subject: Conducting Research For Guaranteed Car Finance With No Credit Check [print this page] If you are one of those people who has suffered a financial setback because of current economic conditions, you may have a difficult time finding a lender to finance a new car purchase or even make payments on the one you already own. Many other people are in the same circumstances and fortunately there are solutions where car finance is guaranteed.
Conduct Enough Research to Feel Comfortable with Your Decision
One of the most important things to keep in mind is lenders who guarantee car finance quite often charge sub-prime interest rates, particularly guaranteed car finance with no credit check. Its important to make sure you conduct research in order to be certain you choose the lender with the most competitive terms. Credit-Yogi.com is a good site that offers free advice and consultations to simply educate you. Competitive terms go beyond simply the interest rate; there are many other factors that determine which lenders have the most competitive terms. Some of the other factors you must (or should) consider include the following;
Number of payments required to pay off the loan
Repayment penalty if applicable
Fees and other costs associated with obtaining the loan
How a lender compares to other lenders in the same area
It is a wrong to assume that all lenders who guarantee auto financing regardless of credit history have the same interest rate and loan costs. There are many different factors lenders use when they set loan terms; make sure you know what costs you will incur with each individual lender.
Prepare Some Questions While You are Researching
Another important step during your research into not only lenders that guarantee car financing but those that offer car loan modifications is having some questions prepared. Whether you are speaking to the lender in person or over the phone or just conducting your research online you should have an idea of what you need to know before you make a final decision. The easiest way to do this is to write down some questions you wanted answered before you begin your research. This will save you a great deal of time later when you begin comparing lenders since you will already either have the information or know you are unable to acquire it. While some things may not be very important, lack of information can be indicative of a lack of communication between borrower and lender.
Making the Final Decision
You should never be too quick or hasty in making a decision. The more time you spend conducting research, the more likely it will be that you will make the right decision. Research is important; do not rely on instinct or gut feelings to choose a lender offering guaranteed auto refinance.
You need to choose a company whose rates are comparable to others in the area though they may be higher than traditional lenders.
Companies that offer guaranteed financing for cars or car loan modification programs do not all charge the same interest rates or have the same loan fees. Its important to conduct enough research to discover how an individual company compares to other companies within a given industry for the same service.
