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Auto Loan Options for Your Car

You have many options for getting an auto loan. These alternatives start from getting the loan from the dealer itself to search the most suitable lender on the internet. Here is a small description of the various alternatives you can use to obtain an auto loan.

Loan from Car Dealer: Many people opt for this alternative to get the loan from a dealer from whom they purchase the car. There are its own advantages and disadvantages with this method. The most positive point may be that you get a loan on 0% rate and easy terms. But the fact, which many people do not know is that there are only a limited number of customers who satisfy the eligibility criteria of such loans.

Online Auto Loans: Online loans are gaining more preference these days as alternatives for auto loans. This is the most convenient method that provides you complete control over your car loan and its buying. When you go online for a car loan, you get a blank check from the financing company, and you offer that to the car dealer and negotiate over the price and terms. As he gets hard cash, he will prefer cash and offer a rebate on the price for getting cash.

Local Banks: Most of us have accounts in local banks in our area. But getting a car loan from them may not be that easy more particularly in the present economic crisis. You may be lucky, if you know somebody who deals in loans there and can be of some help. Sometimes, you may get a best deal and low rates here.

Credit Unions: You may get cheapest auto loans from a credit union. They have a good amount of funds and pass on the profits to the members. You can search for such a union in your neighborhood and get their membership by paying a nominal joining fee. They have their own loan schemes including vehicle loans to home loans.

Buy Here Pay Here: This is one of the costliest ways to get a car loan. You get the loan from a buy-here-pay-here dealer. The dealer sells the car by asking you to pay a huge sum as a down payment and the remaining amount is loaned to you to be repaid in weekly or fortnightly installments directly to the dealer. The rates of interest applicable are very high. This could be a last option, if you need auto loan badly and fail to get it by other sources.

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