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Car loans | Down Payment on Car Loan | Auto Shopping Tips
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Cheap Car Loan – Depends On How You Approach The Lenders

Everybody wants to get a good car at a low price. However, very few are actually able to grab the perfect deal. Cheap car loan is available easily for everyone. It means a car loan with low rate of interest. Lower interest rates mean lower monthly payments. Individuals with a high credit can demand a lower rate of interest and a longer duration of payment. It is vice versa for individuals with a bad credit or no credit at all.

How To Get Cheap Car Loans

Car loans are of two types, secured and unsecured. A good credit rating can get you an unsecured loan with an interest as low as 6%. On the other hand, your poor credit rating will raise the interest to a higher level. You will only get a car loan if you pledge your car or provide another collateral security.

It is always advisable to check your credit worthiness before you apply for a car loan. If you do not have credit worthiness nor have, a credit history or a credit card, then you should apply for one, and maintain your payments on time for at least six months. This will raise your credit in the eyes of the lender. The lenders of cheap car loans need to be sure of your willingness and ability to repay the loan. This will help you to get a cheap car loan.

Online car loan is another means to secure cheap car loan. It is very simple to fill up an online car loan application to start the process of your car loan. You can take the help of a car loan rate calculator, to find the most reasonable car loan, to suit your needs.

Another means to improve your credit in the eyes of the lender is to take a co-signer who has good credit ranking. He could be your friend or your relative but should be above 18 years of age.

Even during the process of loan, you can improve your credit by simple actions like paying your credit bills on time, avoiding late payments and maintaining a good credit profile. This will help you to arrange for cheap car loan and a better refinance for your car loan at a much lower rate of interest even if you have taken a car loan earlier at a bad bargain.

To summarize , check your credit beforehand, if you are going to the market to purchase a new or even a used car. You can secure a good financial package by improving your credit by even 50 points. Every percentage of interest on your car loan may increase your monthly interest payment by $30.

Cheap car loan is available for everyone. It does not matter if you have no credit or bad credit today. You can improve your ranking by getting a poor credit auto loan and secure a better deal tomorrow. Visit Low Interest Car Loan to get updated information about different types of car loans.

Auto Loan Rates – How To Obtain Great Rates On Auto Loans

Driving a new car entails added monthly expenses, but great auto loan rates can help save you dollars on the monthly payable installments. You might know the amounts you have to pay for down payments and EMI, but did you give interest rates a thought? Actually, it is the interest rate that determines amount payable for down payments and installments. Therefore, each buyer must invest a little more effort in searching for good rates before searching for good model of cars. Until and unless you find satisfactory rates by which you can save thousands of dollars on your payment, suspend your car purchase plan.

What Makes Lenders Offer You Lower Interest Rates?

If you are ready to pay a substantial amount of down payment then lenders are likely to offer you lower rates. When lenders find that you have already invested a significant amount on your car, they understand that you are likely to repay the debt on time. If the buyers show lower credit risk, then lenders provide car loan quote with lower auto loan rates. There are other scenarios when lenders are found to reduce the interest rates on cheap car loans. Often car loan companies, dealerships or car manufacturers, in a bid to sell cars, come up with promotional schemes like cash refund schemes, little or no interest schemes on loans. Such schemes offer great cash saving interest rates. The little or no interest rates options are the best scheme amongst these promotional schemes.

But, before you opt for schemes or promotional options, look to strengthening your credit score. Your credit score decides the auto loan rates you might be eligible for. Credit score states data on payment history of consumers. This is why lenders check out credit reports to find out whether the intended buyer has liability of any previous outstanding debts or not. When a person projects no or a lower amount of unpaid debts, he is given higher scores. People with such higher credit score get better rates of interest than those with lower credit status. People with poor credit status too can buy a car with bad credit auto loans, however, these loans tend to charge higher rates.

Since credit report determines auto loan rates, experts advise consumers to collect a copy of their credit report from credit reporting agencies. To receive an accurate credit report, trust reputed credit reporting agencies like TransUnion, Equifax or Experian. You can request these agencies for a detailed copy of your credit report every 12 months. Here’s a tip. Do not apply for any type of credit for at least last six months if you are looking for low auto loan rates. Instead, think of clearing outstanding debts sooner to improve your credit history. You must target to pay back the debts those charger higher interest rates, like credit card debts. A low debt level means you are in a better position to repay the loans, hence, you will be entitled to receive better auto loan rate quotes.

