Bad Credit Buyers Beware
Bad credit car loans come with slightly higher interest rates, which mean higher profits for car dealers and unwary buyers may wind up spending more than they have to. NADA Chairman Charley Smith admits, We recognize that many consumers may not know that the interest rate may be negotiable or that the dealer may be compensated for obtaining financing.

This is one reason many experts recommend that car buyers use direct financing. This means getting a car loan directly from the lender instead of through the dealer. Not only can they find more competitive rates on bad credit car loans, they can avoid the hassle of going through a dealers high-pressure finance office.

The difference between the interest rate on new or used car loans does not vary that much because used vehicles dont depreciate as quickly as newer models. This makes them better short-term collateral for lenders. The average used car costs less than half of what the average new car does. Thats why they outsell new cars three-to-one. However, choosing a new car gives the buyer more control over optional features, plus a warranty that lasts for years.

Hispanic Car Buyers
Some of the shoppers looking for bad credit car loans are Hispanic. The term loosely refers to all Spanish-speakers. Most Hispanics in the U.S. are descended from immigrants from Mexico and Central America. Our Hispanic population now stands at 41.3 million and is growing three times faster than the general population. Hispanics will number 47.7 million by 2010, and 60.4 million by 2020.

Hispanic buying power is growing at an annual compound rate of 8.2%, nearly twice the rate for non-Hispanics. It is projected to reach $1 trillion annually by 2010. A recent survey by The Media Audit reveals the following interesting facts when it comes to car buying:

Of the 26.1 million Americans planning to buy a vehicle this year, 4.7 million are Hispanic. Of this number, 1.9 million are planning to buy a new car.
While 29.5 percent of all adults surveyed have car loans, just 27.3 percent of all Hispanics have car loans.
Among the 4.8 million adults who plan to spend $30,000 or more on their next car, 830,000 are Hispanic.

Much of the shopping Hispanics do for cars and loans takes place online. A study conducted by eMarketer projects there will be over 16 million Hispanic Internet users in the U.S. by 2007. That equals 8.4% of all Internet users. Hispanics go online at home an average of 9.2 hours a week. Seventy percent say the Internet is the best source for comparing the prices on both cars and loans.

Among the growing number of automotive sites aimed at the Hispanic market is Prestamo Automotriz. The entire site is in Spanish. It includes several helpful articles and an application for a free loan quote. While Prestamo Automotriz specializes in bad credit loans, all credit levels are welcome.

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Nowadays, more and more people are enticed to buy used cars. With so many financial choices available and cars living longer, many people just opt to buy used cars.

In fact, many smart consumers contend that buying used cars is just the same as buying new ones if the buyer knows how to buy used cars.

So, to help those who wish to buy a car but cannot afford a new one, here are some of the best tips that can be implemented when buying a used car.

1. Research

It is extremely important for an individual to conduct some research when buying used cars. In this way, the buyer will be able to know the ideal make and model to buy, the kind of performance to seeks, and the prices of used cars in the market.

Moreover, the risk of buying used cars is lessened if the buyer knows the important details to consider when buying used cars.

2. Check the cars history

The cars history will definitely provide the buyer some solid information regarding the performances, repairs, and problems of the car. So if you CAN discover some history it would be to your advantage. In this way, the buyer will be able to compare and differentiate one car from the other. There are instances wherein used cars are being sold because of some past accidents or negative experiences. Buyers might consider more if the car he or she is about to buy has a history like this one.

3. Check the safety features

What more can you expect with a used car but it does not necessarily mean that the buyer will neglect the availability of safety features in the car.

By all means, an ideal car must possess safety features, whether it is old or new. According to some reports, almost 80% of the accidents are heightened because safety features are not available in the car.

4. Buyers should be wary about the documents that are included when buying used cars.

Buyers should be sure that the car is not stolen, there are no liens on the vehicle, and that the one who signed on the Bill of Sale is the true vendor and the possessor of the property.

5. Before buying a used car, it is best to meticulously inspect the overall condition of the car first. Buyers should be wary of any rust or damage; the tires should be checked, etc.

