Lowest Auto Loan Rates – Buying a New Toyota or Honda This Winter?
Posted on | January 28, 2010 | No Comments
If you are buying a new Toyota or Honda this winter than you will probably want to look for the lowest auto loan rates possible. Many car dealerships are advertising interest rates around 2.9% or lower but you must understand that these interest rates are only available to well-qualified buyers. If you have missed bill payments in the past and your credit score is below 650 you would not be considered a well-qualified buyer at a car dealership.
Just because you cannot get financing to a car dealership it does not mean that you cannot buy a new vehicle. You are going to have to look for financing in other places such as banks and financial institutions but you can still buy a car. It is important to note that with a low credit score you’re probably going to get at a much higher interest rate on your auto loan.
With the competition in this industry it should not be hard to find a company that is willing to lend you money to buy a car. Your main objective should be to find the lowest interest rate possible but please understand that you will not have a lot of negotiating power with a low credit score. You will also need to know that you will have to submit an auto loan application before you will get a 100% accurate rate quote.
If you have found it very difficult to make your bill payments in the recent past it might not be a good idea to buy a new vehicle at the present time. All you are going to do is dig yourself further in debt and add another bill to the stack. You might want to address getting out of debt before buying a new vehicle.
Author: Alan Lake
Comments
Leave a Reply