-
What
is the length of auto loans?
The standard periods are 36, 48, 60, or 72 months.
- hould
I Lease or Buy?
Many
people (about 30%) go for the lease option as it comes with a lower
interest rate. But with lease you do not own the vehicle at the end
of the period. If the period is long, the average annual cost would
be less. Many lease schemes come with a buy option at the end of the
period.
Refer to our Advice
section for more details.
-
How
much of the cost of the car should I finance?
Do
not take loan for more than 80% of the true cost of the car.
-
Is
it necessary to insure the vehicle when taking a finance scheme?
Most
of the dealers and finance companies would want to insure the vehicle
against accidents or thefts as the vehicle is normally a mortgage
in case lender is unable to pay the loan.
-
Should
I take loan from the dealer, or explore other avenues?
First
negotiate the price of the car before asking the dealer for a finance
scheme, as often dealers try to confuse by offering higher price at
lower rates, or lower price at higher rates. With dealer finance,
you can negotiate the interest rate. If your bank or other sources
have attractive deals, explore them before going for dealer finance.
Some people advise staying away from dealers as bargains can be made
better with outside players.
-
Is
a co-signer of help in obtaining a loan?
Yes.
A co-signer with a good credit score can help in obtaining loans.
-
Is
my spouse’s credit report important?
As
per law, each person is judged individually for their credit worthiness.
There have been instances of one spouse or relation going bankrupt,
and the other being turned down for a loan. If that is the case with
you, apply to the credit bureaus to change or modify the records appropriately.
-
Can
I get a free credit report even if I am unemployed or had a loan
turned down?
Yes.
You can get a free credit appraisal even if you are unemployed, seeking
a new job, or have had loans turned down in the recent past. In the
latter case, you can especially request for a credit report. The score
does NOT take into account things like – age, race, job, income,
education, house ownership, or marital status.
-
What
should I do if I suspect my identity has been stolen?
Contact
the fraud section of any of the three agencies mentioned on this site.
The agency would alert the other two, and issue an alert not to sanction
any loan on your account. You can also file an ID theft affidavit with
the federal trade commission. And don’t forget to file a local
police report of the theft.
- here
can I get quotes for the car model I have in mind?
You can get the latest quotes at the following contacts:
Car/Puter International: Toll free
number is available.
Nationwide Auto Brokers: Toll free number is
available.
AutoAdvisor, Inc.:
Toll free number is available.
