Financial Information in Connecticut
One of the most convenient ways to get car loans is by utilizing the Finance and Insurance (F&I) department at the car lot where you plan on buying your car. With new and certified used cars, captive finance companies operated by the manufacturers often offer low car loan interest rate incentives for specific models to increase sales.
Prior to settling for any interest rate incentives, however, it's a good idea to check interest rates through banks, credit unions, and car financing companies, especially since the low interest rate offered by the OEM finance companies may be in place of other incentives, such as cash rebates. It's also a good idea to check prices at other car dealers since the vehicle price and interest rate will have the largest effect on your car loan payment.
Failing to check things out before you visit the lot could cost you a lot of money, both upfront and over the length of the car loan. Using the internet to research loan rates, terms, and car prices will not only save you money but time as well.
Be aware, however, that the previous scenario only applies to people with good credit whom have credit scores at or above 700. If your credit score is below that but above 650 you may still qualify for low car loan interest rate incentives from the OEM finance companies but it is unlikely that you would qualify for the best rates at banks, credit unions, and other car financing companies. In addition, most lenders reserve extended car loan repayment terms such as 72, 78, and 84 month financing, for people with higher credit scores.
If you credit score is below 650 the car buying process differs. Most direct lenders no finance people with credit scores between 600 and 650. Maybe in a few years after the credit crunch is resolved they will once again being lending to people in these credit scores ranges.
Right now the best bet for people in this credit score range is to let the car dealer handle the financing. Most car lots have access to several indirect car loan financing companies that extend credit to people in the 600 to 650 credit scores range.
People with credit scores below above 500 but below 600 have to be a little more specific on the car dealer they choose to interact with. A small percentage of car dealers have expertise in this area, the ones that do generally segregate an entire department that specializes in working with car financing companies and poor credit.
Finding a dealer that can meet these guidelines can be difficult, which is also our service can be really helpful to people with credit scores below 600. When you apply with us, we'll find the dealers that are able to get your car loan approved.
The last segment of the car buying populous are people with credit scores below 400. These consumers have an even narrower selection of car dealers that can help them. In this credit score range most car loans are approved by the dealership themselves. These We Finance Car Lots are also licensed as a car financing company so they can lend money to buy a car from their lot.
In addition to car dealers with dedicated special finance departments we also have a large network of car dealers with in-house car financing programs. If you apply with us and your credit score prevents you from obtaining a car loan from a national car finance company, we will refer you to a local we finance car lot that offers in-house financing.
For information on auto loans in Connecticut, click here.
About the Author
Hi! My name is Jillian. I work for ACE Auto Credit Express. Check us out! We're all pretty cool here 
