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Used Car Loan Tips
Make sure you know that car's history
Before you even think about financing a used car, you need to run a AutoCheck Vehicle History Report AND have a certified mechanic inspect the car. If you don't do both of these, and you end up getting screwed, don't
email me. You have been warned.
Used car loans and used car financing
If you plan to purchase a used car from a dealer - Capital One Auto Finance and
FirstAgain.com (if you have an excellent and substantial credit history) provide
used car loans for buying from a car dealer. Apply online and get approved today. Capital One Auto Finance
will FedEx you a check. FirstAgain.com will wire the funds directly to your bank
account. You become a true cash buyer and avoid all the paperwork hassles. Your Capital One Auto Finance loan
Annual Percentage Rate (APR) will vary based on the model year of the used car purchased. The newer the used car, the lower the APR.
Capital One Auto Finance provides you with a table of model years and APRs. In some cases you will actually
save money by buying the newer more expensive used car at the lower APR. I helped my friend Jerry buy his used Lexus RX300 and had him apply at
Capital One Auto Finance. They approved him and he got his check the next day by FedEx.
If you plan to purchase a used car from a private party - Up2Drive
and FirstAgain.com (if you have an excellent and substantial credit history)
provide used car loans for buying from a private party. Up2Drive will send you a
"Drive Check". The Drive Check works similar to a personal check. You can negotiate the sale price of a vehicle as if you have cash on hand.
FirstAgain.com will wire the funds directly to your bank account. You become a
true cash buyer and avoid all the paperwork hassles.
CarBuyingTips.com FACT:
Most banks will NOT lend you money for a used car that is older than 4 or 5 years old. Banks charge at least 2% higher APR on used
car loans, than they do for new car loans. But online lenders are much cheaper, and used car loan rates are closer to new car loan rates.
Which site should you use? First make sure your credit score is at least 680, then as a prime borrower, you can choose by who has the lowest APR. People with
bad credit pay higher auto loan interest rates. Get your credit report instantly online, it's a must for The Folder.
DO NOT apply for a car loan until you get your credit report WITH credit score. Get it
online at Experian,
Equifax or
TrueCredit.
Best New Car Loan, Used Car Loan Sites
Where to check online auto loan rates |
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Capital One Auto Finance can give you lower APR with hassle-free auto financing,
response in minutes. Bring your auto loan check to the dealer.
Click Here to Visit Capital One Auto Finance |
FirstAgain.com online lending for people with excellent credit.
What you Need for loan approval:
- 5 years of excellent and substantial credit history with no delinquencies, with a variety of account types (credit cards, mortgage, auto loan).
- Minimum FICO Credit Score of 700 (Click Here To Get Your Credit Score).
How First Again works:
- Apply online at FirstAgain.com for the amount you need to buy your car. Get
email about your loan within minutes (during business hours).
- If approved, sign your loan agreement electronically online, choose your funding and monthly payment dates
- Funds transferred electronically, directly to your designated account. Go pay for your car.
- Loans are completely paperless and unsecured.
Click Here to Visit FirstAgain.com |
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If you have bad credit,
submit one FREE application to a bad credit auto loan site like
AutoCreditFinders, that specializes in finding
bad credit car loans for people with low credit scores. If
your score is <540 don't apply for a car loan until you learn how to
repair your own credit at our other site
DebtWizards.com.
 Car Loan Tip Of The Month
With paperless car loan,
FirstAgain.com deposits money directly into your checking account as soon as today
Low rate for buyers with
an excellent and substantial credit history only.
FirstAgain.com introduces the nation’s first paperless
consumer loan experience. FirstAgain’s AnythingLoan is an unsecured loan that
eliminates fees or pre-payment penalties; it allows you to have funds in your bank account as soon as the same day. You also avoid the hassle of title and lien
issues because this loan is unsecured. Approval takes only minutes and you don’t have to wait for a check to arrive. You no longer have to deal with car dealers
scamming you with, "that lender’s check will bounce" or telling you, "we don’t take their checks, they take too long to pay." The
AnythingLoan allows you to be a cash buyer as soon as today! With low fixed
rates, the AnythingLoan is ideal for dealer purchase as well as lease buyouts or person-to-person purchases. The
AnythingLoan can be used for any new or used auto. In fact, it can be used
for anything you like including home improvement, timeshares, motorcycles, boats and RVs, education, or medical expenses. This type of loan is only available
if you have squeaky clean credit.