When buying a new or used car, you must shop around for a good bargain. You would not buy the first house you see if you are looking to purchase a home, similarly don’t end your search at the first car you see in the market. A similar rule applies to the auto loan you are seeking to finance your car. Auto loan rates vary from lenders to lenders and are dependent on many variables. When you are seeking car loans, a better idea will be to have a car loan quotes from multiple providers and to compare the offers. This rule applies even if you are planning to buy a car with bad credit. Visit Low Interest Car Loan for more on car loans and tips to get cheap car loans.

Current Auto Loan Rates: The Facts as They Are

I have written before that the most important thing to consider when applying for an auto loan is the current auto loan rates. These loan rates are responsible for determining how much you are going to end up paying for the car. So the most important thing you have to me in the look-out for is low car loan rates. In this article I’m going to talk to you about the current auto loan rates and give you some extra tips on the best places to look for low loan rates.

First off, you should know that there a 4 main different kinds of auto loan rates:

• 36 month car loan
• 48 month car loan
• 60 month car loan
• 72 month car loan

Each of them have different loan rates that fluctuate between 6.5% and 14%, sometimes climbing up to the 15% or 16%. The actual rate depends on you location and if you want a new auto loan or a used car loan, but the general rule of thumb is the lower number of months for the auto loan, the lower the car loan rate. Of course if you want a used car loan you should expect slightly higher loan rates than for new cars.

I’ve learned that depending on where you apply for your auto loan, you can expect to find lower or higher rates. I won’t talk about it in-depth but you can anticipate lower auto loan rates from credit unions and higher – but safer – rates from the auto dealers.

Auto Loan Rates Different Locations

If you are part of a credit union, you’ll be able to opt for larger auto loans with lower auto loan rates. You should check your union and compare the auto rates with your local bank to see which one is better. The other place, auto dealers, can offer you auto loans with a slightly higher loan rate but are much safer. When I say safer I’m saying that the whole loan process faster and approval rates are much higher.

But don’t worry if you’re not a member of a credit union or only find high auto loan rates with your auto dealers. There is another kind of auto loan you can apply for called a home equity auto loan. By placing your house as a collateral, you’ll be securing your auto loan no matter what. Always remember to research for the current auto loan rates until you have nowhere else to look for

Michael Phelps just bought his new car! Even though he had bad credit he opted for an auto loan private seller and was able to get his brand new Range Rover. This just proves that bad credit automobile loans aren't as bad as people think and even you can get away with it if you read what Micheal has to say in his website.

High Priced Auto Loans Force Many Black Consumers Down A Road Of Turmoil

What do you do when you have “not so good” credit and need an automobile? Chances are you go to a “we finance anyone” car dealership and get the what could be viewed as the “once over.” While the average car interest rates hover around 6.8 percent, it is not unusual to find interest rates for the credit impaired hovering in the neighborhood of 20 plus percent. Ms. Zeola Belcher needed transportation, and after three negative experiences with “anyone financed” dealerships she turned to yet another one where she purchased a 1999 Saturn for $5,000 with finance charges amounting $1,500. Ms. Belcher put $500 down on the car which had 121,285 miles on the speedometer.

She paid bi-weekly payments of $140 and was regular with the payments over the past year until she had to take a leave of absence to give birth to her newborn son. Payments then became too difficult to make and the car was repossessed.
“A car is a must for me,” Ms. Belcher said. “I had some medical problems come up while I was on maternity leave which resulted in an extension of the time I was suppose to be out. But now that I am ready to go back to work I can’t because I don’t have a car,” she said.
“I have about $2,500 tied up in the car. They told me that if I wanted the car back I would have to give them $5,400. I purchase the car in 2006 and it would have been paid off in February 2009,” Ms. Belcher said.

