Auto Financing Options

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Private Auto Financing

·         This type of auto financing allows the borrower to purchase their car from an auto dealerships or private seller.

·         Private auto loans are recommended for those with good credit histories.

·         This auto loan gives the borrowers more flexibility when choosing a specific automobile to purchase.

Dealer Financing

·         This type of financing is an auto loan through the dealership you purchase the car from.

·         This is recommended for those with not so perfect credit histories.

·         This auto loan matches the borrowers with dealerships that will lend him or her money.

Auto Refinancing

·         This type of financing is for when someone wants to refinance a current auto loan they already have.

·         This is good for trying to lower your monthly auto loan payments. 

·         Auto refinancing is recommended for those who feel their credit scores have increased since their auto purchase.

Auto financing is available in many different ways.  Private auto financing, dealer financing, and auto refinancing are the most common types of auto finance you will find.   Auto financing is important for anyone buying a car with some sort of borrowed money.  It is important to understand your financial situation prior to applying for an auto loan.  Since auto financing rates and terms very depending on borrower, it is important to know where you stand.  Know how much you have available for the down payment.  Many people recommend putting 10% down.  When applying for auto financing it is also important to know where your credit stands, as this will heavily determine the interest rate you’re given.  If you are having trouble getting auto financing there is a good chance it has something to do with what is on your credit report. 

The three most common types of auto financing you may run into are private auto financing, dealer financing, and auto refinancing.  If you know you have a poor credit history it is suggested that you apply for dealer financing.  While the rates may be higher, this may be your only hope in getting an auto loan.  Private auto financing is recommended for those with better then average credit histories.  Your rates and terms for this type of loan will be much better then what you will get through dealer financing.  Auto refinancing is just finding a better auto loan for a car you already have.  You may want to think about auto refinancing if you are currently in a dealer financing loan and know your credit score has gone up since you bought the car.