Indeed, buying a used car can be very tedious. Nevertheless, it will give the buyer some satisfaction and assurance that what he or she has bought is a good buy.

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In the fast-paced world we live in, owning cars is an essential necessity in life. With a car, you can manage your life easier, and more efficiently.

New car buyers usually buy their car in used car dealership to save money.

Most people consider getting another used car and usually sell their first car.

Here are some tips to get you started in buying or selling used cars and in the same time, getting the best deal possible.

Used Car Buyers

The first thing you should consider when buying a used car is how much you are willing to spend. Knowing what you can and cannot afford is the first step when buying used cars. Saving money is mainly the reason why most people buy used cars. Another reason is that they want a specific model of a car but cannot afford to buy a brand new one. To get the best deals possible you should research, and research some more.

To know how much you can afford you should first figure out your monthly net income. To get the exact figures, you have to first get your total monthly gross income then, deduct all of your monthly expenses like; groceries, insurance, rent payments, mortgage, etc. the result will be your net income.

After you figure out your monthly net income, you should ask yourself:

How much am I willing to spend on a car?
How much is the down payment?
How much can I afford on monthly payments?

While calculating these three important numbers, you should also consider the cost of fuel, registration and insurance. Find out if the vehicles you are interested in are still capable of giving many a good mile to gallon of fuel ratio.

Contact your insurance company to know how much your monthly payments will be on each of the cars you are interested in. Give considerations if the vehicles have safety features like airbags, and anti lock braking system or ABS. Insurance companies usually give discounts if the car has these features.

The biggest disadvantage to buying a used car is the lack of warranty. Private sellers often do not include any warranty on the car they are selling. Another problem when you purchase a used car is the risk of buying a junk.

You may have purchased the car for a very low price but you could have bought a car that will drain your money on maintenance costs.

It is always wise to inspect the car thoroughly first before deciding to buy it. If possible, try to find out about the cars history. Get some of the cars service records for you to know a bit about the cars history.

Selling Used Cars

Selling your old car can prove difficult and time consuming. Most people who tries to sell their used car often gets tired and will just trade it in or sell it in a very low price.

Here are a few tips on selling a used car to get you the best deal possible.

Once you decide to sell your old car, the first thing you should do is set a price for it. To help you with the actual value of your old car in the market, research the cars make and model in the internet or in your local used car dealership. Ask around.

After you figure out the market value, find out how many vehicles that are similar to yours are in the market, then, increase the price of your old car just a little. This can be helpful when a buyer tries to haggle, which they often do. This gives you an allowance for haggling.

The next step would be evaluating your vehicle. List down your old cars accessories and other added expenses. This would be a good way to further increase your vehicles price.

You should also include in your list about the condition of the vehicle. The better the condition the faster it sells. You should also present you cars service records to the buyer.

A service record is a good way to know about the cars history. If your old cars service record were clean (no accidents, good maintenance) it would sell faster.

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Purchasing a car can be an exciting experience for anyone. It doesn’t matter if the vehicle you are purchasing is a car, truck, SUV, band, or even motorcycle, the thrill of purchasing an automobile gives the buyer a feeling of being free. However, that feeling of being free can fade almost as soon as it comes if you are tied to auto financing that isn’t the best option for your situation. Car buyers can save themselves a lot of headache and hassle if they know what they need for they begin the car buying process.

Determine your needs and wants before you begin learning about getting appropriate financing for the car. If you find that you have been looking for more financing in the car that you need requires the news wasted valuable time that you can be spending on looking for your next vehicle. Once you’ve selected a vehicle that you are comfortable with to some background investigation on the car.

Research consumer report websites, as well as get other user feedback on the vehicle if at all possible. Don’t forget research on any factory recalls that may have been implemented on the vehicle. Finally, when you have decided on your vehicle, be sure that you are comfortable behind the wheel of the car and driving. A car is a large investment and you want to make sure that you will be comfortable in the years ahead while driving it.

