Our preferred credit provider is My Auto LOAN working with several loan institutions to give you the lowest rate possible.
REVEURO is an independent dealer, make sure your finance company allows you to purchase from independent dealers, some banks only approve their customers for franchise dealer purchases only, reason being is they are trying to limit where they money can be spent as most are in direct relationship with franchise dealers, this way the pricing and interest on your car loan can easily be manipulated, is it good for you ? We will let you decide.
Car Loan 101:
Car loans are long term commitments the shorter the term the better the interest rate you pay for your loan, usual terms are 36, 48, 60 and 72 month loans, for example there can be as much as 1.5% or more difference between a 36 and 72 month car loan.
- Make sure your car loan has no pre payment penalties, if it does you might want to walk away before it's too late
- How long should my term be?
Should I put a down payment?
Placing a down payment in your loan can help you in several ways ;
- If you don't have excellent credit it can make the difference between qualifying or getting denied on your car loan.
- With most applications your APR will be lower as the vehicle will have equity in it rather than just amortization this way the banks risk is lower
- It can significantly reduce your monthly payment on your loan
- Make you qualify for a higher amount
Private party VS dealer?
- In some states private party sales are not taxed anymore when you register your new car, however there are downsides to this purchase that many fail to consider and these couple of facts will end up costing considerably large amounts of money offsetting the money saved on taxes.
- Cannot apply trade in tax
- When a reputable car dealer put a vehicle on the market the car is serviced and reconditioned to excellent condition, and if it's not possible most car dealers won't even get the car into their inventory.
- Lot of private party offerings lacking proper care and maintenance
- Once you purchase a vehicle from a private seller there is usually no turning back and no buyer protection, having this in mind banks only provide loans with considerably higher interest for these particular vehicle purchases for the very same reason as the risk of backing an overvalued car is much higher. This higher interest rate /as much as 2% plus/ itself will erase the advantage of saving money on taxes in states where it's possible.
|Loan term||36 months||48 months||60 months||72 months|
Please check with "MyAutoLoan.com" for the best possible rate today.