“I know that these type of places are a rip off, but I have three other repossessions on my credit report so no one will give me any credit to buy a good used car,” Ms. Belcher said.Ms. Belcher said, in one instance, her car was repossessed and her child was thrown out of the vehicle by the repo man. “Me and the driver were sitting behind the steering wheel. I was not giving him my truck without seeing some sort of paperwork,” said Ms. Belcher. “Anyone financed” car dealerships are using whatever means necessary to collect car payments.
Mel Farr, owner of the Mel Farr Automotive Group, the largest black owned car dealership in the country, started a trend among car dealers when he placed a box in vehicles that he leased to ensure that drivers paid their payments on time.

The box requires the owners to punch in a new code after they make their payment on Fridays so that the vehicle would start. If they do not pay by Saturday evening the car will not start because the code expires. Under some circumstances owners may receive a 24-hour an emergency code to get to the dealership to make the payment. Farr has only been sued twice based upon customers complaining that their cars shut off while they were driving. Carl and Rhonda Burroughs needed another car after Burroughs got a new job working nights in an industrial area in North Kansas City. Shortly after purchasing another car from a finance anyone dealership, Burroughs was laid off his job.

THE CALL met the Burroughs at a car lot while researching this article. Their car had just been repossessed.
“No one would finance another car for us because I had not been on the job long enough,” said Burroughs.
“We had tried to do it for a couple of months having only one car but it got to be too much waking the kids up at midnight for my wife to take me to work and then she would have to pick me up on her way to work and she works out in Grandview. We had to have another car,” he said.
The Burroughs signed on the dotted line, “reluctantly” for a 2000 Dodge Neon for $8,900 plus $1,800 in finance charges with bi-weekly payments of $250 per month. Their interest rate was 20.7 percent. The Burroughs were one month behind on the payments when the car was repossessed.

“They took my partial payment and the salesman called my wife and I into his office to work out a plan to catch up on the payments because I just started getting my unemployment checks. While we were in his office he told us to call and get a ride home because they were taking our car,” said Burroughs.

“The killing part is I was making bigger payments so that we could pay the car off early. I was paying an extra $100 a month and they said that didn’t matter to them and they wanted the $6,750 plus $500 in repossession fees to give us the car back,” he said.
“Our other car is financed through a bank so we tried to go there and get the money from the bank to pay the car off, but they said the car was only worth $2,000 and they would only give us $1,700,” said Mrs. Burroughs.
The Burroughs and Ms. Belcher are just two examples of an out of control trend taking place in this country for millions of Americans, with not so good credit and the need for transportation.

Blacks have been charged higher auto loan rates than other auto buyers, federal research says.
But the gap in loan rates could narrow, and possibly disappear, as the result of recently concluded lawsuits.
Blacks in general pay a typical auto loan rate of 7 percent for new cars, compared with a rate of 5 percent for whites in 2004, according to a consumer organization’s analysis of the Federal Reserve Survey of Consumer Finances. That was the most recent survey available.
Blacks are more likely than other auto buyers in general to have auto loan rates higher than 15 percent for used cars. For used car loans, 27 percent of blacks who buy cars were charged interest rates of 15 percent or more. Blacks were three times as likely as whites -- 27 percent to 9 percent -- to have auto loan rates at least that high.

THE CALL spoke with one manager of an “anyone financed” company who stated that the dealers come up with rates based upon the buyer’s credit history. “I own and finance all of the cars on my lot. I don’t depend on banks to underwrite my loans,” said the dealer.
“I start out with my interest rates at 22 percent and work down to a bottom of about 18 percent. I adjust it according to the person’s credit score. The lower the score the higher the interest rate,” the dealer said.

“I tell the customer why they have a risk related rate. They can either take it or leave it. If they don’t pay I lose money,” said the dealer.
Consumer advocacy groups say it is hard to believe that blacks are more likely to have a car repossessed than whites.
“It seems like they size up African American consumers and the car salesmen and finance and interest guys. People think African Americans are more vulnerable to a markup or default on loans than any other group,” said Mrs. Stephaney Beck of the Consumer Watchgroup Inc.
“Some people have stated that it’s hard to believe that there is much difference in creditworthiness between whites and blacks with challenged credit,” she said.