It doesn’t matter if you are purchasing a new car, truck, SUV, van or motorcycle the act of getting a new vehicle is an exciting experience. A new vehicle can mean freedom to the owner as long as the vehicle that they did meets their needs and wants.

Before you go to purchase your next vehicle, be sure to get a few preliminary things out of the way first. That can help you avoid hassles and headaches down the road. One of the first things car buyers should do is to make sure that the car that they shop for is one that will meet their needs for the next several years. This includes making sure that they are comfortable in the vehicle and can properly handle the controls.

Never rush to test drive process as it is very imperative that you fully acclimate yourself to your new car and make sure it is one that you will be comfortable driving for the next few years. Next, research your new car as much as possible, online and by asking owners that have the car if they have any problems and how much they like having the car.

Finally, make sure all of your financing is in order before you go searching for new car. You don’t want to form an emotional attachment to a vehicle, only to find out that you will not be able to afford it later.

Be sure that your financing options are in order before selecting the car of your dreams. You don’t want to form an emotional bond to a vehicle and then find out that you will not be able to afford it. A vehicle purchase can be an exciting endeavor for anyone. However, make your next vehicle purchasing experience exciting as well is responsible by utilizing the tips above.

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The days of wasting time wandering around car lots, hoping the dealers are telling you the truth about whichever model they’re trying to push, are over. Say hello to your two new friends: Edmunds and IntelliChoice. Both companies host websites designed to inform and empower potential car-buyers by providing information from unbiased sources.

IntelliChoice, the younger of the two companies, was founded in 1986 and was acquired by a major targeted media company known as PRIMEDIA, Inc. in 1997. Known for publishing two award winning annuals (The Complete Car Cost Guide and The Complete Small Truck Cost Guide ) , the company has proven to be a leader in helping consumers determine which cars, SUVs, and light trucks offer the best value. A stamp of approval from IntelliChoice is nothing to scoff at. As a matter of fact, Isuzu’s website proudly boasts that its entire 2006 lineup was recognized by IntelliChoice as among the best in their classa claim that Isuzu knows will boost interest and sales.

Checking any or all of IntelliChoice’s sites can arm you with the information you need before making a vehicle purchase. Of all the car buying resources on the internet, IntelliChoice is truly one of the most respected sources of automotive information in the United States.

Edmunds Inc. also operates a website, guided by its mission statement: “To empower automotive consumers by providing complete, clear, timely, accurate and unbiased information needed to make informed purchase and ownership decisions.”

As a matter of fact, Edmunds was the first to publish an online automotive resource in 1994. The company itself was founded in 1966 and has continued to grow ever since. Well known and frequently recommended, Edmunds doesn’t mind relying on word of mouth to increase site traffic. With a plethora of information available on the site, Edmunds offers photos, data, reviews, articles, as well as pricing information on every vehicle on the market. As a matter of fact, Forbes ASAP named the site “Best Car Research Site,” and Money rated it one of the “50 Most Useful Financial Websites.” Consumers consistently find it reliable as well, shown by numerous J.D. Powers and Associates studies in which Edmunds was described as “the most useful website.”

With credible, organized information at your finger tips, there’s no need to cross your fingers and hope you’re making the right decision when buying a car, SUV, or truck. The antiquated tradition of roaming around on car lots has been replaced by a flurry of fingers over a keyboard, the legwork already done for you.

So the next time you’re in the market for a new vehicle, don’t forget your two new best friends: Edmunds and IntelliChoice. It’s like having two uncles in the business, only better.

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Before purchasing your next car, you’re going to want to check for hidden costs, add-on fees, and other charges. You could end up spending hundreds, even thousands, of dollars over the lifetime of your loan.

Once you’ve found the car you want, it’s time to sit down with your sales rep to negotiate the terms of your contract. After a little back and forth on price, figuring out your interest rate, and calculating your monthly payment, you’re ready to sign on the dotted line, right?

Not so fast.

When you read the fine print you may find that additional fees and charges have found their way into your contract including add-ons you didn’t necessarily ask for.

