When you purchase your vehicle the rate that you receive on that loan was based on your credit. A lot of automobile loans are based on past payment history if you had automobile loans before and that’s how the rate is given to you. Another factor is the purchase price of the vehicle, how much money you’re putting down and the term of the loan, whether it’s a forty eight month or a sixty or a seventy two.
So there are a lot of factors that are a part of that rate that you received when you bought your vehicle. Now to find out what all this information is you have to go to your bill of sale where you signed for the note of the vehicle where you’re going to have all items itemized, your purchase price, the rate, the note, everything will be on there and that’s how you calculate it or you figure out what they are.
How to Obtain a Car Loan?
A loan to purchase a vehicle is not quite as hard to get as it is to get a mortgage and most, most car loans can be obtained at your local, local dealer where’s there a big dealer or a small dealer.
- Now if you have good credit then I suggest you go to either a credit union or a perhaps try your bank first or your credit union. They have programs that are for their members or for their account holders which will give them a better rate, better terms than you would if you went to a dealer and got their financing through one of their companies.
- Now if you have bad credit what I do suggest is to go to a smaller dealer perhaps a dealership on your neighborhood or in your city or in the town you live in and those dealers are set up with financing from secondary companies. Just because you have bad credit doesn’t mean you can’t obtain. You can certainly get a car loan. So those are the ways to obtain a car loan.