Despite a constant increase in interest rates, Americans nowadays are borrowing more than ever to buy new and used vehicles.
According to latest Industry analysis by Experian, the average new vehicle loan hit a record high $31,099, while the average loan for a used auto climbed to a record of $19,589.
When it comes to monthly payment, the average monthly payment for a new vehicle hit an all-time high of $515, while the average used auto loan payment hit a record of $371 per month.
These figures depict that the auto loan industry has seen consistent gains with no signs of slowing over the last few years.
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Are you right now thinking of applying for an auto loan?
If you are in this situation, it is very important to know the must-know approaches that will help you in getting proper knowledge. Here are a few fundamental approaches a consumer should follow in order to have a clear idea about auto loan procedure.
Shopping Online
Searching online is one of the effective approaches in finding better auto loan deals. Shopping for auto loan online is a great time saver. By comparing from different websites, a consumer can get the finest deals. Applying online is stress-free and even some websites provide appropriate information the consumers’ need within minutes.
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Knowing The Criteria
It is a basic knowledge to have a clear idea about the norms and conditions. The basic criteria normally include that applicant or consumer must be above 18 years of age. Best if applicant earn at least $2000-2500 a month.
Also required is residence and employment history. The criteria may vary, depending on the country, company etc.
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Getting Approved
It is normally not advisable to look for a vehicle without getting approved. So, applicants have to avoid of looking for a car before being approved. It is important to get approved first then they will give you a voucher of how much the applicant is allowable to loan. By doing this, an applicant can save valuable time and avoid frustration and future disappointments.
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Down Payments
This varies from lender to lender, and some don’t even require. Nevertheless, typically its about 10% of the price or $1000 whichever is the lower number.
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Interest Rate
Interest rate is not fixed as most people think, and yes it can be negotiated. If applicant has a good credit score and good negotiating skills then it is very much possible to have a lower interest rate. Nevertheless, some influences are way out of our control such as the state of the economy.
All these steps are very important and fundamentals that every applicant should know before applying for an auto loan.
Doing research and taking advise is a great initiative to obtain an adequate knowledge about the market, interest rates and so forth.
Disclaimer
This information is for Learning purposes only. We are indeed not financial/legal mentors. It should not be considered legal or financial advice. You should consult with a financial/legal advisor or other professional to find out what may be the optimum for your individual needs.
Please do your own research.
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