How do car loans work?
Whenever you fill up any application form your application is passed further for approval and based on your credit you are offered interest rates. The lenders best match the dealers available within your area as per you choice of model. Having connection With a large number of lenders, dealers, specializing in this online car financing. These dealers are connected to large number of financial firm and will match best for you available on car loan.
If you want to finance a car you purchase from a private seller you just need to get pre-approved. This can be through your credit union, bank, or a finance company (listed in order of lower to higher interest rate you will pay). The pre-approval will probably be conditioned on 1) the maximum amount you can borrow regardless of the value of the vehicle you are buying 2) the percentage of the car value they will be willing to finance. You can only finance whichever of the above two conditions represents the lower $ situation. Your preapproval is the lending institutions guarantee to fund the sale once they receive the title and can record the lien. You should also be prepared with the phone number and a contact name at the lending institution that the seller can use to verify the preapproval is legit and not somthing you got at Joe’s Copy Shop for $5.
forst off why would you pay so much for that car, ur nuts if you want to pay that, after you pay it off you will be 20k out, look into a pre aprroved loan , and deal with someone private party , you will get a better deal, car loans work like this basicly, i borrow 10k, my apr(anual percentage rate is 10%, so i end up paying 10% of what ever i owe at the end of each year , i dont know if that makes sense, but its pretty simple
