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The Thrill is Here - Cruising In Your New Car
For a lot of people, their cars tell a lot about themselves and their personality. If it's a classic Camaro convertible or a brand new Toyota Camry, the type of car you drive can also tell a lot about you.
Are there few things better than driving down a winding, tree lined road on a beautiful summer's day with the windows rolled down and the stereo playing? Doesn't it make the world seem right and take your troubles away? And isn't it especially true if you're relaxed behind the wheel of your own car?
But what if you don't own a car? Does the phrase "four wheels beats two heels anytime" come to mind? Although it can be enjoyable, walking mile after mile on that tree lined road on a hot summer's day just isn't quite the same.
It can be tough taking the bus day after day to get you to where you want to go. And in some places it seems that it's almost necessary to have a car if you want to get anything accomplished away from home.
If you've decided to buy a car but either don't have the money to buy one outright or would prefer to pay it off over time, you're going to have to get a car loan. Naturally you're going to want to get the lowest interest rates. Here are some of the things that the finance company looks for on your loan application.
First, and most important, in order to get the lowest interest rate you'll need to have a documented monthly income of at least $1,600. Also, since they are looking for stable people who will repay what they borrow, they want to see that you've been living at your present address for at least 6 months and that you have been with your present employer for a minimum of 6 months as well.
Ideally they're looking for your credit history to have been established for at least one year, and that you have no dings against it within that time frame. That means that you haven't defaulted on any loans, that you've always made your payments on time, and that you don't have excessive credit card applications.
Once you've passed these hurdles, in order to get the absolute lowest rates, your credit score should be 680 or higher. If your credit score is between 600 and 680 you can anticipate paying around 10% to 15% interest nowadays. And, if it's below 600 it will be challenging to get financing. Below 550 it's almost impossible - at least through traditional means.
However, if you want a car and your credit is poor all is not lost because some dealerships offer special financing.
About the Author And to find out how to get special financing along with the best deals on the car of your dreams, take a look at this Toyota dealer at http://www.OlatheToyota.com now. Wendy Moyer is a professional journalist.
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