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  Category: Articles » Finance » Credit » Article
 

Bank On Your Future And Purchase The Car Of Your Dreams




By Christine Macguire

How exciting—you're about to pick out a brand new car! You are just waiting to get into the drivers seat and speed away to your home. But keep in mind; speed in the automobile business sector is a very dangerous thing. When you rush, you don't think, and you don't compare. Car dealer fraud has been on the rise in the nation for a long time. The tactics being used are so sly that even informed consumers who do their homework are being taken for hundreds, and often thousands, of dollars. So how do you beat the auto dealers at their game?

There are a few basic points to remember when you shop dealerships. Credit can be enormously convenient, but it can also be a dangerous temptation. Not understanding the rules of credit can affect your future ability to receive aid for many things. Your credit rating is one of the most important things you have and you are in complete control of it. It is up to you to judge how good or bad of a credit risk you will be. Having good credit is one of the best ways to prove to lenders that you are trustworthy. If you ever want to purchase anything on credit, whether it is a new car, an education loan, or a house, having a good credit rating can help.

A number of people have a poor credit record to their names. In such circumstances, you should be more cautious while meeting the car dealers. Don't discuss credit at all. Shop for the car as if you're paying cash, and never be rushed. Agree on a price before talking financing. Car dealers often charge customers a higher interest rate than they qualify for and can mislead you about your credit rating. Know your credit score and current interest rates before you shop. Don't let past credit problems make your credit even worse. Take your time, talk to the people at your credit union and make decisions calmly. You'll get a better price and a better credit rating, too. The terms and conditions will depend on the price of your car. A loan is a legal and financial commitment. Always feel free to ask your bank for more information before you commit yourself.

The auto finance market in the United States is generally divided into four categories: (i) captive finance companies of foreign and domestic automobile manufacturers; (ii) banks; (iii) non-prime finance companies, which originate loans or leases to obligors with minor adverse credit histories and FICO credit scores and (iv) sub-prime finance companies, which originate loans or leases to obligors with poor or no credit histories. In an indirect financing program, a finance company will have a contractual arrangement with one or many auto dealers, to which the dealers are authorized to offer the institution's financial product to their customers. Although the buyer may negotiate terms with the dealer, the financing will have to comply with the finance company's loan or lease underwriting criteria with respect to the borrower's creditworthiness, the maximum length of the financing, the amount of down payment, the ratio of loan amount to the manufacturer's suggested retail price, etc.

If your finances are affecting the quality of your life, take the time to sit down, examine your income, assets and debts, and look at what you really want from your life. Don't jump into conclusions from the promises of companies offering bad credit auto loans. Do your homework properly and then avail the best opportunity for investing in your dream car.
 
 
About the Author
Christine is an expert Internet marketing professional with years of experience in various industries such as: Business, Finance, Real Estate, Web-Design, Health & Medicine and many more.
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