What you Need for loan approval:
- Five or more years of significant credit history (Click Here To Get Your Credit Score).
- A credit history with a variety of account types (i.e. major credit cards, installment debt and/or mortgage debt)
- An excellent payment history with no delinquencies or other problems repaying debt obligations.
- A proven ability to save.
How First Again works:
- Apply online at FirstAgain.com
for the amount you need to buy your car, boat, timeshare or home improvement (or anything else). Get an email about your
loan application within minutes (during business hours).
- If approved, sign your loan agreement electronically online, choose your funding and monthly payment dates
- Funds transferred electronically directly to your designated bank account. Go pay for your car, RV, education, medical expenses or anything else!
Click Here to Visit FirstAgain.com |
Never pay cash for a deposit on a car
If the deal goes south, you'll never get your cash back, but you can always dispute a credit transaction. You may need a new, clean credit card to handle deposits, and
purchases, don't pay cash. If you have good credit, try either the
Discover® Platinum Card
or the
Discover® Student Card,
both have no annual fee, 100% fraud protection and 0% APR for 12 months on
balance transfers. What if you can't get credit at all and keep getting rejected? Then try this
Credit Card Finder For People With Bad Credit. Don't keep applying to
credit cards, get rejected, and your credit history ruined further, find out who will approve you before you apply. They find at least 2 credit cards guaranteed to
issue an unsecured credit card to you. If your credit is so bad and If you're in too deep, maybe now is not the time to buy a car.
Shop Auto Insurance Costs for Your Used Car
Before you shop for a used car, get auto insurance quotes to find out how much it will cost to insure it. Auto insurance sites like
Comparison Market, GEICO
and Progressive Auto Insurance give free online car insurance
quotes.
Get An Extended Warranty for your used Car
Get an extended warranty for your used car. The best car warranty site we have researched so far is
Warranty Direct. Read our chapter on
Extended Warranty Scams & Tips, or you'll be out several hundred dollars. If you buy a 3 or 4
year old used car, that's when the manufacturer's warranty expires and all hell breaks loose. Unless you have an extended warranty, you are exposed to potentially
large losses.
World Trade Center Damaged Cars
Thousands of cars were damaged in on 9/11/2001 These cars will be salvaged, rebuilt, sold at car auctions and have their titles rebuilt, most likely out of state.
Even if you live in another state, run a AutoCheck Vehicle History Report on every used car before you buy. Other major vehicle disasters:
- Hurricanes Katrina, Rita and Wilma in 2005
- 4 Hurricanes, Charley, Frances, Ivan and Jeanne battered the Southeast in 2004
- Tropical Storm Allison Flooded 20,000 Houston homes and cars in 2001.
- In 1999 Hurricane Floyd flooded or totaled 15,000 cars in the Carolinas.
- In 1999 Hurricane Irene flooded hundreds of cars in South Florida.
Know your credit score. Get your online credit report.
Read our Auto Finance Help Section for tips on getting your credit report, credit score, and
repairing bad marks in your credit report. You can get your credit report online from Experian,
Equifax or
TrueCredit.
Be sure to do that first, most people don't know what's on their credit report, or have never seen it, yet the car dealers and banks have! Looking for a
bad credit auto loan? If your
Credit Score is < 600 and you're rejected, don't submit apps all over that keep getting you rejected.
Submit one FREE application to a bad credit auto loan
site like AutoCreditFinders, that specializes in finding
bad credit car loans
for people with low credit scores. Then send in extra principle payments to buy down your APR and pay off your car loan faster. Depending on other factors, a high
quality lender like Capital One Auto Finance can approve loans for people with scores as low as 540.
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