|By PR Newswire||
|February 4, 2014 05:56 PM EST||
COLUMBUS, Ohio, Feb. 4, 2014 /PRNewswire-iReach/ -- Auto loans have become very popular with car buyers. CBS News reports that debts on auto loans has increased approximately 9.4% to total $750 billion. The report also claims that lower interest rates have fueled a borrowing frenzy, resulting in auto makers experiencing their best years in over five years.
These days, car loans offer come with such low interest rates that borrowers are signing-up for new purchases in record numbers. Although the auto loan market is heating up, consumers are not very well informed when it comes to applying for a car loan.
In a bid to support borrowers, National Loans, a free online car loan comparison website, released some insider tips and tricks to help applicants gain valuable insights into the inner workings of the auto loan industry.
In its newly released auto loan finance tips at http://www.nationalloans.com/auto-finance-tips.html, National Loans shared some insider secrets that will help car buyers save even further on their purchases. Key strategies provided on the page include:
* Work with a lender that matches your background and needs. Choosing the "right lender" is the most critical step in the car buying process. Auto loan lenders offer various programs, from the very basic to extremely advanced options that enable borrowers to save even more money.
* Focus on buying the right car. The car's make and year make a big difference. Furthermore, used and new cars can significantly impact financing rates.
* Don't ignore your credit score. The borrower's credit rating makes a big difference. Steep discounts are offered for those with good credit profiles.
* Don't hesitate to negotiate. Auto loan rates are not etched in hard stone. In fact, many lenders will often accommodate special requests by borrowers. This is one of the biggest mistakes made by first time car buyers. They often accept the first deal offered to them without so much as attempting a basic negotiation with the lender.
"When it comes to purchasing a new vehicle, what you don't know could hurt you. Unfortunately, borrowers often rely on non-experts for advice and strategies and end up making some common and often self-defeating mistakes. Our tips are designed to educate and inform consumers so they can make informed decisions," says James Shank, CEO and founder of National Loans.
http://www.nationalloans.com/ is niche online car loan application website where borrowers can make a request for auto loan quotes and receive a response within minutes. The process is very simple. The car buyer completes a basic application and submits an online auto loan quote request which is forwarded to a qualified and pre-screened pool of specialty lenders. The lenders contact the borrower directly and make arrangements for the purchase amount to be delivered. The process is seamless and is accomplished within as little as one business day.
Media Contact: James Shank, National Loans Inc, (512) 571-3828, email@example.com
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SOURCE National Loans Inc