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The Benefits of Online Car Loans

When you finally make the decision to purchase a car, the next step is finding the money to buy it. If you are like most people, you will need to apply for a car loan. Some people choose to apply for loans at the dealership, but there are many benefits to applying for an online loan.

Automobile Financing Options for New and Used Cars

Most people can't pay cash for a new or used car, but fortunately there are options for financing the purchase of a vehicle.

We need all the leverage we can get when negotiating the purchase of a new or used car, and one of the best ways to get terms to swing favorably our way during the deal is to take the financing element out of any discussions with the dealer.

When Can I Refinance A Car Loan?

Refinancing your car loan is a great way to lower monthly payments, in fact, you can expect to save $100 or more per month. But, when exactly is the best time, and when can a borrower refinance their loan is something many borrowers often wonder about. Although there is no time that you have to refinance your loan, here are a few of the better times to consider refinancing, and the benefits it will provide to you, and your checking account.

How to Save Money on Your Car Loan

There are a few ways in which borrowers can lower payments, and save money on their car loans. One of the most popular methods to consider is using the equity (HELOC) in your home to lower payments when you are financing a car. Getting a home equity line of credit, and a home equity loan will get you lower rates on your car loan, due to the fact that your home is used as a form of collateral (your car is secured against the value of your home). Interest on a HELOC is also typically tax deductible, so you won't be paying it twice when tax time rolls around. A HELOC is a good option for car loans which are 36 months or less, due to the fact that the rates are variable. For more than 36 month car loans, consider a home equity loan instead, since it has a guaranteed rate for the entire duration.

Finding a Car Loan After Bankruptcy

Although you may think it is going to be very difficult, if not impossible to find a car loan after filing for bankruptcy, this is not the case. However, consumers are going to have to face some facts, and are going to have to accept a few compromises on the loan, due to the bankruptcy situation. The major implications are higher interest rates than the average for auto loans, and many lenders may not initially accept your application immediately after a bankruptcy, so expect to wait at least a few months. On the positive side of things, obtaining this car loan will help improve your credit score once you start making payments on it; it will increase it slowly, but it is a start.

The Advantages of Working With a Car Finance Broker

Anyone who is interested in purchasing a new or used car should turn their quest over to a car Finance broker. There are many reasons for such a decision and we will touch on a few of them today. If you have perfect credit, you may not necessarily need these services for approval, because ordinarily, getting a great deal would not apply to you.