Quick Tips before buying a Perfect Car

Many people dream about buying their favorite car. They have pre-defined notions of their favorite car and don’t consider other alternatives. But, you should not let your heart rule when it comes to deciding the car model. You must consider several things by keeping in mind your present and future needs. Remember that the functionality of the car is more important than its looks. Here are few practical tips that will help you in selecting the perfect car for yourself:

Just A Desire to buy a car is not Important

Buy a car only when you need it. If you work from home, then there is no need of buying a car. You can share your partner’s/parent’s car. Also, it doesn’t make sense to buy a car if you have comfortable public transportation service in your neighborhood.

Remember that a car is a huge financial investment. If you commit to it without considering its actual use, you will face economic problems. So, think through because once you buy a car and obtain the car loan, there is no looking back.

Fuel-Efficiency is Crucial

If you are going to use the car regularly for your office, you must consider its fuel-efficiency. Choose a car that provides at least 25 mpg in city and 30 mpg on highway when you have to travel farther distances regularly.

Don’t forget that fuel-efficient cars are usually smaller with four-cylinder engines. So, if you have set your heart on a huge SUV, think twice about buying it.

You also have the option of buying a hybrid car. Such cars include an internal combustion engine and at least one electric motor. But, you have to undertake cost analysis before choosing a car with hybrid systems. If the extra cost of hybrid cars overshadows the fuel-savings of a gas-powered car, you must avoid it.

Expected Number of Passengers determine the Size

If you don’t have a family, you can buy a two-door coupe or a stylish sports car. But, if you will be carrying passengers with you, you need to consider a large automobile.

a. For a smaller family of four people, mid-sized sedans will work.

b. For a large family, a crossover automobile (cross between car and SUV) is suitable.

c. If you have a very large family or several people car-pooling with you, you require SUV or a minivan with optional third-row sitting.

Remember that you will have to consider the safety aspect when traveling with your family. Also, check for adequate space for installing a child safety seat in your vehicle if you have kids.

Cargo Capacity is a Decisive Factor

For most families, the trunk size of mid-sized sedan is sufficient. But, you will need a bigger car if you have a huge family and need to store groceries and other things in the trunk.

The Environment plays a Major Role

It is important to buy a car according to your environment. If you live in the city, you don’t need a four-wheel drive or an all-wheel drive. But, it becomes mandatory for people living in hilly areas and regions that receive regular snowfall and blizzard.

Leisure Activities influence your Choice

Activities that you do in your free time have an impact on your car choice. If you like boating on weekends or like to go camping, you will need a car with sufficient towing capacity. On the other hand, a person who enjoys going to clubs doesn’t require a huge SUV. He/she needs a small compact car that can be parked effortlessly in the city.

After you consider all these practical tips, you will be able to choose the car that suits you perfectly. Remember that once you buy a car, you will have to use it for a considerable amount of time. So, don’t make an emotional purchase. Buy a car after making a practical decision because it will provide you incredible pleasure and happiness.

Once you choose the perfect car, you need the perfect auto financing program. Apply with EZ Auto Finance for quick approval and low rate car financing process.

All the best! Hope you choose the perfect car.

How to Qualify for Car Loans after Bankruptcy?

Chapter 7 or Chapter 13- Every bankruptcy is a very challenging situation. It causes embarrassment and financial troubles but it doesn’t mean that you cannot buy a car. Many people think that they will never get auto loans as bankruptcy ruins credit scores. Thankfully, this is not true. Post bankruptcy auto loans are a boon for borrowers who have just come out of bankruptcy.

A bankruptcy stays on your credit report for ten years and so, it has such a huge impact on car loan approval chances. It is for this reason that you must work strategically in order to get a car loan. The key is to reduce the lender’s risk. If you are successful in lowering the lender’s risk, he will easily offer you an after bankruptcy auto loan.

How to Get Car Loans after Bankruptcy?

Patience is the Key

You filed for bankruptcy because you were unable to pay-off your debts. You certainly don’t want to get a car loan with unbearable monthly payments. So, you must have patience in getting an after bankruptcy car loan.

There are many lenders who offer auto loans to people in bankruptcy. But, they often charge high interest rates. So, it is best to opt for car loans after coming out of bankruptcy. Once you have discharged bankruptcy, you get the opportunity of availing car financing at reasonable rates. You can lower your rates by waiting for two to three months. During this time, you must concentrate on increasing your credit score.

Employment and Income is Important

When the lender is ready to overlook your bankruptcy and bad credit score, he is taking a risk. If he considers your car loan application very risky, he will not offer lower interest rates. But, there is a way of reducing his risk.

If you have a stable job and regular source of income, the lender will be assured of regular monthly payments. This will help you secure a post bankruptcy auto loan without much difficulty.

