Car Loan Blog

Will Recovering Auto Market Lead to Higher Auto Loan Rates?

Jay — Fri, 02 Apr 2010 12:17:28 +0000

Auto sales in March were up nearly 25% versus one year ago. General Motors sold enough cars to reclaim it’s title as the No 1 automaker. All these improvements could signal the curtain call for incentives and discounted loan offers.

Perhaps not all bets are off for a cheap car loan this summer – although Toyota broke it’s own record in March for 0% loans, it’s sales were only up 4%. Perhaps we can expect Toyota to offer discounts for the rest of summer in order to gain back customers and reputation after it’s massive recalls.

If you are in the market for a new or used vehicle, auto loan rates may be ready to start ticking up, start thinking about pulling the trigger.

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Car Loan Rates Continue To Drop

Jay — Thu, 07 Jan 2010 12:47:19 +0000

Auto loan rates continue their decline and auto sales increase. December is expected to be the highest volume car sales month since the cash for clunkers program ended.

Why are rates so low despite a 50% increase in foreclosures last year? Currently the government is guaranteeing these loan instruments to large private banks. If you don’t pay, the investors don’t lose their money, the government has given them a fail safe plan.

The bad news is this TALF, the government program that insures the auto loans to investors, ends in March. The program, launched in March 2009, stabilized the auto loan securities market that was on the verge of collapse. This has given the private banks almost a year of insured lending, allowing them to lend money cheaper. Once the program ends, it’s likely interest rates will go through the ceiling.

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Year End PayDay Loans For Car Down Payment

Jay — Sun, 27 Dec 2009 10:07:30 +0000

It’s primetime for Pay Day Loan pushers to advertise all sorts of creative options so that you can take advantage of “end of year clearance” sales at your local car dealership by using a Bad Credit Car Loan. While these sales generally can save you several thousand dollars, the savings can quickly be lost if you are unable to repay your pay day loan on time.

It’s likely there will be a flood of barely used vechicles hit the market this summer as the “Cash 4 Clunkers” new car recipients realize they still can’t afford a new car payment. These cars will be repossessed and sold at a step discount. You may be able to buy a 2009 model sedan for 6-7,000.00 with only 12,000 miles on it.

Perhaps passing up on the year end specials is the best idea for now.

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More Americans Behind On Car Loan Payments

Jay — Wed, 02 Dec 2009 08:35:36 +0000

More people are falling behind on car loan payments. A report issued by TransUnion indicated that on average, 81 out of 1000 people were more than 60 days late on their loan payments between July and September, up sharply from 73 out of 1000 during the 2nd quarter of the year.

As more people fall behind on their payments, banks will be forced to charge higher fees. This action is likely to put pressure on auto sales. The bottom line is the future for both banks and autos is looking worse.

Many people are pointing to the rallying stock market as an indication a turn around is close for the banking and loan sectors. The truth is, there is such a rush to hedge against the coming implosion that the commodities and metals are running to record highs again and this is making the market look strong.

I see nothing but very painful times ahead for both banks and borrowers in 2010.

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PR-Inside.com Posts False Auto Loan News

Jay — Sat, 14 Nov 2009 05:54:18 +0000

Incase you haven’t noticed, there are tons of auto loan news headlines coming in on Google and other networks from a website called http://www.pr-inside.com/

It seems like Google is allowing this to take place. Perhaps the offending site has a ton of relevant valid content posted from it each day. Whoever is posting the articles about Bad Credit Loans should be removed from their service immediately!

Remember with these loans folks, the easier they are to get the more expensive they are going to be in the long run. There is no instant lending solution for all credit levels that won’t eat you alive!

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New Capital One Auto Loan Rates Rolled Out

Jay — Sun, 08 Nov 2009 06:03:51 +0000

Loan Type	36 mos APR as low as*	48 or 60 mos APR as low as*	66 or 72 mos APR as low as*
New Vehicle	3.95%	4.25%	5.25%
Used Vehicle (Dealer)	4.45%	4.90%	5.95%
Refinancing	4.34%	4.34%	4.34%

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GMAC Continues Offering Car Loans After $3.9B Loss

Jay — Mon, 02 Nov 2009 03:16:18 +0000

GMAC announced it will be selling $2.9 billion in fixed notes to help cover the massive $3.9 billion loss form last quarter. The notes will be FDIC insured and will earn a measly 1.75% interest maturing in 3 years.

Seems like the tables have turned on the giant lender as it’s not forced to plead for loans itself.

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Simple Credit Repair Tip

admin — Sat, 31 Oct 2009 08:58:24 +0000

One of the easiest things you can do to get your credit back on track is to put as many of your utilites (and even your rent) on automatic bill pay. After paying all your bills on time for 6 months your credit score will get a lift. This will also look good when you are presenting your pay history to your banker.

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Used Car Loan Rates Go Lower

admin — Sat, 31 Oct 2009 08:51:27 +0000

5 super cheap used car loan rates lenders prepare for busy market place. As the credit crunch eases and banks are hungry to lend, used car loan rates are near a 10 year low. This comes in perfect time for many car buyers to sweet up some extra cheap used cars from the good folks who traded in their clunker for a new car, and now realize they could only afford a clunker.

As the used car buying frenzy gets underway over the next few months there will likely be a lot of competition for auto loans, and rates will begin to rise. Timing your buy will be important to achieve the lowest loan rate.

You can watch the weekly trends of used car loan rates on various online loan portals.

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