Whom to Choose When Buying a Car? Private Seller or an Agent?

Both car dealers and private sellers have a wide range of competitive options but beyond that the buying process can be very different.

While some people have a preference for dealers or private sellers well before they start looking at cars, others may be at a loss as to which option suits them best. Read more....http://www.jamescox.com.au/should-buy-car-from-a-dealer-or-private-seller/

How to Get Approved for Car Finance with Bad Credit?

If you have a bad credit or no credit history, buying a car on finance may seem to be impossible. But these days there are ways you can get finance for a vehicle even if you have bad credit ratings. Second chance car loans are planned to assist people with poor credit to get the car they have always wanted. But since the people who apply for a bad credit car loan are already in debt, the interest rates can prove to be a deterring factor. They always end up paying a much higher rate of interest on their bad credit car loan.

With your bad credit rating if you are unable to buy a car then a bad credit car loan works in your favor by helping you get that loan. But do not jump at the first bad credit car loan that comes your way even if you are fed up of the tedious procedures you may be undergoing. You may be feeling stressed out with your shopping experiences and the encounter with the car sales person that you may very well want to agree to the first scheme of bad car credit loan that may come your way without understanding the implications of it. This in turn can cost you big money and lots of headaches in the future. So if you are concerned about your bad credit history and finance, below information which may prove to be of some help to you.

Here are some tips which may to be of assistance to you alternatively you can visit some discussions forums on car finance as well. 

1.    The smartest way to buy a car is to get a pre-approval for a bad credit car loan because it will work in your favor and will prove to be in your advantage when you arrive at the car dealer. It won’t make much of a difference if your lender has approved you or you have a check in your hand or not. It must be realized that the way business is conducted in the present is very different from previously. You may not be able to get a car loan but you definitely qualify for a bad credit car loan. So even if you have a poor record of loan repayment the banks are still willing to lend.

2.    If you are not well versed in applying for favorable interest rates try to follow the guidelines which will help you to find the most competitive new bad credit car loan. Also if possible go through the consumer report magazine as the opinions expressed are usually unprejudiced since there is no sponsorship by any particular car dealerships.

3.    Some dealerships offer very low sounding rates on new and used bad credit car loans in the range of 0%, 2% or 3% as compared to the present average rate of 7% or 8%. Only if your credit rating is top class can you qualify for this as people who usually go the dealership in the hope of 0% financing, in reality pay a higher rate.

4.    Remember that a bad credit car loan is the equivalent of taking a personal loan offered by banks, building societies and other financial institutions that offer auto loans. The system of repayment over a decided period of time is settled at the outset and with each payment you pay back a portion of the borrowed amount including a portion of the interest to the lender. This in turn reduces the outstanding balance over the term of the bad credit car loan until it is fully paid.

Getting a second chance vehicle loans is much easier nowadays. All you have to do is to make the payments for your new car loan on a regular basis because it will help you to rebuild your credit.