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05 Feb
How to get the best auto loan

When searching the auto market for that perfect car, we often spend most of our time looking for the lowest market price for a vehicle we want, while neglecting the benefits of shopping for a good car loan.

Once you find the car you are looking for, you might find yourself reliant on the financing plan imposed on you by the car dealership, which can often involve high interest rates and inconvenient payment terms. What a lot of car shoppers don’t realize, is that might be qualified for a much better financing plan than what the dealer offers, and that they easily apply for such car loan through an auto loan approval company.

When deciding on the best car financing plan, the key is not to base your decision solely on the size of the monthly payment and whether you can afford it. It is important to take into account all the aspects of getting the auto loan, such as interest rates, the benefits of a short-term loan versus a long-term auto loan and shop around to ensure you are getting the best rate.

When comparing rates of various loan offers, you should take into account such aspects as the term of the loan and the APR (annual percentage rate). The term of the loan is important, as it has impact on the amount of your monthly payments, as well as on the overall total cost. The longer the loan term, the lower your monthly payments will be, but if your interest rate is high, your overall grand total paid will be higher. APR number changes every day and the lower it is the better, as it can drastically reduce the grand total amount you will pay in the end.

The golden rule is to find a balance between the term of the loan and the APR, so that the total overall cost of your financing is lower, but your monthly payments are convenient and affordable.

Don’t forget to weigh the benefits of a short-term loan versus a long-term loan. In the end the total cost of a long-term loan can be much higher than that of a short-term loan, as they often have higher interest rates. Another thing to consider is that with the long-term loan the equity in your car will be built slower, which means that if you try to trade-in or sell your car shortly after purchasing it, the amount you will recover will not be sufficient to cover the costs of the remaining loan.

Applying for a car loan through an online car loan company is a very quick and easy process. AutoApprove is one of the top Canadian car loan providers specializing in both prime and sub-prime financing. To start off, all you have to do is fill out an easy online application form and expect to get a response from one of their financial analysts within the next 24 hours. Having an access to one of the largest nationwide network of lenders, guarantees AutoApprove’s high approval rates and can often get you behind the wheel within 48 hours of submitting the application. Remember, the sooner you will apply for a car loan, the sooner you will be driving the car of your dreams!

by AutoApprove in Car Loans
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