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Online Auto Financing Information


Financing Options


The purchase of an automobile is a significant expense, which merits serious consideration. Well, let’s assume that you’ve already weighed in the option of walking vs. driving and decided to buy a car. You may or may not already know the kind of vehicle you will be buying and the price range that you deem appropriate – all essential decisions, worthy subjects of other articles. The important choice we’d like to help you consider is how to pay for this purchase: should you pay out of pocket or should you finance it with a loan and what type.


If you happen to have the money on hand, it may be easiest to lay it down and call yourself a proud owner of the means of transportation. Or you might still consider financing. Why, you might ask, would you pay interest for a loan you don’t need? Because your own money can be put to better work. Hypothetically, if your money is invested in a way that earns you 12% interest, and you can get an auto loan at 8% APR, you will be better off keeping your cash invested, taking the loan, and pocketing the extra 4% difference. Or perhaps you’d like to keep the cash handy, just in case.


Whatever your situation, know your options so you can make a better financial decision. You can start the process with checking the rates at your local bank, but more often than not you will find that bank rates are usually higher than what you can get online. Get a few quotes from different lenders before you settle on a provider. From Capital One’s No Obligation Blank Check® to ALoanYes.com’s $500-$250,000 loans, there are a myriad of online loan providers with attractive interest rates and flexible terms.


Types of Auto Loans


The key distinguishing attributes of an auto loan are: the interest rate you will have to pay, the length of time to repay, and whether it is secured or unsecured. Let’s look at each feature in more detail:


Interest rate – a percentage of the sum borrowed which you will need to pay to the lender as a fee. Economists like to call this "the price of money". Interest rates are paid monthly, but quoted as what they would amount per year. Quotes normally show a percent with the acronyms APR (annual percentage rate) or APY (annual percentage yield) next to it. The two are not very different, with APY (also known as "effective rate") being a little more exact because it takes into account the effect of compounding interest daily over a period of one year, which is what virtually every lender does. Of course, lenders prefer to give you quotes in APR, because they are just a fraction of a percent smaller numbers than APY (the opposite is more likely to happen when banks offer you their rates on savings accounts, for example). In the case of a car loan, the interest rate depends on the age of the car (the newer the car, the lower the rate) and also on the loan term (e.g., a 3-year loan will come with a lower rate than a 5-year loan, all else equal).


Loan term – the stipulated length of time to repay the loan. Loans for 12, 24 or 36 months are considered short-term and those for 48, 60 or 72 months long-term. Choosing a short-term loan with cost you a lower rate of interest, but will require a higher monthly payment. On the other hand, a long-term loan will come at a somewhat higher rate, but will make your monthly payment easier on your pocketbook. Three-year and five-year loans are most common for a car purchase. After all, you wouldn't want to be stuck with a car payment after the useful life of your purchase.


Secured vs. unsecured loans – the difference between the two is in what the financial institution will get from you if you default on the loan. Secured loans are normally drawn against the value of your house or other valuable property. Unsecured loans are drawn against your good creditworthiness. From the perspective of lenders, a secured loan is less risky and as such is likely to be offered at a lower interest rate. Secured loans are sometimes the only choice for people with poor or no credit.


AuctionPiranha.com

2003 Ford Mustang

Make/Model

Ford Mustang

Time Left

1d 13h 29m 40s

Starting Bid

$9,900

1977 Volkswagen Bus Vanagon

Make/Model

Volkswagen Bus Vanagon

Time Left

5d 17h 23m 33s

Starting Bid

$200

2003 Jeep Liberty

Make/Model

Jeep Liberty

Time Left

2d 12h 49m 24s

Starting Bid

$8,295

1997 Mazda MX 5 Miata

Make/Model

Mazda MX 5 Miata

Time Left

6d 21h 38m 4s

Starting Bid

$5,495

2006 Land Rover Range Rover

Make/Model

Land Rover Range Rover

Time Left

1d 10h 50m 16s

Starting Bid

$41,800

2006 Jaguar XJ8

Make/Model

Jaguar XJ8

Time Left

12d 13h 55m 18s

Starting Bid

$41,800

1993 Cadillac Allante

Make/Model

Cadillac Allante

Time Left

7d 12h 39m 50s

Starting Bid

$8,000

1962 Pontiac Catalina

Make/Model

Pontiac Catalina

Time Left

5d 11h 8m 33s

Starting Bid

$8,989

2004 Chevrolet Monte Carlo

Make/Model

Chevrolet Monte Carlo

Time Left

1d 20h 33m 9s

Starting Bid

$10,000

2005 Toyota Tacoma

Make/Model

Toyota Tacoma

Time Left

2d 18h 33m 9s

Starting Bid

$7,500

2000 Isuzu Trooper

Make/Model

Isuzu Trooper

Time Left

5d 21h 3m 9s

Starting Bid

$3,950

2004 Ford Mustang

Make/Model

Ford Mustang

Time Left

11h 50m 46s

Starting Bid

$25,000

2007 Mercedes Benz SL Class

Make/Model

Mercedes Benz SL Class

Time Left

1d 18h 33m 9s

Starting Bid

$45,000

1971 Dodge Charger

Make/Model

Dodge Charger

Time Left

2d 19h 33m 9s

Starting Bid

$107

1965 Ford Mustang

Make/Model

Ford Mustang

Time Left

5d 8h 29m 52s

Starting Bid

$520

2004 Mazda Mazda3

Make/Model

Mazda Mazda3

Time Left

5d 20h 45m 1s

Starting Bid

$15,000

2006 Audi A4

Make/Model

Audi A4

Time Left

5d 15h 54m 52s

Starting Bid

$19,884

2002 GMC Savana

Make/Model

GMC Savana

Time Left

13h 8m 58s

Starting Bid

$14,600