Author Box
Articles Categories
All Categories
Articles Resources

Buy Your Splendid New Car with New Auto Loans

February 29, 2012 | Comments: 0 | Views: 185

What America drives, drives America. How true! Each one of us is extremely passionate about the four-wheeled invention. From the humble beginning in 1907, to the sleek cars today - cars have come a long way. Manufacturers keep launching new cars every year and we absolutely love to drive those beauties on street.

The New Car Prestige

Most of us search for a chance to replace their clunker with a brand new car. A new car means reduced maintenance cost, warranty coverage and more importantly, peace of mind. Moreover, there are higher chances of buying a junk and salvaged used car.

Buying a new automobile is fulfilling the ultimate American dream in true sense. A new car means you have established yourself and are now responsible of making a huge financial commitment.

Now's The Time

New Year means several auto shows and new car launches. The Year has ushered in good news for the auto industry. The sales are anticipated to go higher than last year's 12.8 million. Higher car sales mean many are replacing their aging automobiles. Be one of them and get ready to chuck your old car for a new-flawless beauty. If you are concerned about high cost of financing a new car, here's a comprehensive guide to help you buy the car of your dreams.

Money-Wise For a Wise Decision

A mark, a yen, a buck, or a pound is all that makes the world go around

One can understand the importance of money with this Liza Minnelli song. Yes, money is important when it comes to buying a car. Although car loans will do their magic, you should have some amount for making a decent down payment.

Ascertain your affordability. You must understand that when you set out to make a major financial decision, you must be ready with everything. Prepare your budget. Deduct all your expenses and current loan payments from your gross monthly income. You must consider all the major future expenses like college fees, marriage, holiday trips, etc. If you have a balance enough to make easy car loan payment, only then think of buying a car.

While deciding on monthly payments, you must not forget all the car-related expenses like fuel, maintenance and insurance.

Buying a new car is an important rite of passage for us. It is very crucial investment decision and you don't want to lose your hard-earned money. So, even though it is rather tedious, it will definitely help you to narrow down your choices.

Finance First

Once you know your affordability, start scouting for an auto loan. A new car is certainly more expensive than a used one and you must sort out the finance before going to the dealer's lot.


You have many options for availing finance. Dealership financing, credit unions and banks are the traditional options. Most banks have stringent lending criteria and you need to be a member of the credit union to avail finance from them.

You can also go for an online auto loans. Most buyers opt for it because of the convenient lending process. You will have to fill a simple application form for a new car loan and that's it. Your work gets over there. These companies will search for a lender in their network and help you get the best deal.

While going the online way, you must take care of your data's safety and security. Check the company's security certificate and ensure its reputation.

What Factors Will Determine Your Approval?

Your credit score is not the sole reason of your approval or rejection. Here's a list of all the variables involved:

Credit Profile

Your credit profile should be for longer term. Along with a stellar score, it is important that you have a credit history of at least two years.

Monthly Income

As the cost of a new car is high, be ready to make slightly higher payments. Most lenders will want you to earn at least $1,000. Pay stubs or W-2 forms can help you to prove your income.

Employment History

It is essential to have a stable income source. If you are constantly switching jobs, lenders won't trust you. You must be working at your current employer for at least six months.

Time At Residence

Most lenders want to know if you have a constant place of residence. It allows them to know if you are regular in paying your utility bills. Lenders will ask for a copy of utility bills.

Down Payment

It is the initial upfront amount that you pay while buying a car. A larger down payment will reduce your loan amount.


Having a co-signer will make a huge difference to your approval chances. A co-signer will assume the responsibility in case of missed payments.

Once you get approved, the lenders will contact you. Most financing companies have a network of lenders as well as dealers. So, it may happen that a dealer will offer you financing options. You must take this as an opportunity to build your credit score.

You Deserve the Best

It's your time to judge the best car loan quote. Look for APR (Annual Percentage Ratio). It will tell you the exact cost of loan including all the fees and charges. Also, consider the loan term. Longer the term, higher is the chance of ending up with an upside-down auto loan. Repayment terms, prepayment penalty, repossession terms, etc. should be considered in advance.

After your application is approved, choose your dream car. Select the one that really fulfills your needs and suits your style. Don't forget to read reviews and also consider manufacturers' incentives.

Here's wishing that you get your perfect new car. Take a wise decision and enjoy your charming and elegant beauty on wheels.

Buying a new car is dream for many but only few are able to fulfill to it. Fulfill your dream with We have a nation-wide coverage and offer affordable auto financing options. Apply and get ready to cruise in your new car.

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Car Loan


Auto Loans


Upside Down Auto Loan


Car Loan Quote






Employment History



The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 560

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 303

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 289

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 300

Down payment can be a real problem when availing car loans. But, lenders have understood this and that is why they now offer no money down auto loans. This innovative and amazing option helps you in

By: Rock Watsonl Finance > Auto Loansl July 09, 2012 lViews: 204

Whatever type of loan you will be getting for your own use, it is inevitable to encounter high interest rates depending on the bank or financial institution you would be applying to. This is one of

By: Samantha Linl Finance > Auto Loansl July 09, 2012 lViews: 310

There are frustrating experiences in all areas of life that can be had, but few experiences can be as difficult as watching past due bills pile up. Falling behind on your bills is distressing on many

By: Keith T Williaml Finance > Auto Loansl July 02, 2012 lViews: 203

People go to great lengths in order to save even a little money. We clip coupons. We drive halfway across town to buy things on sale. We look for deals online. We buy in bulk. When you are upside

By: Chris Goodmanl Finance > Auto Loansl July 02, 2012 lViews: 203

If you have had it with your high interest auto loan and are considering an auto refinance loan, you should understand that you are not alone. People all over the country are discovering how much

By: Chris Goodmanl Finance > Auto Loansl July 02, 2012 lViews: 181

While many people are aware that they can save a substantial sum of money by refinancing their home loan at a lower interest rate or by negotiating a better rate with their credit card companies,

By: Chris Goodmanl Finance > Auto Loansl July 02, 2012 lViews: 194

Down payment can be a real problem when availing car loans. But, lenders have understood this and that is why they now offer no money down auto loans. This innovative and amazing option helps you in

By: Rock Watsonl Finance > Auto Loansl July 09, 2012 lViews: 204

Car loan borrowers have to search someone with a good credit score to become their co-signer. But, most people won't co-sign because of the risk involved. To avoid these troubles, you can get an auto

By: Rock Watsonl Finance > Auto Loansl April 25, 2012 lViews: 207

Everyone dreams of buying that perfect car. But, buying a car is not as easy as dreaming about it. Texans! Worry no more. If you want to buy a car in Texas, here's your guide to it. A quick read will

By: Rock Watsonl Automotive > Buying Selling Auctionsl April 17, 2012 lViews: 219

A bad credit score or a no credit history means you won't get auto loans easily. Things get worse for someone with a bankruptcy in the past. But, there is one option which is always open for buyers

By: Rock Watsonl Finance > Auto Loansl April 11, 2012 lViews: 161

Getting your car from a private party is a great alternative for car buyers. If you are unaware of person to person car sale, then this article will help you understand every aspect of it. It is

By: Rock Watsonl Finance > Auto Loansl April 04, 2012 lViews: 176

Buying a car is fun when you know you have got the best car loan deal. Take a wise car loan decision by knowing every aspect of financing your dream car. Read to get a complete understanding of the

By: Rock Watsonl Finance > Auto Loansl February 26, 2012 lViews: 184