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Free Money Saving Auto and Home Loan Tips
Tim Gorman

Free Auto Loan Tips

The following tips should help increase your chances of getting a car loan at a better rate.

Tip #1 - If you just started a job (recently graduated from college) then wait 6 months to apply for your car loan.

Tip #2 - If you have currently have bad credit then repair it before applying for an auto loan.

Tip #3 - If youve recently moved then wait until you have lived at your new address for 6 months before applying for a loan.

Tips #4 - If you have had a previous auto loan or home mortgage on your credit report then your chances for a new loan improve greatly.

Tip #5 - Try and pay off all of your credit card balances or at least lower them. You may want to consider finding the best debt consolidation loans to erase all of your credit card bills. The bottom line is dont keep a high debt load or credit card balances.

Tip #6 - You must have a stable job or occupation.

Tip #7 - Other examples of credit extended to you should appear on your credit report. Verify this with a quick and easy online credit report. Also avoid charge offs on your credit report.

Tip #8 - If youve filed bankruptcy before then you should wait 3-4 years before trying to get an auto loan.

Free Home Loan Tips

Tip #1 - Make Bi-Monthly Payments: Instead of paying your mortgage with one monthly payment switch to paying half of your loan payment every 2 weeks. The savings comes from the 26 half payments you make which add up to 13 monthly payments versus the regular 12 payments you would normally make in a year. The end result is you save a large sum of money on the interest owed and youll own your home a lot sooner!

Tip #2 - Choose a 15 year mortgage instead of a 30 year mortgage: Youll end up with a higher monthly payment but in the long run you also save tens of thousands of dollars in interest charges, especially if you shop for the best home loans you can afford.

Tip #3 - Mortgage Refinancing: Currently this is the most popular trend. You refinance your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate and plan to keep the new mortgage for several years or more.

Tip #4 - Buy down the rate: The seller or builder, or through innovative pricing, can help you buy down your mortgage rate for one, two, or three years.

Tip #5 - Consider an adjustable-rate mortgage (ARM): If you think you will be in your house for less then 5 years then perhaps you should consider an ARM. An adjustable-rate mortgage (ARM) starts with a considerably lower interest rate, but then adjusts every year. This type of loan moves a little bit of the risk away from the lender, and the lender rewards you with a lower rate. Usually these mortgages are capped to rise not more than two percent in any year, and not more than five or six percent for the life of the loan for your protection.

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  Fitch Ratings assigns the following ratings to Volkswagen Auto Loan Enhanced Trust 2012-1:
  


• Consumer loan rates
  
  Banks Home equity rate (PTS) Auto Boat Assemblies of God CU 4.25 2.90 5.90 BluCurrent Credit Union 4.00 3.99 6.99 (formerly Postal Federal Community Credit Union) CU Community CU 5.00 5.25 6.00 Commercial Federal Bank 8.74 N/A N/A Community Financial 5.00
  


• Auto rates
  
  Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat.
  


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  General Motors Financial Co. offered yields below 1% on $1 billion in subprime auto loan asset-backed securities on Tuesday as lead underwriter Barclays Capital reported some of the strongest investor demand for that type of bond in recent memory.
  


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• Fitch: U.S. Auto ABS Finishes 2011 Positively
  
  Losses fell for both prime and subprime U.S. auto loan ABS last month, and the first half of 2012 augurs for more of the same, according to the latest index results from Fitch Rati