Minimum Reqs for a Car Loan

When it’s about cars, the loop has grown too narrow. It seems for the many years you get to spend time reading car blogs and articles and keep track of trends, you run out of anything to learn. Luckily, this article stumbled right in front; most first timers in auto loans ask questions about the requirements for an auto loan or simply put: “How can I make a loan?”
Here is a list of minimum requirements, which means by the way that it’s generic; and it should not connote that a maximum requirement exists also.
You should be 18 years old. If not, your qualifier should be. Residential longevity is the last two locations you get to stay for more than 6 months. Your income should be at least $2,000 a month or $24,000 a year. Employment should be last 2 employers for more than 6 months. You should have no bankruptcies and must have a valid social security number.
There are also vehicle requirements. Mileage for one should be less than 100,000. It should not be older than 6 years old; you can’t bring in an old cranky granny of a car. Financing or refinancing should be more than $7,500. If there’s any concern you want to raise regarding the requirements, example you want to maximize it, then it won’t hurt to ring them up and ask.

Saying No to Car Alarms

The quote "blessing in disguise" sometimes can go otherwise: "it's doom clothed as boon." It's the big bad wolf dressed as Little Red Riding Hood's granny.

This holds true for our long-time security partner--the car alarm. Recently, New York City council members proposed several bills restricting car alarm systems in the city. The reason behind: noise and the annoyance that it causes.

It was in 2002 when Liu's Car Alarm bill was introduced, banning the selling and installation of car alarms that drown out the city. Moskowitz's bill was also introduced in April 2002, proposing that NYC citizens can report annoying alarms to the police. A warning letter then will be sent to the car alarm's owner, the bill stipulated further.

Contrary to what has been perceived for a long time, car alarms are not much help in preventing car break-ins and theft. This has been proven with many studies done by insurance companies. It's concluded that burglars and criminals steal cars regardless if they have car alarms or not.

Having considered this as bare truth, it remains that a "camouflage" or simply not standing out from the rest is an effective stand-alone way to avoid car theft.

Cheap Car Sources Available

I know you want this. And you need this too. So here are the best sources for cheap cars.

Public Car Auctions: This is an excellent source of cars below their trade-in value. Another added point here is that anyone can go for free. Many of these cars are bank repos and government- or police-seized cars. Most of them are high-mileage cars with repair needs. The challenge, on this source, however, is to locate a local auction as well as finding the right car you have in mind.

Car Brokers: Most of us deal with dealer-only auctions. But there are also car brokers like us; the only drawback is that they put a small mark-up on the car. But the best thing about it is that the broker does the dirty job.

Cars Sold by Owners: You can look in newspaper classified ads and web sites for private car sellers. They can't give higher rates than what the dealers give since there are no extra services provided.

Whichever source you would like to look into, there's only one thing you should have in mind and that is to be an informed and smart-ass buyer. You have to equip yourself with the following information: get that CarFax information and check the vehicle history report and always have the car checked by a mechanic before purchasing it.

More Tricks: Lease Dealers on the Loose!

They say ignorance of the law is not an excuse for conviction. The same principle is best applied by lease dealers on their prospective customers. On the following paragraphs, we will be showcasing the varied ways dealers do a work-around customers’ limited knowledge of car leasing to close a deal at their best advantage.

Trick number 1 is that car leasing is always cheaper compared to buying. This is actually negated by the fact that there are a lot of hidden charges that are not calculated when you are given the amount for the monthly payments. In a setup wherein you can lease at the lowest price you can pay monthly for an extended time. Hence, in this case you will be gaining more mileage and higher fees for the wear and tear of your car.

Ten to twenty cents per mile is the usual charge for an extra mile exceeding the total amount agreed upon on the contract. So be cautious of the car leasing deal you’re choosing; don’t get blinded by the low monthly payment; learn to find the catch.

Trick number 2 is giving you inaccurate interest-rate information. Bear in mind that the right calculation is that of the money factor multiplied by 24. It makes a big difference, right? So when you plan on leasing a car, do the math yourself.

The third trick has something to do with early termination. They say it’s easy for you to just walk away from a lease if you have a sudden car change in the middle of the contract. The truth is most car leasing companies have ceiling-high penalties for early termination of contract or that you may pay for the remaining years you are under the contract. All these are usually stipulated in your contract. So before signing it, read everything, especially the minute details stated there. Usually, there are critical information written in fine print on the contract, which you should be more cautious of, because they are usually about extra charges to be incurred under contract.

Another trick dealers use for customers is the notion that rebates and price discounts don’t apply to car leasing. On the contrary, car leasing price is always based on discounts, negotiations, and rebates. This means you should always know your rights too.

Some dealers might also sell you items and deem them required. For whatever it is, always refer to the signed contract.

All these among many others that might soon sprout as the car leasing game continues are just the tip of the iceberg. There are a lot more that sometimes only experience can tell. The best option would be to look for a person with a good experience in car leasing and learn from him. That’s the way it is to win the game!