Auto Finance Rates

Auto Finance Rates

Auto Finance Rates - General Info and Tips about Car Loans:
- If you're planning to buy a new car, consider buying outside the peak car sales periods. This means avoiding the new number plate months in September and March when most new cars are sold and dealers often charge the full list price.
- Before you take out a car loan you'll need to work out how much you can comfortably afford to pay each month.
- You can save hundreds in finance charges by shopping for the cheapest loan. Contact several banks, your credit union and finance companies for quotes.
- Sometimes people with good credit are charged higher rates and fees for loans because they don't know that their credit is good. Getting your credit report and credit score may help you negotiate the best loan deal.

Auto Finance Rates - Glossary of Terms:

Interest Rates are how Lenders make money on your loan - they will charge a certain percentage of your outstanding loan, which will be added to the loan balance. Interest rates are usually quoted as the APR.

A set interest rate is offered to all successful applicants, regardless of the risk they present and the loan amount and term.

Total Charge for Credit - This is the full amount that you will be required to pay. It includes the loan amount advanced, interest chargeable plus any administrative fees and costs, as well as any insurance costs.

Credit Report: Credit bureaus collect information about your credit history-where you owe money, how much you owe, your credit cards, and your payment history.

Credit Score: Your credit score is a number that is used by lenders to decide whether to give you credit and at what cost. It is based on information in your credit report.

The Term of a loan is simply the length of time the loan is repaid over, usually specified in months. So a loan over 4 years would have a term of 48 months.

Auto Finance Rates information.


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