Drive away the car of your dreams

By:Ria Malhotra


Everyone has a dream of buying car these days. It is in the
human nature to want more and more than we need or can afford.
There is always wide range of cars in the market and all offers
high technology systems and handling better performance and
longevity. Once you get a new car then you have to decide how
will you be paying the monthly installments. Car loans are
becoming popular as a way to finance a new car or used car. For
car loan you need to prove to bank officer or lender. There many
car loans options available but sometimes it is difficult to
choose the right for you. In fact car dealers or manufacturers
offers car loans, often you will be paying more interest than
you need to.

How much you spend on buying new car depends on your financial
position or your credit reports. If you want to get your car
financed then you need to know how much down payment you have
and how much you can afford monthly installments.

No doubt paying cash for car loans saves interest, which you pay
on car loans. There are number of good reasons for not paying
cash. Because of the recent concerns about identity theft and
Homeland Security issues, many dealers do not want to accept
cash for a car. Some will not even accept bank or cashier's
checks. Of course, there may be hidden agenda in their refusals.
In order to decide how much money to spend on your vehicle you
need to evaluate how much you to want to borrow and how much you
can afford monthly installments. Do not forget to take into
consideration other vehicle's running costs such as insurance,
tax, servicing etc when deciding how much you have to spend,
also get personal recommendations if you know anyone who owns
the same type of vehicle that you are looking at. Once you are
clear with the idea of the costs involved and how much you would
like to borrow you can apply for car loan.

Shop Carefully Before finalizing the car loan or finding right
lender, get quotes from different banks, from the dealer and
other lenders. If you have a saving account in a bank then your
credit rating is good, then banker will offer you for a car
loan. Only people of age 18 or above are eligible for applying
for car loans. We all live in credit-based economy. For that
reason our financial and credit worthiness becomes more and more
important. If you have good credit reports then it will be easy
to buy new car. Over the years, credit reporting agencies like
trans union, experian and Equifax have developed a system of
predicting your credit-worthiness based on your past payment
history. Based on the score they give you, these agencies will
recommend whether to give you credit or not to buy that car or
home or to make you that loan. How timely you make your
payments, pay your dues, Phone bills, electricity bills etc.
tell your credit worthiness and you get final score by these
credit reporting agencies. Once you apply for car loans, the
lender or banker will go to one of these agencies for your score.

Now what are you waiting for .Get car loan tips from
http://www.carloanclues.com

About the author:
Ria malhotra writes for
Car loans .