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12 Days Winner: Robert KiyosakiCAR LOAN RATES » Auto Loan News
Due to recent shifts in our economy, many people have experienced negative changes to their credit scores. Repairing your credit rating can take several months, but if you are upside down on your auto loan, it may feel more like a lifetime.
When Refinancing an Auto Loan is Necessary
Upside down auto loans are car loans for which the borrower owes more money than the car is currently worth. Typically, this occurs when borrowers choose repayment terms longer than necessary. Since cars depreciate at such a rapid pace, car buyers who agree to finance their vehicle for longer than five years can end up in this position. The only way to solve the issue is by either paying-off the loan in full or by securing a new refinanced auto loan.
It is possible to secure an auto loan refinance with poor credit because certain lenders specialize in high-risk auto loans. In truth, you won’t be offered the cheapest auto loan rates available, but you will still save money over time. 
Customers taking on auto loans in April were faced with the fewest new car incentives in five years. A new report released by New Jersey-based Autodata Corp. revealed that automakers reduced spending on discounts and incentives in the U.S. by 14 percent in April to an average $2,320 per vehicle.
Automakers Offer Fewer Discounts
A pre-approved auto loan is different from a conventional auto loan because you are approved for a loan on a car before you ever walk onto the lot. Auto loan pre-approval allows you to enter the dealership knowing what you can afford and what interest rate you will pay. You won’t waste time considering cars that you won’t qualify to buy.
Conventional Auto Loans
Auto loans are a great way to get your hands on a new vehicle when you don’t have thousands of dollars to spend up front. However, loan terms that don’t match the value of your vehicle can lead to an upside down auto loan. When your loan is upside down, you owe more on the loan than your car is currently worth.
How a Car Loan Becomes Upside Down
Whether you’re looking to finance a car or home purchase, right now is an excellent time to take on a loan if you’ve been considering doing so. Interest rates remain lower than average and obtaining a low rate means paying less interest over the life of your loan.
Of course, some lenders have better rates than others. Take 1st Advantage Federal Credit Union–they are currently offering an auto loan rate special of 3.49% APR as well as the lowest mortgage loan rates in history! If you want to make buying your next car or home as affordable as possible, secure a loan from 1st Advantage while these rates last.
The world of pre-approved auto loans may seem confusing if you aren’t familiar with how they work. The truth is, they can relieve a lot of the stress involved in purchasing a car. If you’re planning to buy a car and think pre-approved auto financing may be the way to go, evaluate the pros and cons of obtaining approval for a loan before shopping for your vehicle over a conventional auto loan:
Pros of Pre-Approved Auto Loans
There are many benefits of finding a pre-approved auto loan online rather than at a local bank or car dealership. Before you agree to auto loan pre-approval from a lender, do some online research to be sure you’re really getting the best deal you can.
Variety of Auto Loan Options
The damage caused by last month’s earthquake and tsunami is too much for Toyota Motor Corp., which announced on Friday that its global car production is expected to remain disrupted until November or December. With a massive shortage of parts after suppliers in northeastern Japan suffered major damage, the company’s president apologized to customers for the delays he expects.
Toyoda Apologizes to Customers
At Educational Employees Credit Union, you’re more than just a customer–you’re a member. That’s why if you’re not already a member of EECU, you’re missing out on access to a broad array of financial resources; more services…more savings!
Benefits of Joining Educational Employees Credit Union
Whether you’re thinking of buying a new or used car, or just planning a refinance, there’s never been a better time to look around. Loan rates are at historic lows, and TopLine’s rates are very competitive. Get pre-approved at TopLine Federal Credit Union before you shop or refinance. Plus, once your loan is funded, you’ll receive a free $50 Visa® Gift Card* FREE.