New Auto Loans



1. New auto loans are less expensive than borrowing money for a used car.

True
New auto loan rates can be less expensive than the cost for borrowing for a used car. If the consumer has good credit, it is possible to get new auto loan rates as low as a 0% APR. In this case, the monthly payments will potentially be lower than the payments for borrowing money for a used car.


2. Bad credit will affect new auto loan rates.

True
People with bad credit will pay higher new auto loan rates. A credit score has the ability to share a variety of information with lenders, allowing them to provide interest rates to the consumer. Even if it's advertised, not everyone can get 0% ARR financing on a new auto loan. A bad credit score will not allow lenders the opportunity offer the advertised 0% APR loan rate to the consumer.


3. Before getting new auto loan rates, it is important to obtain a credit report.

True
When getting new auto loans, it is necessary to have a consumer credit report evaluated to see what rates and benefits the consumer will be able to receive. Requesting a copy of a credit report from one of the three major national credit bureaus is necessary. Online resources can also be helpful in obtaining this information. Getting and reviewing a credit report online lets the consumer know exactly where he or she stands financially. This will allow the lender to negotiate for better terms with the lender.


4. There are advantages of getting new auto loans before buying new cars.

True
New auto loans are best to get before buying a vehicle. Walking into a dealership with guaranteed money from a lender gives the consumer greater bargaining power and flexibility. This will be very similar to walking into a dealership and making a purchase with cash.


5. New auto loans require much research.

True
Proverbs 20:5 - Counsel in the heart of man is like deep water; but a man of understanding will draw it out.


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