“I would venture to say, in most cases, blacks and whites with the same credit issues going into the same dealership the white, will come out with a better interest rate,” Mrs. Beck stated. Reports also indicate that legal actions against auto finance firms seeking fair treatment for minorities could help solve that problem. “We had 11 lawsuits. The last of the cases settled last month,” said Stuart Rossman of the National Consumer Law Center. “We reached a settlement with each of the finance firms. Our cases involved discrimination. We believe the terms of the settlements will eliminate discrimination,” he said. The first of the lawsuits was filed in 1998 in Nashville, Tenn., against General Motors Acceptance Corporation and was settled in 2004. The last settlement became final in April 2007.

The lawsuit settlements against auto finance companies call for caps on dealer markups, opportunities for blacks and Hispanics to get loans with no markups within the next few years, more information about interest rate terms and consumer education for minorities.
The effects of those legal actions may not be known for some time. However, the National Auto Dealers Association questioned what accounts for the rate differences, but encouraged auto buyers to do their homework before going to buy a car.
“The question that still is unanswered is, why? People should do their homework and shop around for the best possible offer,” Mrs. Beck said.
“There is an organization supported by the auto dealers, Americans Well Informed on Automobile Retailing Economics (AWARE), offers tips to potential car buyers. Black consumers should visit their web site for guidance,” she concluded.

Chris Stinebert, president and chief executive of the American Financial Services Association, said his group is interested in educating consumers. AFSA and its members believe there is no place for discrimination in the vehicle financing system.
Consumer advocates say prospective auto buyers should call their bank or credit union for a rate quote to expect on an auto loan. That could protect them from unfair markups. SOURCE: http://www.kccall.com/article.cfm?articleid=1386

Title Loans Drive Many Consumers Into Deeper Debt

They’re everywhere. The title loan industry has grown by leaps and bounds in recent years.
As of late 2004, Missouri had licensed over 230 title loan locations. In California, car title loans amount to a $20 million industry, according to a recent report issued by the Center for Responsible Lending. Title Loans of America, one of the country’s major title lenders, have 150 title loan stores in 18 states, issuing approximately 250 loans each year, the report says.

Using cars as collateral, this new form of “predatory lending” is marketed toward cash strapped consumers.
However, failure to meet the terms of the loan can result in a late-night repossessions by lenders who have a duplicate set of keys.
Title loans trap borrowers in perpetual debt through unaffordable balloon payments, high interest costs, and the threat of repossession,” said Ms. Jean Ann Fox, director of consumer protection for the Consumer Federation of America.

Title loan agencies charge a median of 25 percent per month finance charge which translates into an interest rate of about 300 percent.
In addition, they charge fees of $25 per loan. Loan costs range from $62.50 to $181 for a one-month $500 title loan, according to a study conducted by Consumer Federation of America.What is interesting is that even if a consumer is paying on the loan and their car is sold, they can still wind up owing money to the title loan company.

“Once the loan is defaulted the interest continues to accrue,” said Brian Downing, a former title loan agency employee. “If it takes them three months to sell the car then they accrue the interest during that period. Say they sell the car for $500 and you defaulted on owing them $400. You would think you would be $100 ahead, but you could actually be hundreds of dollars behind,” he said.
“In most cases they don’t even advertise the car is for sale, they just sit it outside. Well the interest is still running. If they do advertise it then they can consider the cost of the ad as a loan and charge you for that with interest. People need to really read the fine print and get a clear understanding. I worked for them for three years and I don’t ever remember seeing anyone pay off a loan,” Downing continued.

“Any time my supervisor would close out a loan she would bring a check and cash into the closing to cash the check in front of the customer. The concept was to have the people go along the terms because the money was sitting right there in their face. She would always be in a hurry so the people would think the money was going to get away from them if they didn’t hurry and do something. Sort of like dangling a T-bone steak in front of a starving man,” he said.

Ms. Rachel King, 34, borrowed $1,750 against her 2002 Pontiac Grand Prix. “As long as I am black I will never barrow another dime from them I don’t care what the emergency is. They taught me a very valuable lesson,” Ms. King said. Ms. King explained that she had to borrow the money for the beginning of the school year to get things for her children and to settle into a new apartment after she and their father split up.
“If I remember correctly, the loan cost me about $5,200 all together. The reality is that I had to go to a credit union and have someone co-sign for me to get a loan to pay them off after one of my church member found out about my loan,” she said. “It was a very bad experience. There would be times when I couldn’t sleep at nights. The people would call me at least twice a day about the loan even before the payment was due. It was just horrible,” said Ms. King.

