Auto Financing Tips
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William Piker
Mar 28, 2013, 11:20:06 AM3/28/13
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William Piker
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Article Title: Auto Financing Tips
Author: William Piker
Word Count: 566
Article URL: http://www.isnare.com/?aid=818613&ca=Automotive
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=818613
Easy Publish Tool: http://www.isnare.com/html.php?aid=818613
*********************** ARTICLE START ***********************
If you are planning to purchase a new vehicle, you might have read dozens of articles about it and you might have also noticed that the said articles emphasized similar points. By now, you are probably aware that there are a lot of considerations to make in buying new car and often most car buyers do not have enough money to buy the car they are interested in and usually go for vehicle finance. You must be aware that the buying process of a car puts you in high risk of getting bad loan. In order to avoid this, car buyers must do their homework and conduct little research in order to be familiar with the entire financing process and avoid getting an upside-down loan deal. Here, we will discuss why availing vehicle loan offered by your car dealer is not really a good option.
Nowadays, most car dealers also offer finance assistance to their clients and some clients often avail such finance offer since they won't have to go to other loan firms to apply for car loans which makes it convenient. However, what most car buyers do not know is the fact that availing finance assistance offered by car dealers can make them pay more than they can get from other loan firms. According to a research done by the Center of Responsible Lending, the car loan rates offered by car dealers have been marked up by 2.47% or an amount of $714 is added to the loan. From the data gathered for the research, it was found out that big markups are often offered to used-car loans which have an average percentage increase of 2.9 while loans for new cars have an average mark up of 1.01%. Moreover, people with bad credit history, long term loans and loans involving small amount get higher markups.
Basically, most car buyers are unaware that car dealers usually increase the rates of the lender and usually end up paying big amount of money. Based on the study mentioned earlier which analyzed 1.7 million accounts of car loans from 25 car finance companies, the markups made by the dealers can cost the buyers to pay $2.5 billion after their loan period.
In order to avoid upside down loan or paying more than what you get , never settle with a loan deal without comparing the loan rates offered by other lending firms. Visit local banks, online lenders and other credit institutions which can offer a better deal.
If your car dealer happens to offer you finance assistance when you shop for a car, try to make negotiations with the rate. However, this move is highly discouraged by consumer advocates in order to avoid the illegal financing practice like yo-yo financing. In yo-yo financing, car dealers quote low loan rate that is subject for approval. After some time, the dealer will then notify the customer that the loan was denied and the customer must either return the vehicle or agree to the high loan rate offered. This is the reason why consumer groups discourage customers to go for loans offered by car dealers.
Avoid being a victim of bad loan deals or upside-loan deals by allotting some of your time and putting some effort in searching for a lending institution that offers good loan deals that fits your capacity to pay. Never sacrifice your money for convenience.
About The Author: William Piker Camrose Auto Dealers New Premium Used Trucks Vans Cars Camrose Alberta Fill out a confidential credit app online http://camroseautodealers.com Auto Dealers in Edmonton Net http://autodealersinedmonton.net/ Auto Dealers in Whiterock British Columbia http://autodealerswhiterock.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=818613
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
William Piker
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=818613
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=818613
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Auto Financing Tips
Author: William Piker
Word Count: 566
Article URL: http://www.isnare.com/?aid=818613&ca=Automotive
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=818613
Easy Publish Tool: http://www.isnare.com/html.php?aid=818613
*********************** ARTICLE START ***********************
If you are planning to purchase a new vehicle, you might have read dozens of articles about it and you might have also noticed that the said articles emphasized similar points. By now, you are probably aware that there are a lot of considerations to make in buying new car and often most car buyers do not have enough money to buy the car they are interested in and usually go for vehicle finance. You must be aware that the buying process of a car puts you in high risk of getting bad loan. In order to avoid this, car buyers must do their homework and conduct little research in order to be familiar with the entire financing process and avoid getting an upside-down loan deal. Here, we will discuss why availing vehicle loan offered by your car dealer is not really a good option.
Nowadays, most car dealers also offer finance assistance to their clients and some clients often avail such finance offer since they won't have to go to other loan firms to apply for car loans which makes it convenient. However, what most car buyers do not know is the fact that availing finance assistance offered by car dealers can make them pay more than they can get from other loan firms. According to a research done by the Center of Responsible Lending, the car loan rates offered by car dealers have been marked up by 2.47% or an amount of $714 is added to the loan. From the data gathered for the research, it was found out that big markups are often offered to used-car loans which have an average percentage increase of 2.9 while loans for new cars have an average mark up of 1.01%. Moreover, people with bad credit history, long term loans and loans involving small amount get higher markups.
Basically, most car buyers are unaware that car dealers usually increase the rates of the lender and usually end up paying big amount of money. Based on the study mentioned earlier which analyzed 1.7 million accounts of car loans from 25 car finance companies, the markups made by the dealers can cost the buyers to pay $2.5 billion after their loan period.
In order to avoid upside down loan or paying more than what you get , never settle with a loan deal without comparing the loan rates offered by other lending firms. Visit local banks, online lenders and other credit institutions which can offer a better deal.
If your car dealer happens to offer you finance assistance when you shop for a car, try to make negotiations with the rate. However, this move is highly discouraged by consumer advocates in order to avoid the illegal financing practice like yo-yo financing. In yo-yo financing, car dealers quote low loan rate that is subject for approval. After some time, the dealer will then notify the customer that the loan was denied and the customer must either return the vehicle or agree to the high loan rate offered. This is the reason why consumer groups discourage customers to go for loans offered by car dealers.
Avoid being a victim of bad loan deals or upside-loan deals by allotting some of your time and putting some effort in searching for a lending institution that offers good loan deals that fits your capacity to pay. Never sacrifice your money for convenience.
About The Author: William Piker Camrose Auto Dealers New Premium Used Trucks Vans Cars Camrose Alberta Fill out a confidential credit app online http://camroseautodealers.com Auto Dealers in Edmonton Net http://autodealersinedmonton.net/ Auto Dealers in Whiterock British Columbia http://autodealerswhiterock.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=818613
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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