Posted by Auto Loans on May 26, 2004 at 22:04:05:
In Reply to: several posted by Denise on July:
You can apply for a auto loan from a variety of sources. Auto makers also offer dealer financing on selected used and new car models. Often auto dealers advertise special loan rates, some as low as 0%, however, only people with perfect credit can qualify for zero percent financing. The time you can take to pay back a car loan also varies. Usually you can choose from 36 months , 48 months or 60 months auto loans. You can lower your monthly payments by taking a longer loan period. However, the longer the loan period the higher the total interest you will pay over the life of the loan. Interest rates for used auto loans for people with average credit can be up to 60% higher than the rates available to people with excellent credit. People with poor credit may have to pay an interest rate two to four times higher. If you are seeking financing for a new or used car, you have many options for financing even if you have a poor credit history. However, late payments and other credit problems signal lenders that you are a risky customer, which will increase the interest rates on auto loans available to you.