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Are Used Car Loans a Good Choice?
Loan & Credit FactsOne thing that you must decide for yourself before applying for any type of loan for a vehicle is whether or not it is good or bad; no one can tell you the answer to that.
In fact, not everyone has the same opinion about used car loans, as some like them and some only get new car loans.
When it comes to getting used car loans, the most important thing that you will want to know for yourself, is that you are really ready to take on a car loan. If the answer is yes, then you can find the perfect used car for yourself (if you haven't already done that).
One thing that you should do before you get a used car loan, is decide where you want to go for it, as you can choose from a credit union, a bank or even through the dealership (if you are buying the car from a dealership).
If you are unsure as to where you want to go, one thing that you can do to make things easier for you is to look around; see which financial institution can give you the best interest rates (as that will definitely matter).
One you know where you want to do your banking from, you will then want to collect all the information about the vehicle you want so that you can get your loan quicker.
When it comes to used car loans, the basic information that a lender needs to know about it is whether or not the title is clear (most importantly), the price of the car, who you will be purchasing the car from and if the car has ever been in an accident.
When it comes to the interest rates of used car loans, a person never knows exactly what their interest rate will be, as a deciding factor is what their credit rating is. In fact, the credit rating is the biggest factor of whether or not a person will get a loan. When a person goes to a bank for a used car loan, most likely their interest rate will be around 6-9%; however, it can be lower and also much higher (depending on the person).
If you are a person that does not have a good credit rating, there is still hope for you to get a used car loan. Just because you can't get used car loans through a bank or credit union does not mean that you can't get the car that you want.
In fact, many people are now going to "authorized" finance dealers for used car loans. However, when going through an authorized finance dealer, you must know that you will be paying a higher interest rate (much higher), as they are out to simply make money.
But in the end you will be able to get the car you want.
Auto Loans After Bankruptcy Specific links
Auto Loans After Bankruptcy News
Ally to keep US auto loans after ResCap filing - Reuters
 Bloomberg | Ally to keep US auto loans after ResCap filing Reuters Ally, the former in-house financing arm for General Motors Co (GM.N) once known as GMAC, on Monday announced plans to sell some international operations at the same time that its Residential Capital mortgage unit filed for bankruptcy protection. Bankruptcy aims to free Ally of bad mortgage assets after auto rescue After bankruptcy filing, company says Montco jobs safe GM To Reunite With Ex? Automaker Could Buy Ally Pieces After ResCap Bankruptcy |
Ally estimates $1.3 billion 2Q loss after ResCap files for bankruptcy - Detroit Free Press
 New York Times | Ally estimates $1.3 billion 2Q loss after ResCap files for bankruptcy Detroit Free Press That does not include the company's US auto lending arm, which provides financing for loans extended in the showroom to buyers of General Motors and Chrysler vehicles. Ally agreed to pay $750 million to help fund the bankruptcy obligations of ResCap ... Ally Financial says U.S. businesses not for sale Ally aims to end mortgage woes with ResCap filing |
Even after bankruptcy, trapped by student debt - BusinessWeek
 NPR | Even after bankruptcy, trapped by student debt BusinessWeek But even the ordeal of bankruptcy won't give it to them, and the reason is a common one: Much of their debt comes from private student loans. Virtually any other kind of debt -- including medical bills, mortgage, credit cards and car loans, ... Even after bankruptcy, student debt is still owed |