America’s love-affair with the car started in 1893 when Duryea brothers built the first gas-engine vehicle. Since then, the car has been one of the fundamental needs of Americans. Sadly, with every passing day, it is becoming increasingly difficult for Americans to buy cars. And, the reason for this problem is the high cost of cars. Today, cars are more expensive than what they used to be a couple of years ago. So, people don’t have any other option but, to apply for car loans.
If you are desperately looking for a car loan, don’t accept unaffordable rates and obnoxious terms offered by local banks, credit unions and dealers. Instead, search for “good car loan.”
What is “Good Car Loan”?
It is a loan that provides comfort to borrowers and helps in making regular payments. The features of the loan program are as follows:
>> Less Lender Scrutiny
>> Less Documentation Process
>> Quick Loan Approval
>> Low Annual Percentage Rate
>> Customized Payment Schedule
>> Low Payment Amount
>> Quick Fund Disbursement
Who can obtain “Good Car Loan”?
Traditionally, the loan program was reserved for people with excellent credit score. But, today’s online auto financing companies have no problem in providing it to bad credit borrowers as well.
How to get “Good Car Loan”?
To obtain the loan program, you must follow the rule of 3-C.
The rule of 3-C includes the following things:
Many car buyers choose to avoid down payment but, it is necessary to obtain “good car loan.” If you can make down payment of at least 10% of the total loan amount, it will put you in a favorable light.
2. Current Income
It is okay if you were troubled by credit card debt or made a few late payments in the past. Lenders are interested in your current income and not your past credit history. If you have a regular source of income and can manage the loan payment effortlessly, lenders will have no problem in approving you for the loan program.
Co-signer ensures regular payments to the lender and easy loan approval to credit borrowers. So, if you can manage to find a co-signer, you will be able to obtain the loan program without any trouble. But, remember that not everyone is eligible to become a co-signer. A person can become a co-signer if he fulfills the following criteria:
>> Good/Excellent Credit Score
>> Regular Source of Income
>> Debt-to-Income Ratio lower than 40%
The rule of 3-C is very simple yet highly successful in helping you obtain the loan of your choice. So, remember it whenever you need “Good Car Loan.”
Fast Auto Loan Approval will help you in obtaining the “Good Car Loan” program. The company will also provide you with a wide number of financing options like second chance car loans and auto financing without down payment at affordable rates. Apply now and buy your dream car.