Most car buyers are so focused on getting the best interest rate and negotiating the most affordable monthly payment that they’re unconcerned with the fine print of the contract. By the time they get to the step where they review and sign the paperwork, if the sales rep is throwing industry terms at them that they don’t fully understand, they’re becoming exhausted from the entire process and just want to get it over with.

Here are a few insider tips to make sure you don’t regret signing those papers.

1.) Read the Fine Print
While this seems pretty obvious and self-explanatory, it’s amazing how trusting the consumer can be. Honestly, the last time you bought a car, did you read and fully understand the contract before you signed it? Probably not. Most people don’t.

Some unscrupulous car dealerships are betting on that. Because most people don’t read the fine print, some sales reps can slide in additional, undisclosed charges or extras with huge mark-ups to their profit.

Also, make sure there are no blank spaces on your finance contract that can be filled in later wherever there are blank spaces, write in “$0″ or “N/A.”

2.) Typical Extras
Most of us are familiar with learning about the standard features of an automobile and then figuring out which additional features we are willing to pay extra for, but here are some extras to look out for when reviewing your contract:

Rust proofing
Extended warranty
Fabric protector
Car alarm (including Lojack, a device police use to find your car if you report it stolen)
Paint sealant
Credit life insurance
GAP
Window etching

The value of such extras depends on individual customer needs and situations. If the sales rep attempts to tell you that some or all of these extras are standard for every vehicle on the lot, ask to order your car from the factory, or suggest the dealership trade with another dealer that hasn’t pre-packaged their vehicles.

Extra products can add thousands to the negotiated price of the vehicle. Most products fill a customer need that when priced and disclosed correctly and can add real value to the whole transaction.

The problems with extras occur in two areas. First, when the sales rep doesn’t spend the time necessary to determine which products fit the specific needs of the customer. Rather than suggest specific extras individually priced, the sales rep lumps all the products together and pushes you to buy them as a package.

Second, unscrupulous sales reps can add thousands of dollars to the amount financed for these products, but not disclose the price increase until the last possible moment, when the financing contracts are being signed.

3.) Documentation and Administration Fees

Federal, state, and local governments are pushing more and more of their regulatory cost onto the local dealerships. In an effort to offset some of these fees and services dealers are required to perform, most add, a documentation or administration fee to the total cost of the transaction. Depending on state and local regulations, fee adding $100 to $150 seem reasonable and cover most of these additional items. These services include:

Duplicate Title Fees
Notice of Security Interest (to perfect lien)
30-day Permits
Federal terrorist matching data bases
Federal information privacy requirements
State vehicle id verification
Highway Patrol Inspections for out-of-state titles
Registering leases at customer’s county of residence
Carfax
FedEx charges/Shipping charges
Additional title addendums
Truth in lending record retention
Some dealers have taken up the practice of marking up documentation and administrative fees and are now charging as high as $300 to $500 per sale. A few are even higher. The charge for most of these fees seems to be more based on getting a customer to pay extra after the customer has finished negotiating, not the average amount it cost to get most deals through various state and federal regulations, as implied.

4.) Ask for a Menu System Disclosure

The best disclosure method I’ve seen in years involved using a menu system. On a separate sheet of paper the rep produces a document that includes:
1.)The negotiated price of the vehicle or trade difference
2.)The additional price of suggested extras (these can be shown as various option packages that may save money when bought in combination and as individually priced options)
3.)New totals initialed by both parties

This procedure makes sure that any suggested extras are properly explained and disclosed. It also allows the customer time to consider each item separate from the longer and potentially confusing finance documents. The final numbers from the menu should get carried over directly to the finance document.

5.) Other Costs

When buying a car, remember that there are other “hidden” costs (or, costs that aren’t usually considered), that go beyond the dealership.

During the lifetime of your vehicle, you’re going to have to pay for registration and tags, taxes, insurance, oil changes and fuel every year, and periodically pay for maintenance and repairs. Older models (cars more than 3-5 years old) may cost less up front, but you will likely need to factor more maintenance and repair costs into your budget than if you bought a newer model. While new models need fewer repairs and maintenance work, you will have to pay more up front.

