CAR LOAN RATES » Auto Loan News

If you want to refinance your car but don't know how to get out of your current auto loan, you'll be happy to know the process is very easy. In a few simple steps, you'll be enjoying a new interest rate and lower monthly payments. Let's look at how you can get it done:

• Step #1: Find an auto loan at a great rate. What's exciting about searching for a new auto loan is that much of the information can be found online. By searching various websites, you can compare interest rates, loan terms, and repayment periods to decide which appears to be best for you.
• Step #2: See if you qualify. Once you've found a rate that looks best for you, you can usually apply directly on the website to determine whether you qualify, and if so, whether the rate stays the same after supplying your credit information, as well as other personal details.
• Step #3: Pay any necessary fees. One step in refinancing your car that you may not consider is paying fees such as lien holder fees, prepayment fees, and re-registration fees. All of these must be taken care of before the lender will refinance your auto loan.
• Step #4: Pay off your current loan. When refinancing your car, the lending company gives you a check for the remaining balance of your auto loan. By paying off your debt to the original dealer or lending company, you eliminate your connection with them. Now you have created a new relationship and will be required to pay back this new lender.
• Step #5: Transfer the title to the new lender. After the car has been refinanced, the new lender will be the temporary owner until you pay back your debt. As a result, the title will need to be transferred to them.

In five easy steps, you have successfully pulled out of your old auto loan. So if refinancing your car is on the agenda, keep in mind just how easy it can be for you.

***And remember that car loan rates change daily, so be sure to check in with Go Banking Rates for the best auto loan rates possible. We'll supply you with free auto loan rates so that you can comparison-shop and ensure you're getting the best deal possible.***

The time for buying a new car has never been better. The government is offering monetary incentives for people buying hybrids, trading in the "clunkers for cash" and for new car purchases in general. Plus dealers have an abundance of inventory and tons of promotional offers to entice new customers. The final icing on the delicious auto buying cake is that interest rates are currently at historic lows meaning that the best auto loan quotes in decades are being offered by lenders.

If you are in the market for purchasing a new vehicle and need to find the best auto loan quotes out there, there are some simple steps you can take to ensure you score a winner. Your very first step is to order a credit history report and find out your current FICO score. The higher your FICO score, the less interest money you are charged by lenders. If you have a FICO score over 700, you are in great shape and just need to search the auto loan rates section on Go Banking Rates for your auto loan options.

For those who have credit scores lower then 700, your second step to finding the best auto loan quote is to work diligently to clean up your credit report and raise your score. Go Banking Rates have several tips you can follow to work towards that goal.

If even after your efforts of improving your FICO score is less than stellar, you can still achieve a better auto loan quote by saving a tidy nest egg to put at least a 20%-25% down payment on the vehicle in question. The larger the amount of money you put in, the more equity you have in your car. The more equity, lenders will consider you a lower risk. The lower your risk the better auto loan quote you can get.

Your final step for securing the best auto loan rate quote is to conduct a search on the internet prior to stepping foot in a dealership. By using the Auto Loan easy 1, 2, 3 step on Go Banking Rates you will be able to find the right auto loan with the best rates available which will help you with negotiation when you're speaking to a car dealer.

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Membership required. Houston Federal Credit Union (HFCU) is offering 2.99% on new and used car loan rates. Refinance rates apply as well. You'll have to be a member in order to receive the rates. Visit their join page to see more details. Some details they will need on the application are:

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