back to articles | February 07, 2019 | Dale Peterson

Categories: Auto Loans & Financing Refinance To Save Consumer Credit Loan Calculators & Rates Types of Car Loans The myAutoloan Difference

Guide to Auto Loan Financing

Strategies to help you get a good deal on auto financing You’ve decided to acquire another vehicle–great! Before rushing off to the dealership, you’ll need to consider how much you can afford in monthly payments. Deciding this point will determine whether you look for used or new auto financing. Once you know about how much you can afford in monthly payments, it’s time to think about what type of loan you want from auto loan finance companies. Options for financing a car include loans for autos, new vehicles, used vehicles purchased through a dealer, private party vehicles, auto refinance, and auto lease buyouts.

Flowers

Keep these points in mind when choosing an auto finance company specializing in vehicle loans:

1. Do I want to buy from a car dealer or from a private seller?

2. Do I want to purchase outright or lease the vehicle? Auto Lease buyout loans are commonly required at the end of the lease period if you choose to keep the car.

3. Will I be paying off my loan on-time or early? Some loans carry stiff prepayment penalties. Not all but just be aware. Most reputable auto finance companies tell you up front if there are fees involved. For most, the process is free and with no obligation.

Action Steps
The best contacts and resources to help you get it done

Learn about Auto Financing
Study the different types of auto financing solutions. Each one will have pros and cons, depending on your situation. Get familiar with how a lease works, read the fine print and precautions about financing an auto directly through a dealer, and get tips on how to fix less-than-perfect credit. There are a lot of places that this information is available but here is our recommendation after years and years of auto lending experience looking out for the customer.

We recommend: Read and understand the sections of our Auto Buying Guide that provide you a quick guide to the steps involved in buying and financing a car. It’s down to earth and easy to understand.

Get automotive financing even if your credit isn’t so great
If you have had credit problems in the past, does that mean you’re reduced to driving whatever you can afford to pay for with cash? Not necessarily. Some companies making car loans specialize in customers with bad credit. We work with many of those companies so that we have done the legwork and that will save you tons of time. Many vehicle financing companies have partnerships with car dealers prepared to offer bad credit car loan programs on car and truck loans. You may be able to pre-qualify for a bad credit auto loan regardless of past credit challenges. We never know until you apply and there is no cost or obligation to find out, even if you decide to purchase.

Have one company do the legwork of finding car credit
The Internet has revolutionized how we do a lot of things, including how we look for auto loans. Look for websites that are secure, first of all. Next, verify that you are under no obligation if you enter your information on a website. Bottom line, use the ease of the Internet to make auto financing fast, easy, secure, and hassle-free. You know you are at the right place, right? That’s exactly what we do and 7 years and millions of customers stand behind us.

We recommend: (I wonder who that might be, LOL) myAutoloan.com – They can put an end to applying at several sites on the Internet and driving all over town trying to get the best deal on your auto loan.

Tips & Tactics
Helpful advice for making the most of our Auto Buying Guide

Be extremely careful with your personal & business information while doing research on financing a car. Make sure you are dealing with a reputable company with a good track record to prevent possible theft of your identifiable information. BBB information can be a real time saver too.

Research, research, research. Get quotes on automobile financing from several providers by using a finance company that will show you up to 4 loan offers and not run you around testing you with a one at a time approach. myAutoloan.com does!
Be wary of automotive financing car dealers claiming to specialize in financing bad credit loans. Make sure the vehicle is actually worth the stated price. Some less than honest dealers artificially inflate a vehicle’s price, generously reduce that inflated price, and finance the balance at high interest rates.