subject: Car Loans, Any Questions [print this page] Car Loans, Any Questions Car Loans, Any Questions
While most people have bad feelings about the term "car loan", there are some good deals out there and not just for those with excellent credit. Most companies that offer car loans make the claim that they have a 99% approval rating for those needing a loan. Who's the 1%, a counterfeiter on parole?
Who's Got the Money?
Like most everything else today, when folks are looking for a car loan, many go straight to the internet. The vast majority of the companies on the web act as middlemen. They take all your information and then forward it to various lenders and dealers. They then "battle it out" so to speak, with the hope that you'll get a decent rate, even with not-so-good credit. The interest rate is determined by the lender. If they think you're a risky proposition, well, then you get a higher rate. But for the most part, in most states the maximum interest rate for a car 2001 and newer is 17.95%. Some looking for a loan have a repossession, but most lenders say that's not a problem and they simply want to help you rebuild your credit. Same with bankruptcy, be it a chapter 7 or a chapter 13, most lenders feel confident in getting around this minor blip on your financial score sheet. Say you don't have any money to put down. Once again, no problem, many loans are available with Zero Money Down.
More Answers
How much should you be making each month? Most lenders don't like to see under 1,200. But again it varies. They also have many loans for first time buyers, those upside down on their trade-in. And don't worry if you have a new job and need a car to get to work, all they care about is if you can repay the loan
