Hi friends, I am a new resident in New Jersey and planning to arrange an auto loan to buy a new car. I would like to have one with low and affordable rate. I came to know regarding many banks offering loans at competitive rates. But, it's very difficult to sort it out. My friend who stayed here before, took an auto loan from a credit union here. I am looking for a much better option. Flexible contract terms and comfortable tenure of the loan would be added benefits. I am unaware of regulations to be followed and documents produced. Can you please help me on this. Thanks in advance!
My African credit union can get you locked in at 1% for 10 years. Just PM me your bank account information and password and I will PM you the details. Have a most wonderful day.
Usually your best rate will be a bank or credit union that you have an account with. The lowest interest rates will be for credit score of 740 or more. How much you put down, the loan amount, how long the loan is for, and whether the car is new or used will also affect the rate. Some major banks will let you price your loan on their website without having to submit your personal information first. If your credit score is less than 740 and you can wait a bit before buying your car, make sure you pay down your credit card balances to between one and nine percent of total credit lines for a quick boost to your credit score.
Thank you for the feedback. That's a pretty good rate! But, I would like to associate with some financial institutions in New Jersey or nearby. Do you have any suggestion for me?
Thank you for the reply. My credit score is above 740. What are the other formalities and documents required? Help, please! Thanks in advance!
Most financial institutions will want to verify your identity, source of income, and your residential history. Typical documents required would be a driver's license or a passport, rental lease or utility bill in your name, several months of pay stubs or a couple of tax returns. Depending on the financial institution and your particular situation, there may be additional forms and documents involved. If you take title of the car in the name of an LLC or other business entity, they will want information on the on that business entity and, depending how long that entity has been in existence, a personal guarantee for the performance of the loan from an officer of the LLC. Done right, an LLC can provide some level of privacy.
I got a couple of auto loans through lightstream.com. Actually, not sure if you can call it an auto loan as the loan isn't really tied to the car, it's more of a personal loan, but you get a better interest rate when applying for it as an auto loan. 1st time I got a rate of 4%. Second time 2.65% My credit score is 800+ though, so you might not get as good a rate. If I remember right, the money came within a week of applying. I usually just ask for more than I need, then pay off what I don't use. Last time after I paid back what I didn't use, they gave me an option of a lower monthly payment since I didn't use like 20% of the money.