What car buyers should know before they get a loan

NEW YORK - Car buyers are getting smarter about negotiating prices. Securing cheap financing is another matter.

It's a common blind spot for consumers, who tend to fixate on the sticker price without giving much thought to the back end of the deal.

The problem is that consumers often get financing at the dealership without exploring their options. Since buyers don't know the interest rates they'll be offered until they're far into the process of making a purchase, they can end up feeling pressured to accept terms or services they don't want.

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Ally’s auto finance volume rises, but competition lowers profit

Ally Financial Inc. on Tuesday reported a 44 percent gain year over year in its global retail auto finance volume, although intense competition chipped away at its second-quarter profit.

Detroit-based Ally, formerly GMAC Financial Services, wrote $2.3 billion in auto loans and leases worldwide, up from $1.6 billion in the second quarter of last year.

Overall, Ally reported net second-quarter profit of $113 million, down from $565 million a year ago.

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Debt levels soar as car buyers seek extra loans

Car buyers are taking on increasingly higher levels of debt as banks push finance options for vehicle purchases.

Personal loans and credit cards are being offered by banks to help fund the 20 per cent mandatory deposit required for all cars bought using finance methods.

"Most of the banks are coming up with solutions to the deposit, such as immediate applications for credit cards," said Felix Welch, the director of sales and marketing at Arabian Automobiles, the exclusive dealer for Nissan in Dubai and the Northern Emirates. "They are trying to give people solutions, definitely there's more focus on that."

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Consumers Denied Card, Auto Loans Will Get Free Credit Scores

U.S. consumers denied a credit card or auto loan will be entitled to free copies of their credit scores starting today.

The Dodd-Frank financial overhaul law passed last year expands credit-score disclosure rules and places the responsibility on financial companies to provide the numbers. It also forces lenders to give free scores to consumers who don’t get the best rates when borrowing, a practice known as risk- based lending.

“The purpose for the law was to provide consumers with greater access to and information about their credit scores,” Senator Mark Udall, the Colorado Democrat who proposed the provision, said in an e-mail. “By seeing the clearest picture possible of their personal finances, consumers can actively work to improve their scores,” Udall said in a statement earlier this month posted on his website.

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Auto loan financing: Tips

Whether it is Brand New Car or second hand you have make a decision to purchase. If you have any hesitation on car loan rates. Help is here so, you can gain confidence for Moving bit forward. Tips are very important on any surface. The tips help you knowing more about the subject. The tips are very helpful in saving huge amount and be safe in economic status. The unconditional spending suffers you a lot and the thing is getting car loans for poor credit depends upon credit rating.

Below tips are very helpful in saving huge amount and helps in when you are applying for auto loan financing.

1) First of all make sure about your credit rating when you’re applying for auto loan. If needed clean it up by paying outstanding debts and closing accounts which are not in act.

2) If you have a good credit score, then you don’t have any problem for car loans, see if you eligible for particular incentive financing available through the car dealership. Its Quite often dealerships have a 1% financing rate reserved for consumers with fantastic credit and who can afford to do a 12 month financing term. Off course every body knows about the dealership percentage. But providing valuable information for you is our choice. We have investigated a lot on providing tips for you.

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Car Loans: Financing Is Getting Easier

If you need to get a new car but have been worried about getting financing for it, the Federal Reserve has some good news for you: Car loans are becoming easier to get.

In its most recent survey of bank loan officers, the Fed cites the greatest quarterly easing in auto loans since 1994. Translation: More banks have become willing to make loans to car buyers at lower rates and with less stringent credit limitations.

That’s potentially good news for car shoppers - because with April auto sales up 18%, manufacturers are not promoting as many 0% and low-interest financing deals as earlier this year.

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Credit fraud, credit repair two different challenges

An old friend not only was a victim of credit fraud this past year but his family’s passports were stolen two weeks before a long-awaited vacation.

Stuart, 60, took all the right steps to report the fraud and notified the police, credit card companies, his local bank and the postmaster. Just when he felt he was back on track, he discovered some incorrect information on his credit report dating back more than three years. He also had some repair work to do.

Credit fraud and credit repair, although not on the same level of loss and anxiety, are two separate challenges – report and repair. Don’t wait until you need a clean credit report to check it. Credit blemishes could delay your new home loan or refinance.

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