Article  How to Qualify For a Car Loan During This Financial Crisis? Buying a car is definitely going to be one of the big ticket decisions of your life. A car does not come cheap and most people don't have the money to buy one outright. Getting a car loan becomes necessary. In these times of recession when the whole world is going bankrupt getting a car loan is not easy. But as we all know, tough times call for tough measures. So if you have decided that you really want a car loan, its best you start hunting for it the right way. Read the tips below and know how you can qualify for a car loan during this financial crisis. 1> Get your credit history right. If you already have a stellar credit history you needn't be worried as there will be quite a few lenders who would be willing to give you a loan. In case you have bad credit, prepare to search hard for that loan. In case you are a college graduate with no credit history finding a car loan would be pretty tough in these times. 2> For people with bad credit and no credit, asking a parent or a relative to cosign with you is an excellent idea. If the cosigner has a good credit history, your rate of interest will also be lower. 3> Learn to pay bills on time. At least six months before you plan to buy a car, make sure you don't make any late or missed payment. This will reflect nicely on your credit history. 4> Buying a car at the right time of the year should be your priority. When each buck is important, choose a time when the variety of cars is the highest and the rates of interest lowest. When dealerships get new models of cars that is the right time to apply for a loan. Usually the best time you could choose is between August and November. 5> With the financial gloom looming all over the world, the sales and marketing persons are perhaps one of the worst hit. Prepare to be hit hard by them when you shop for a car loan. The lenders will be very eager to get your business whether you shop online or in a real-world situation. You should never ever bow under pressure. 6> If saving money is a priority, you can opt for a used car. Thought the rate of interest may be a bit higher than a new car, you can save a lot in total payment. But remember, you won't be able to find a loan for a car that is more than 5 years old. 7> Make sure you make a down payment of at least 5-10% of the total price of the car. This will make the lender believe that you are responsible and serious. Plan well before you apply for a car loan and you are sure to qualify even in this financial crisis. Online auto lenders offer low rate bad credit auto loans for people with poor credit for new or used vehicles with flexible terms such as no money down and no prepayment penalty through the network of sub-prime lenders. Applying for online car loans eliminates the applications or processing fees that are normally associated with getting a car loan through a bank or automobile dealer. Category Auto And Truck Dealers Author Williams Orchard Add To Favorites Print This Article Email Article To A Friend Post Comments   Rate This Article (0) 1 - Poor2345 - Good678910 - Excellent Added On 2009-12-07