There a many different ways to obtain an auto loan. One difference is that if the car is used or new. Even though they are very similar to each other, different factors are taken in for these instances. Generally, applying for a new car loan is more difficult than that of getting a car loan for a used car.

Factors that are generally included in all loan considerations are as follows: The car manufacturers suggested retail price. Type of transmission the car has. How many miles the car has and overall safety record of the car.

The make and model of the car. A car’s additional features like airbags, electronics and audio systems.There are different ways to determine a cars value. There are three main sources that are commonly used for this.

Depending on the region of the country you are in will entail into which one will be used. There are three different types of organizations out there that rate the value of a car. Kelly Blue Book, Black Book and NADA are the ones that rate them.

The values in each book can vary depending on the location of the vehicle. A four wheel vehicle that is in Connecticut might be valued less then compared to that if it was in Arizona. This is because of the principle of the supply and demand effect.The amount of the loan you can get depends truly on the car dealer. The bank will not always accredit you for the dealer mark up. For instance, if the car has a suggested retail price of 15,000, but the dealership sells the car to someone for 16,500, the bank may only give you loan for 15,000.

This will greatly impact on how much of a down payment has to put down on a vehicle. Visiting My Auto Loan can give you an overall better understanding on the different APR out there. When it comes to auto loans, it pays in the long run to do to extensive research.