Your wallet does not have to go through the ringer the next time you decide to visit a new or used car dealer. You can protect yourself from blindly signing into an unfavorable car deal by doing your homework, going to a car dealership with a good reputation, being prepared, asking questions, and double checking behind your sales rep.

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First, decide on the car you want. Consider what you are looking for in a vehicle size, style, and features. Use the websites of the major car manufacturers to build your dream car.

These programs will even given you the sticker price of your ideal vehicle. You can ignore this price during real negotiations, but you’ll have a idea of the general price range of the vehicle.

Still unsure about what you should buy? Look at car comparison websites such as Edmunds and NADA Guides that can help you compare cars side-by-side as well as offer reviews and guides for car buying.

Once you have found the perfect vehicle, its time to research the price. Using the internet, you can find out what the dealers invoice price is for your car. This is the price you want to work with, as it is the actual dealer cost.

In addition, check to see if there are any incentives available on the car. These can be incentives such as low-interest financing or cash back. There may also be incentives to the dealer from the manufacturer. That means that if the dealer sells a specific model, they receive a rebate. This means that a dealer can sell at or below invoice and still make a profit on the car.

Many websites will even give you information on actual selling prices of similar models in your area. By analyzing this information, you will be able to determine a reasonable sales price for the car you want.

Now that you have found your car and know how much you should reasonably pay, head out to the dealer. You can now negotiate effectively.

When you arrive, make it clear to the salesperson that you know exactly what you want and exactly how much you are willing to pay. In short, there should be very little negotiation. Make your offer and stand firm. You will likely get the usual, I have to check with my sales manager runaround.

If the dealer will not meet your price which you know is reasonable go to another dealer. In some cases, you can even get dealers to bid against each other. With a little homework beforehand and a little persistence at the dealership, you’ll have a better experience buying a car.

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Fact is flood damaged cars are being moved by unscrupulous merchants. Consumers can and should protect themselves against being taken advantage of in the auto market. Luckily, there are several things consumers can do to protect themselves from buying flood damaged cars.

The best things a consumer can do to be sure if a car is flood damaged or not is to get the history of the vehicle. You can do this by submitting the vehicle identification number (VIN) of a car to a website which provides vehicle history information. What these websites do is search a nationwide database of car information then gathers research on the car’s title, maintenance record, registration, and odometer. You will instantaneously know if the vehicle has been stolen, has had a troubled past, or has had its odometer rolled back through the report that the website will return. Just a little research on a car’s history will reveal if it has been salvaged, flooded, rebuilt, or is basically a “lemon.”

Prospective car buyers should be aware of flood damaged vehicles being sold on the car market. Why shouldn’t you buy flood damaged cars? Well simply because water leaves a lasting damage. Even if the devices and machines requiring electricity will restore it, it will probably fail sooner or later because mold and mildew aren’t’ easy to remove. And when a car is flood damaged any warranty warrant is voided.

Below are several things you can do to check if a car is flood damaged:

Check for moisture and dirt.
Flood damaged cars usually have moisture trapped and dirt inside the lights. Dampness can also be seen inside the compartment with glovesF, console and trunk so you better inspect these spots. Dirt, which can also be a sign of flood damage, can also accumulate under the hood. Moisture can also accumulate under the seat. Of course, rust is another telltale sign of flood damage.

Smell the car
Mildew can be easily detected by smelling. Mildew often forms on soaked fabrics so sharpen your sense of smell when you’re on the lookout for a new vehicle. Also try to detect other smells that could be caused by flood damage like spilled oil or fuel.

Check if components match
Mismatched component could mean that the component are changed hurriedly after the car has been salvaged from a flood. So try to see if the carpet, seats and stereo components looks too new for the car.

Also try to check if the car has been titled several times from different states, which is usually a hint that its owners are trying to erase the questionable and negative history of the car by looking for spots where disclosing defects is not required or is easily evaded. Cars that are titled several times are usually salvaged or totaled.

