Tuesday, August 30, 2011

All you need to know about blank check car loan

By Chloe Summer


Online car loans have become extremely popular these days owing to their easy availability, and the amount of flexibility they offer to an applicant.Online car loans help an applicant save significant time as he or she is spared from the trouble of dealing with car loan agents or middle men.A regular feature of most sites dedicated to offering car loan schemes is car loan calculator online.It becomes possible for an applicant to determine EMI or the overall repayment for a given car loan scheme with car loan calculator online.

Car loan calculator online gives a rough estimate for the budget planning of the applicant.However, an applicant needs to understand that a car loan calculator online will not take into account aspects such as car maintenance or servicing cost, fuel cost, cost of accessories, etc.Furthermore, taxes or surcharges levied on car loan schemes on the purchase of a car are also generally ignored by car loan calculator online.However, use of car loan calculator online is immensely popular in spite of a few drawbacks.An applicant at least gains an estimation of the EMI he or she has to pay up, and the total interest calculated on a given car loan scheme.

Blank check car loan is gradually getting popular among many applicants.A blank check car loan is pre approved in nature, making it a highly secure form of car loan.This indicates that the applicant has a fixed purchasing power, and the same becomes known to the car loan dealer as well.This will prevent car dealers to tempt an applicant to buy expensive and high end cars that are out of his budget, as the loan amount is going to remain fixed.

Blank check car loan makes an applicant free from all the hassles of financing.This also enables an applicant to ask for significant discount before fixing up car purchase.An applicant remains secure on the interest as well with blank check car loan.The interest rate will not vary, and only reliable banks and lenders deal with blank check car loan.

Blank check car loan involves significantly cumbersome and tiresome paperwork.Several forms involving the dealer and the lender needs to be signed.With blank check car loan, it is advantageous to pay a higher rate of interest over a short period, rather than cough up more repayment with low interest rates over a longer time frame.Better credit history helps at the time of availing blank check car loan.




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