THE CALL wanted to experience first hand what the process would be if we received an auto title loan from one of the country’s largest auto title loan companies in Chicago. A 2006 Chrysler 300 Touring Sedan has a maximum loan amount of $8,000 with the title loan company even though its blue book value is much higher. I was given a choice of a 30 day, 90 day or 120 loan agreement with an interest rate of 30 percent. What the agent would not explain over the phone was how the interest rate was compounded. After receiving the terms of the agreement with hidden and overhead charges, the loan would have cost me 43 percent interest per week or $344 per week. This would have broken down to $1,376 in interest. Couple the interest payment with the principle payment and one would have a payment of $3,376 for a one-month loan, $10,128 for a three-month loan and $20,256 for a six-month loan.

The fine print also meant paying interest on the principle amount that was borrowed, not the declining balance.
Many state laws prohibit lending at an interest rate in excess of a certain statutory maximum known as the “usury limit.”
Unless otherwise stated, the rates are simple, not compounded interest rates.
In Missouri, unless the loaning institution is a bank or pawnbroker there is a legal interest rate limit of 9 percent.
However to circumvent the legal limits, many companies are owned by banks, who can legally charge a higher rates such as Utah, Nevada, New Mexico, New Jersey and Idaho.. The highest interest rates charged on credit cards belong to jewelry stores. In many states such as those listed above state lawmakers allow them to charge a “luxury tax” on jewelry which allows them to ballon the interest rates in even higher the the “usury limit” and other interest finance rates. Jewelry credit card rates range around 25 to as much as 31 percent.

Dennis Avery II, a local financial manager, told THE CALL that consumers should beware of where the loan company’s lending bank is located.
“Surprisingly most of these type of companies are owned by banks and other institutions in other states,” he said.
“My advice to people is always to try to secure a loan from a credit union or try to get a co-signer rather than deal with agencies that might be presumed as predatory lenders,” said Avery.

“In the alternative, use an agency that has a cap on the amount of money that can be charged under the usury law according to the laws of the state they are based out of,” Avery said. “”I run across people all the time and try to explain to them what has happened to them. But they can’t get over the fact that even though their loan originated in Kansas City it is governed by the laws in the state that the bank is home based out of,” he said. Avery also said that the only way to avoid borrowing money is to save regularly. “The key to avoiding all problems is to save. If people took the time to write out a weekly budget and stick to it they would be surprised on how much money they could save every week,” said Avery.
Avery provided the following money saving tips: • Monitor daily spending- Keep a log and write down everything you spend in a day. This usually takes a month to determine how much money you actually waste.

• Eat in- You can save a great deal of money taking your lunch to work instead of eating out. Plan meals that are low cost.
• Don’t bank on it- Pay credit-card bills in full as soon as possible, and take advantage of free bill pay. The real savings can be had by avoiding credit-card debt and paying off what you’ve accumulated as quickly as possible. SOURCE: http://www.kccall.com/article.cfm?articleid=1379

Think You're Paying Too Much on Your Car Loan?

(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan.

For years now, people have refinanced their homes and saved thousands of dollars. However, the practice of refinancing car loans has yet to be indulged by most. Why? Perhaps the reason is that auto loans generally behave differently from home loans and people are naturally skeptical about new methods. Regardless, auto refinance is still a good choice, provided that the situation is right.

The only way for auto refinance to work is if you get it when the interest rates are low. Low rates typically mean low monthly repayments and this is the situation you should aim for.

Only few people really understand the time value of money. Keep in mind that the longer you pay for a loan, the bigger amount of money you actually spend for it. Thus, by the end of the loan period, you would have paid more money on interest than on the principal. This is why auto refinancing is important because it is one of the few methods that could help you minimize loan costs and maximize your savings.

Almost anyone with a loan to his name can benefit from auto refinancing. Even car buyers with bad credit can obtain auto refinance as a way for them to lower down their APRs.

Let's say, for instance, you make an auto refinance loan for $16,500 on a new Honda Accord. At the end of six months, you agree to pay off the amount at 21 percent APR. So for a few months, this will be your monthly loan obligation.