Test drive
Of course the best way to check the performance of a car is to take it for a test drive. Check the electrical system including all the lights and the sound system.

Ask an expert
Have an expert mechanic or technician check the car. Have a second opinion if you may. Expert mechanics and car technician can detect flood damaged cars easily than ordinary people.

Remember that in buying a vehicle, never ever take a chance. Buying a damaged vehicle can cost you more than your money. It could also bring serious accident even death. If you suspect that someone is selling you a car that has been flood damaged immediately say no then walk away. The dough you will save in buying a flood damaged car will quickly go away by the headache it will bring.

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Certification offers a way to weed out unscrupulous used car dealers who might sell damaged cars. The nearly 600,000 vehicles damaged by floodwaters from last year’s storms are prime candidates to end up as part of such scams.

As more car buyers turn to certified vehicles, the number sold this year is expected to increase significantly from the 1.6 million purchased in 2005. Besides costing less than their new-car counterparts, certified vehicles also come with many of the same benefits, eliminating much of the guesswork associated with buying used.

Be wary, however, because not all certification programs are created equal. To help sort out the best from the worthless, used-car experts offer the following tips:

Certified by whom? Make sure you know who sets the standards for the certification program and who makes certain they’re being enforced. Look for a manufacturer-backed program-the best people to certify a car are the ones who built it and specialize in that make. Most manufacturers will offer a limited warranty in addition to honoring the car’s original warranty.

Do your homework. Research the makes and models that make sense for your driving needs. Check safety and reliability reports published online and prices from your whole area.

How was the car certified? At a minimum, a car should have a detailed mechanical inspection and a vehicle history report. Carfax Vehicle History Reports are a mandatory part of the certification process for 80 percent of today’s manufacturer-certified programs.

What does it get you? The certified used car you’re buying probably comes with an extended warranty. Make sure you know exactly what this covers and for how long. You can always add additional coverage.

Ask for more. If you want roadside assistance, options added to the car, free oil changes or anything else, don’t be afraid to ask.

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Because of instant approval car loans, many people are enjoying a hassle-free car buying experience. Purchasing a new or used vehicle is a time of excitement and frustration. Pushy salesmen and dealerships have a habit of taking advantage of unsuspecting buyers. Additionally, the temptation to buy more than you can afford is a common problem. However, securing financing before entering a dealership showroom is a great way to take the hassle out of buying a car

Understanding Instant Car Loan Basics

New car buyers and those unfamiliar with car buying tactics may pay sticker price for a vehicle and accept dealership financing without shopping around. Unfortunately, dealerships prey on buyers of this sort. Prior to buying a car, it is essential to shop around and compare offers from various lenders. To avoid a dealership scam, you may consider getting approved for an auto loan before beginning your search.

The internet is loaded with auto loan lenders offering instant approval loans. With instant approvals, you receive a response immediately. The applications are easy to understand. Simply input basic information such as income, employer, desire amount, etc. Instant approvals work two ways. The lender may either approve a stated loan amount, or determine an affordable loan amount based on your income and debts.

How to Find a Lender that Offers Instant Approvals

Various online auto lenders offer instant approvals. However, if you are hoping to compare several instant approval offers, use an auto loan broker. This is the easiest and simplest way to shop around for the best auto loan offer. Brokers are recognized for supplying multiple offers. Savvy shoppers know the benefits of this feature.

By obtaining multiple offers, you are able to compare auto loan rates, terms, and services. Choosing the loan offer with the lowest rate will lower your car payment. Even if the dealership offers you a finance package, before accepting their offer, complete an online quote request. Dealerships tend to adjust auto loan rates to benefit their bottom line.

Completing the Car Loan Paperwork

After receiving the instant approval quotes, the next step involves choosing the auto loan lender with the best offer. If using a broker, you are obligated to complete an official loan application with the lender. Upon approval, the lender will deliver a check to you. Once you decide on a car, and negotiate a sales price, you simply sign the check over to the dealership, which completes the transaction.

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