What amount of loan are you eligible to get in an auto loan? Generally, the amount you’ll receive depends on 3 important factors: the cost of the car, the type of car, and if the car is new or used.
What is the annual percentage rate or APR? The APR is the effective rate of interest you pay on your auto loan. Thus, a lower APR lets you save money.
An excellent credit score can get you the best possible interest rate on your auto loan. Depending on the loan amount and tenure, this can save you thousands of dollars over the long term.
If you are showing smaller income to the IRS, it may help you save on taxes. However, this can make it difficult for you to qualify for a large loan amount as lenders perceive that you are making less money.
Auto loans have grown in popularity in recent years. They are especially popular among people who wish to own a car but don’t have enough cash to purchase it.
Can a co-borrower be part of the auto loan? Yes, the financial records of a co-borrower can be used to help you qualify for the auto loan, and you are allowed to include one.
Do you know that interest rates are usually higher when you’re financing a used vehicle as opposed to a new one? Contact us to get more details.
Your credit history will be one of the key factors that determine whether you’re approved for an auto loan or not. It will also put an impact on your annual percentage rate (APR) and the loan terms.
Adding a co-applicant to your loan application means you're applying for a joint auto loan. If approved, each borrower is responsible for repaying the loan.
Some people opt for a longer tenure to reduce monthly payments, while others prefer to make a higher monthly payment and pay off the loan sooner. Weigh all the factors and make the right decision based on your financial situation.
Do you need to make a down payment to be approved for an auto loan? Yes, but this is not compulsory. Contact us to know more!
Having a nice, luxury car is a dream of every person. If the lack of financial support is blocking your way to happiness, then getting an auto loan is definitely a good option.
The statistics have found that people with 720+ credit scores originate more auto loan debt than the rest of the credit tiers combined. The ratio is $27 million vs. $23.3 million.
If you are signing for an auto loan for the first time, you might be having a lot of questions in your mind. Contact us and we will help you understand the entire process so you have the best possible experience.
How much loan will you be eligible for? Several factors such as vehicle cost, type and value in the used car market are taken into account while deciding the amount of loan to offer. Contact us to know more.
Once you've decided to buy a new vehicle, you have 2 payment options: pay for the vehicle in full or finance it over time with a loan. Most auto purchases involve financing because it is a more convenient option.
As per the latest statistics, the average monthly car payment in the United States is $550 for new vehicles, $452 for leased vehicles, and $393 for used vehicles.
Some basic documents you’ll need to get an auto loan include income statements/payslips, ID proof, residency and other personal details. You’ll also have to undergo a credit check. We may also need information about the car you want to buy.
