Auto Loans in Bridgeton NJ are obtainable from traditional banks (Wells Fargo, Chase), credit unions (Boeing Employees Credit Union, Navy Federal) or an Internet lender like Capital One, Blue Harbor, or Up2Drive. The requirements and interest rates vary by lender, therefore it does not hurt to shop around. Lenders are going to finance used cars and new cars, and some additionally provide car refinancing.
Requirements: What are they?
Once you are approved, the lender is going to provide you the total you’re permitted to spend and interest rate by which you were approved. What comes next depends on whether you’re purchasing a used or new vehicle.
If you know the precise new vehicle you have a desire to purchase, you negotiate for the vehicle as you usually would and the dealer is going to contact the lender to arrange payment. A few lenders have a list of approved auto dealers; therefore be certain to check that the place you’re conducting business with is on the list.
If you’re undecided about what new vehicle you want, most lenders will provide you a type of “blank check” which is not restricted to a specific dealer or car. The check is not really blank, because its maximum quantity is going to be the one for which you’re eligible. With the check in hand you now can go to several dealerships and test drive as many automobiles as you want prior to making a decision about what to purchase. Once you have located the proper vehicle for you, hand over the check and your dealer is going to make the arrangements with the lender.
The requirements for purchasing a used vehicle are somewhat different. Many lenders are going to specify that the auto has to be bought at a franchised dealership. This will rule out purchasing from independent dealerships and private party sellers. There also are limitations on the mileage and age of the car. For example, Capital One states borrowers only can finance up to $40,000. The car has to be nine years old or newer and cannot have over 100,000 miles on its odometer.
If you had a desire to purchase a used vehicle from an independent dealership or private seller, you’d need to take a personal loan out, which typically carries higher interest rates.
