best auto loans nj

The Best Auto Loans

With an almost dizzying array of options to choose from, how do you know what the best auto loans are?  In a nutshell, the best one for you is the one that does what you need it to. 

 

One question you need to ask yourself when you are starting the car buying process is: are you looking to buy a new or a used car?  You can do some research to find out the approximate final cost of your car and pick a financing  plan that will match your budget accordingly. 

 

Many loan websites have handy financing calculators, so you can plug in the amount of the down payment, tell it how long you want to finance the car for, and finally the cost of the car.  It provides a great tool for you to determine the right monthly payment for what you can afford.  Be sure to look at the full picture of the loan while you do your research, including interest and length of time, since a lower interest rate on a longer-term loan can end up costing you more in the end.

 

You can get your loan from a variety of sources, like credit unions, online banks, brick and mortar banks, or the dealer itself. If you are submitting applications at each institution, be aware this can harm your credit score for each inquiry to your credit report.  Speaking of credit reports, be sure you request your copy of your report from each credit bureau so you know what is contained in each one.

 

Local banks and credit unions have the advantage over the internet in that you can walk in and speak with a loan specialist, but many internet banks offer specialists, too.  They also do not have to pay the lease and utility costs on the building, so they can pass that savings on to you.

 

By looking at your financing apart from your car, you can avoid the emotional aspect of wanting to try to hurry the dealer application along to be able to get to your car sooner.  A pre-approved loan puts you in the, pardon the pun, driver’s seat of the buying process. This is not to say that a dealership has bad or expensive financing, but as part of the background research you do, be sure to look at the dealer financing to see if it really will be the best deal for you.  

 

If your credit is less than perfect, you are not alone.  Not quite half of Americans are considered subprime.  This does not rule you out of buying a vehicle.  Some of the best auto loans you can get are subprime, because they can fit into your budget and help you rebuild your credit rating.

 

Car Credit HQ is one of the companies that specialize in less than perfect credit.  Car Credit HQ can help you with financing and understanding the potentially confusing process of financing your vehicle. They can be found at www.carcredithq.net.

In sum, the best auto loans are the ones with the perfect blend of monthly payment, initial down payment, interest rate, and length of contract.  Let the credit experts at Car Credit HQ help you today, regardless of your past credit history.