Lenders also consider your income as an important factor for approving your post bankruptcy auto loans. If you are able to pay your expenses and still save, you will be able to make easy monthly car loan payments. So, lenders ask for sufficient income and a decent debt to income ratio.

Search For Lenders That Offer Car Loans After Bankruptcy

Traditional lenders and banks shy away from borrowers with post bankruptcy because they are considered a huge risk. There is no point in applying with those lenders who are going to reject your car loan application.

So, research and then choose your lenders. Apply with those lenders who are experienced in offering after bankruptcy auto loans. You can even go for online auto lenders. There are many online auto financing companies that offer affordable auto loans. They even offer auto loans after bankruptcy because they have a wide network of lenders and dealers.

Inexpensive Car

When you have a just come out of bankruptcy, you mustn’t buy a new car. A new automobile is costly and will increase your car loan amount. Instead, choose a reliable used car. Don’t forget to get it checked by your local mechanic.

Put Money Down

When you make a substantial down payment, you reduce the car loan amount and the lender’s risk. This prompts the lender to offer you lower interest rates and instant approval. So, start saving money for down payment. Usually, 10% -20% of the total cost of the car is enough. But, there is no harm in going for a higher amount.

Co-Signer Can Help You

Getting someone with a good credit score to co-sign your car loan contract reduces the lender’s risk to a considerable extent. Find someone who is ready to co-sign your after bankruptcy auto loan. A co-signer can be anyone from your parents, friends, or relatives.

All these points will definitely improve your chances of getting approval on auto loans after bankruptcy. These points will help in reducing the lender’s risk which means you will get reasonable interest rates.

A post bankruptcy car loan is a perfect way of buying a car. It will also assist you in building your credit score after bankruptcy. So, it is important that you take a well-thought decision.

EZautofinance.net is a reliable online car financing company that offers low rate online bad credit auto loans. Our huge lender network helps us approve after bankruptcy auto loans. Apply now and begin your car journey today!

All the best for an after bankruptcy auto loan!

Know the Process of Bad Credit Auto Loans and Buy Your Dream Car at Lower Rates

A car is a necessity for the people of America. But, most people don't have the resources and ready cash to buy a car. That's where a car loan is useful. With the help of auto financing, one can easily buy the car of their choice. By and large, Americans use this option for buying the much needed automobile.

But, what about those individuals who don't have a good credit score? We all know that getting any type of loan is difficult when you have a bad credit score. But, does it mean that a mere bad credit history can cause so much trouble? Thankfully, the answer is no. Bad credit auto loans can really help someone in distress. Understand how bad credit car loans can be useful to you. Also, this article will help you in availing an auto loan with bad credit.

A bad credit often causes trouble. But, a bad credit history never means your car dream is over. You can get a car loan despite your very poor credit score. Lenders have understood that many Americans have a poor credit history today. It is impossible for them to suddenly improve their credit score. Also, it makes business sense to offer car loan to such a large segment of the population.

With a bad credit auto loan, you can buy the car you always wanted. You just need to know the exact car loan process. If you know how and where to apply, you can easily get buy a car.

Affordability Is Important

When opting for such loan or any other type of auto loan, most people tend to miscalculate and end up with a loan beyond their affordability. If you sign the car loan contract without thorough research, you may end up paying more. A complete attention is required to get the best loan rates. So, calculate your total income and expenses and ascertain your budget for buying a car.

What To Expect While Applying for An Auto Loan with Bad Credit?

When your credit score is bad, you must avoid banks and traditional car financing institutions. The reason is that they have stringent lending criteria and so, they approve less car loans applications. You can opt for a credit union if you are its member. Online auto financing companies are also a good option. You can get instant approval on bad credit auto loans because they work with sub-prime lenders.

If you have bad credit history, you cannot expect lowest possible rates. Your interest rates will be higher than the average. Your poor credit score is a red flag for the lender and he considers you risky.

How to Lower Interest Rates on a Bad Credit Auto Loan?

You can lower your interest rates by convincing the lender that you are not a high risk credit borrower. Here are few important tips to help you get low rate bad credit car loans.

Down Payment

By making a down payment of 10%-20%, you can improve your car loan approval chances. The lender will understand that you are capable of making a down payment and will be ensured of your financial capacity.

Co-Signer

A co-signer is someone who agrees to co-sign your car loan contract and makes payment if you fail to do so. When you have a co-signer, a lender is assured of his money. So, the lender will not hesitate in providing a car loan.

Using a Collateral

If you have a really poor credit score, you can use your home, machinery or any other car as additional collateral. Even though your new car will be used as collateral, additional collateral will have a positive impact on the lender. The safety of his investment will increase which will be beneficial to you.

So, this is how you can get a bad credit car loan. This loan can really help you in buying a car and improving your credit score.

Apply now for bad credit auto loans with no money down today!