whether the dealer wants you to use car financing or cash, and play your cards accordingly while negotiating.
2) Auto Financing through Lending Institutions
If you do not have enough cash to make the purchase, you need not worry. You can acquire an auto loan through local lending institutions or financial services, such as banks and credit unions. To get in touch with these institutions, first find their contact details using online directories on loan-related websites. Next, short list a few local financial services nearest to you and find out from them about the interest rates and term periods for which the loan can be taken out. Also find out whether or not you can pre-qualify in advance for a loan.
3) Auto Financing through Dealerships
While obtaining finance through an auto dealership is often more advantageous than obtaining it through lending institutions, there are two major dealership traps you should beware of:
Attractive Rebates: If you get lured by the attractive rebates offered by a dealer, you would definitely lose thousands of dollars. This is because accepting any such rebate would automatically increase the interest rates. Therefore, before accepting any tempting offer, make sure you read the fine print.
Zero percent financing: This is an ideal option for those who have a very good credit score. However, if your credit rating is not the best, you would be required to pay a very high interest rate on your financed automobile.
Thus, depending on your needs and budget, you can finance your vehicle using any one of the above three options.
Recommend Three Ways to Finance Your New Car ArticlesQuestion by Archangel: Drove new Car 800 miles, now recived letter '0% Financing Refused'? I bought a new car, signed all the forms for 0% financing option together with my friend who shared his credit. Have done 800 miles on it. Received letter from NMAC yesterday saying 'We regret that we could neither grant you creit on the terms you requested, nor offer alternative terms to you' I chose them because they promised 0% financing. Due to religious beliefs, no other %age of financing is acceptable to me. What to do now? I have excellent credit, but my credit history is only 8 months long. My friend has years and years of excellent credit history, but he doesn't have something 'revolving credit history' or something. i.e. he always pays upfront... he's never bought anything he cannot afford... Thank you for the response. about interest: well we try to avoid as much as we can. But where it is not possible, we have to do it. We keep track of which money comes to us through interest, we do not use it e.g. give it away, but we would pay wherever it is due on us due to the system. but that's a different story. Hi people! Good news!!! Went today to return the car, and they said they're gona go ahaead with 0% FINANCING WITH NO CREDIT HISTORY!!! I LOVE GWINET PLACE NISSAN! WONDEFUL WONDERFUL PEOPLE!!! lesson: Stand up for what you believe in!!! Best answer for Drove new Car 800 miles, now recived letter '0% Financing Refused'?:
Answer by mccoyblues
Your religion forbids interest rate? What do you do about your investments which earn interest, your checking account that earns interest and your mortgage that charges you interest. The bottom line, your financing got denied, you have to take the car back. You didn't buy it, it's not yours to keep. Nobody can promise 0% interest. They can OFFER you zero percent but NOBODY can guarantee you'll qualify for it. In this case, you did not qualify so you must return the car.
Answer by Jim
Drive to the dealer and return the keys.Next move is on them.
Answer by Stupid Flanders
Take the vehicle back to the dealer and pay your usage fee. Probably going to be in the $ 200-$ 500 range.
Answer by Christopher
If you have to return the car, go ahead. Going with what you can afford is a great practice. But you can not be promised 0%. That offer is to get people in the door. Especially if you have a young credit history. But don't stress out about it, turn the car in, see what the dealer does (weather they just accept or offer you a better deal to keep the sale.) There are a lot of possibilities here and a lot of cars available out there as well. Have fun!
Answer by ,539,684,631,121 Clinton Debt
Not the dealer fault you did not qualify for the loan. Something came up that the lender did not like. You owe more than said, or you don't make what you claim.
Answer by alfredb1979
What to do now? --- Pay in cash? Not really sure how you thought eight months of credit history put you in the category of "well qualified buyer"...you know, the buyer that CAN get those 0% deals, but you were mistaken in any event. Badly mistaken. Car goes back or you pay cash in full on the spot.
Thank you for sharing! This article is very informative and helpful. Good work!
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