subject: Getting a New Car Loan From Your Bank [print this page] Getting a New Car Loan From Your Bank Getting a New Car Loan From Your Bank
If you are counting your pennies and realise that you have to get a new car loan from your bank, you are not alone. I have been through the process and that is why you must understand what you are getting into before you sign anything. There is a lot more to it than just picking out the car that you want.
For me, getting the high end European car was the ultimate sign of success. I had waited through numerous lesser quality vehicles, determined that before I retired that I would have the car that gave me not only status, but provided me with the fun that I had always wanted. After a long process of finding a good lender, my bank stepped up to the plate and that was great for me.
So, how can you get a new car loan? It is a simple process that relies on you having all of the facts before you prior to making any final decisions. Otherwise, this is what banks recommend:
calculate what is affordable for you, using a loans calculator that can be found online through major banks and lenders
choose between fixed or variable rates and the number of times a month that you can afford to pay
check your credit to ensure you have good enough credit for a loan
speak to your bank to talk about the possibility of a new loan
ensure that the loan that you are applying for applies to the age of vehicle being bought
Getting a new car loan from your bank can be easier sometimes than getting one from a lender that barely knows you. If you credit is reasonable and you have a proven record of paying on time, you should be driving your new car within no time.