Then, you decide to take an auto refinance loan. However, this time, your loan rate is at 6 percent APR. Your current monthly payment is $446 which gives you total interest charges of $10,283 at the end of your loan period. Your auto refinance loan offers you a monthly payment of $319 with total interest charges of $2,639. Thus, by refinancing, you can save up to $7,600.

Just as a homeowner can cash in the equity in their home, so can a car owner provided that they have sufficient enough equity. Most consumers who actually decide to finance their cars rather than lease pay very little on a down payment and no more than their monthly minimums throughout the life of the loan -- or until they sell.

In a the situation of a trade-in, however, a consumer might only owe $10,000 on a $20,000 car, giving them $10,000 in equity. Most lenders will allow a consumer in this situation to pull out up to 100 percent of the value of their car, giving the consumer the option to get a check for $10,000 to be used in any way they like.

Want to find out what kind of deals are out there for you? Log on to https://www.financebox.com  for a free rate quote.

Auto Loan Refinance = Lower Payments

(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income.

But rather than risk having your car repossessed, or missing a few car payments and ruining your credit rating, consider refinancing your auto loan at a lower interest rate.

By refinancing, you could get a lower interest rate, and therefore, a lower monthly payment. Customers who apply for auto refinancing through companies such as RateGenius Loan Services can potentially see a great savings in their monthly budget. RateGenius customers, on average, reduce their interest rate an average of 3.67 percent from their previous interest rate, and an average of $65 off their existing monthly auto payment. This type of savings frees up money for you to pay off the extra gas prices.

"Many people don't realize that you can refinance your auto loan just like you can refinance your mortgage," says Chris Brown, CEO of rateGenius, an online resource for doing just that. "Auto loan refinancing works very much like home refinancing, with one big difference -- with the exception of a title transfer fee required by law, there are no costs for the consumer."

When you refinance, you will get a new lender for an existing loan, often for a better rate. You can also extend the payment term, skip a few payments, add or remove a co-applicant and add products (such as GAP insurance and extended warranties) to a loan.

Take a few minutes to apply for auto refinancing by visiting rateGenius.com, or over the phone via the company's toll free number. A loan adviser then compares offers from the company's network of lenders to find the best deal for your individual situation. rateGenius has partnered with numerous lending institutions that provide customers with one of the most financially stable and diverse lending networks in the industry. The entire process can be completed in 24 to 48 hours.

In some cases, the company is able to arrange loans that allow up to 90 days with no payments. The savings consumers will see vary, but can be substantial. For example, if you have a $30,000 loan payable over 60 months at 12.5 percent interest, your monthly payment will be $674.95. By refinancing with rateGenius at a new interest rate of 7.5 percent, your monthly payment will drop to $601.14.

The company has been in business since 1999 and has brokered over 27,000 loans. To find out how much you can save, visit www.rategenius.com  or call (866) 439-5533.

Auto Loan Refinance to Reduce Monthly Payments

(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative. Consider refinancing your auto loan at a lower interest rate, and using the money you save to offset today's high gas prices.

By refinancing your auto loan, you could get a lower interest rate, and a lower monthly payment. Customers who apply for auto refinancing through companies such as RateGenius Loan Services can potentially see a great savings in their monthly budget. RateGenius customers, on average, reduce their interest rate an average of 3.67 percent from their previous interest rate, and an average of $65 off their existing monthly auto payment. This type of savings frees up money for you to pay for the extra hke in gas.

"Many people don't realize that you can refinance your auto loan just like you can refinance your mortgage," says company CEO Chris Brown. Auto loan refinancing works very much like home refinancing, with one big difference. With the exception of a title transfer fee required by law, there are no costs for the consumer.

When you refinance, you will get a new lender for an existing loan, often for a better rate. You can also extend the payment term, skip a few payments, add or remove a co-applicant and add products (such as GAP insurance and extended warranties) to a loan.

In some cases, the company is able to arrange loans that allow up to 90 days with no payments. The savings consumers will see vary, but can be substantial. For example, if you have a $30,000 loan payable over 60 months at 12.5 percent interest, your monthly payment will be $674.95. By refinancing with rateGenius at a new interest rate of 7.5 percent, your monthly payment will drop to $601.14.

