How To Get The Best Car Loan......

If you have excellent credit with a corresponding high credit score, like above 725, there is really not a good time or a bad time to get a new car loan. Dealers love to cater to people with high credit scores simply because the biggest hassle in moving cars off the dealer lot, getting the buyer credit approved, is no longer an issue and they can focus all their energies on selling the car and all the add-on features.


But with the current state of the economy, there are starting to be fewer and fewer people with credit scores at that level. In fact, many people have borderline credit scores or even downright poor credit, and that new car loan is likely to come at with a premium interest rate as well as a sizeable down payment requirement.

The reason is that banks and other lending institutions are starting to really cut back as much as possible on approving high risk loans. Whereas in past years a high risk loan would be approved with halfway decent credit, for more details visit to www.profit-pulling-niches.com even with a high interest rate, the times are changing with the bailout of the mortgage industry, and lenders are starting to back away from new car loans that are considered risky by today's standards.In today's lending market, can banks really afford to be that picky about what loans they approve? Yes and no. Yes they can because in today's economy, they feel like they have to be that picky to avoid the consumer defaulting and leaving them with the car. Although repossession is always an option, the bank does not want the car, because then they still need to invest resources to sell it and recoup the remainder of the failed loan. But then again, no because the lending market has always been lucrative, for more details visit to www.101-save-money.com and less loans being approved means less income for the banks via the interest charges, which have been their cash cow and icing on the cake for so many years. When shopping for a new can loan in today's market, you are going to need to think outside the box in a big way to get a decent rate and minimal down payment requirements. Check with local banks instead of the nationwide big names for one thing, since the local banks were not nearly as impacted by the mortgage fiasco.

Interestingly enough, very few people consider turning to the Internet to get a new car loan. This is strange because the Internet is one of the first places they turn when they are looking for pricing information and comparative feature analysis of the various cars they are considering. It should not be that much of a stretch to consider getting your new car loan via an Internet lender.

Why? These lenders have likely not been impacted by the mortgage crisis because they do not play in that ball game. Therefore they are still very financially stable and able to pass on very aggressive rates and terms to buyers, and that includes buyers with marginal or even bad credit. The bottom line is that if you need a new car, shop for your financing before you settle on the car and negotiate the price. Having an approved loan in your hands gives you a tremendous amount of additional leverage in price negotiations with the dealer. Shop around for your best option but do not forget to comparison shop online for your new car loan, where you may be very pleasantly surprised and here is an example of a loan application:

AMOUNT AND TYPE OF LOAN REQUEST
Loan Amount Requested
Type of Loan Personal LoanComputer LoanEmergency LoanNew Vehicle LoanUsed Vehicle LoanShare Secured LoanStock Secured LoanRecreational Vehicle LoanMotorcycle LoanOther
Term or Desired Payment Monthly biweekly
Loan Purpose (for personal, emergency, and share secured loans only)
Type of Credit Individual Joint
Single Credit Life Insurance Credit Disability Insurance
APPLICANT	CO-APPLICANT
Name	Name
Address:	Address:
# Yrs. at current address	# Yrs. at current address
# Dependants Ages	# Dependants Ages
H. Phone	H. Phone
W. Phone	W. Phone
Date of Birth	Date of Birth
Social Security #	Social Security #
Please indicate your marital status if your are applying for joint credit or you live in a community property state:	Please indicate your marital status if your are applying for joint credit or you live in a community property state:
Married Separated Unmarried (Single-Divorced-Widowed)	Married Separated Unmarried (Single-Divorced-Widowed)
DEBTS (Applicant)	DEBTS (Co-Applicant)
Mortgage/Rent owed to	Mortgage/Rent owed to
Balance (Mortgage only)	Balance (Mortgage only)
Monthly Payment	Monthly Payment
INCOME	INCOME
Employer	Employer
Phone #	Phone #
Date of Hire	Date of Hire
Gross Income	Gross Income
Annual Monthly Biweekly Weekly	Annual Monthly Biweekly Weekly
Former Employer (if with current employer < 3yrs.)	Former Employer (if with current employer < 3yrs.)
Name:	Name:
# Yrs. Employed	# Yrs. Employed
OTHER INCOME	OTHER INCOME
Notice: Alimony,child support or separate maintenance income need not be revealed if you do not have it considered as a basis for repaying this obligation.	Notice: Alimony,child support or separate maintenance income need not be revealed if you do not have it considered as a basis for repaying this obligation.
Source:	Source:
$ Annual Monthly Hourly	$ Annual Monthly Hourly
# Yrs. employed (2nd or part-time employment)	# Yrs. employed (2nd or part-time employment)

You agree that everything stated in this application, whether written, oral, or through a FAX machine, is true and correct to the best of your knowledge. The credit union or its agent is authorized to investigate your creditworthiness, employment history, and to obtain a credit report and to answer questions about their credit history with you. You understand any false or misleading statements in your application may cause any loan to be in default. You agree that this application shall be the Credit Union's property whether or not this credit application is approved.

X _____________________________	X _____________________________
Applicants Signature/Date	Co-applicants Signature/Date