how can you save money with pre approved car loan

By | February 12, 2012

You want to purchase a car but cannot pay down payment? There is no need to worry about it. Buying a car with no down payment is a very convenient thing. The down payment is a amount which is paid in the loan plan right following your approval of the financial loan program.Previously lenders don’t consider about lending the loan without down payment. But now everyone can potentially find a lender who is offering this no money down car loan. There are no distinctive criteria or specification for this loan plan. It is an open loan plan offered to all the borrowers who desire for it. The scholars, individual or housewives are the most used borrower of this loan plan. The no money off loan plan is itself an advantage for people who cannot pay the required amount to the lender. But there are some limitations of this loan plan. This loan is available on some cars.In simple word you can receive no money loan auto loan on limited car so the borrower has limited solutions. As you do not pay single penny as the down payment so you should be ready to pay high interest rates. The interest rates are generally pretty high as compare to the loan plan with down payment. Another limitation of this loan is that the loan duration is of very short time period. You will rarely discover a lender who is providing this loan plan as long term loan plan. Another name of this loan plan is zero percent motor finance as you pay zero percent down payments in such a loan plan.There is a special car loan for the borrowers who want to save their money. The pre approved car loan can help them to do so. In this pre approved loan program there a few different benefits through which you’ll save money. Firstly it helps you in making the direct link with the lender. So there is you don’t need to hire a middle man termed dealer. The dealer charges his desired amount as commission and there’s no way to avoid it after getting hired a dealer. Moreover with this loan plan, you already know your finance so you do not move around in search of cars. In this way you may save the amount that you pay as transport rent with regard to roaming around in search of different cars.