Auto Tips
Read these 3 Auto Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Personal Loans tips and hundreds of other topics.
How much will my car payment be?
If you are buying a new car, you will probably
get the best interest rate by financing through
your dealer.
Most lenders will not finance an used car for
the same length of time that a new car is financed.
The older the car, the shorter the term of the
loan.
To find out what type of payments you will be
looking at use the free calculator at:
http://carpoint.msn.com/loancalc/
Loan Value of an Auto
When applying for a loan, loan officers use a
guideline that is obtained from a nationally
printed book that gives 3 values for the
vehicle:
Book - Value of the Auto
Retail- Average retail value of the auto
Loan - Maximum loan available for the
vehicle
It is not uncommon to have several hundreds or thousands of dollars difference between book, retail
and loan. The loan value is always the lowest of the
three.
Special options on the vehicle, will increase the
value of the auto as well as low mileage.
Interest Rates on Cars
If you are buying your car through a car dealer that
offers financing through GMC, Ford or Chrysler, check
into financing with your dealer. They normally offer
better rates than banks or finance companies.
To obtain a current list of interest rates charged
by lenders nationwide, go to:
http://www.bankrate.com/cpt/rate/brm_autosearch.asp
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