Take a few minutes to apply for auto refinancing by visiting www.rateGenius.com, or over the phone via the company's toll free number. A loan adviser then compares offers from the company's network of lenders to find the best deal for your individual situation. rateGenius has partnered with numerous lending institutions that provide customers with one of the most financially stable and diverse lending networks in the industry. The entire process can be completed in 24 to 48 hours.

The company has been in business since 1999 and has brokered over 29,000 loans. To find out how much you can save, visit www.rategenius.com  or call (866) 439-5533

Using a loan to finance your car

For most people the purchase of a car is second only to the purchase of a house in the amount of money required. Therefore many people take out some sort of a loan to be able to buy the car. Finance plans offered by car dealers can be extortionate in their rates of interest. Financing a new car purchase via an independent car loan specialist can give you a more reasonable interest rate and repayments can be spread over a long period if you wish. This can make buying a new vehicle much more affordable.

To purchase a new car, there are two main types of loan which you can use. The first is a specialist car loan – here the loan amount if secured against the car rather than your house. The second is a regular personal loan in which case you are simply choosing to use the borrowed funds to buy a new car.

Most loan companies offering secured or unsecured loans are happy to lend the funds to go towards the purchase of a new car, but with specially made car loans you often get a greater degree of flexibility on repayments and other features too which can be beneficial in the purchase of a new vehicle. Such features may include the possibility of deferring repayments, the option to make lower initial payments and then make a lump sum payment at the end of the loan period, cashback on the vehicle, payments made direct to he car dealer, and other niceties like vehicle checks or membership of a breakdown service.

Whatever kind of loan you choose, the monthly repayments will probably be based on a percentage of the full amount of the loan distributed evenly over the term of the loan together with interest payments. The interest rate that you will have to pay will be dependent on your personal circumstances, the amount you wish to borrow. If you are using a specialist car lender, it may also depend on the vehicle being purchased.

Like home loans are secured on the borrower’s home, car loans will probably be secured on the vehicle being purchased. If repayments fail to be met, then the vehicle can be reclaimed.

Most car loan specialists place no restriction on dealers or the type of car that can be purchased with the borrowed money. Nevertheless it is worth checking on details as some do specify that you can only buy a car from particular sources.

You also need to understand whether payment protection insurance of gap insurance are automatically included in the monthly repayment amount or if they are optional extras. Payment protection insurance covers the loan repayments if due to sickness or unemployment you are unable to meet them. Gap insurance is meant to pay out to you if the amount granted by your insurance company in the event of your car being written off in an accident or stolen is not enough to replace the car. Both these types of insurance can be useful additions to your loan, providing reassurance that if the unforeseen did happen you would not lose your car. However the insurances do come at an additional cost, so look out for it.

You also need to check whether there are any arrangement fees imposed. Comparison of the features and monthly repayments on offer from different car loan specialists, regardless of your circumstances, you should be able to borrow an amount sufficient to purchase your new vehicle, with repayments to fit in with your lifestyle.

Netcars is one example specialist car loan company. You can apply online to get a quick answer. You can choose your car from any dealer nationwide. Netcars value the vehicle to “make sure you’re getting a good deal”. They don’t restrict you to new cars either. Netcars can offer rates as low as 7.9% APR, and those with bad credit, CCJs, arrears or defaults can get a loan too. Repayments are made directly to the supplying dealer. Netcars offer optional Payment Protection and GAP Insurance. Netcars will lend from £2,000 to £50,000, but they do not offer deferred payments. Netcars is a car loans broker thereby offering a country wide service. So you can apply with netcars for a car loan whether you are in London, Manchester, Birmingham, Cardiff, Glasgow, Leeds, Liverpool, Nottingham and so on. Once you have located a car and agreed figures with their sales team they will send the documents to the supplying dealer for you to sign.

Welcome Car Finance is another example specialist car loan firm. They say: “Credit problems don't have to hold you back from buying the car you want. Even if you've had CCJs and mortgage arrears, or you're self-employed or have no credit history - Welcome Car Finance are here to help. We could approve you for car finance and tailor a deal to your needs.” They have a minimum loan of £1000 part exchange, and £250 cashback on completion. They don’t accept deferred payments and have a list of dealers to choose from.