Information on us bank car loans

Bank Auto Loans - Best Loans for Stretch Commuters?

People have to work to survive. The desire to maintain increasingly indulgent lifestyles drives 13% of workers to travel over 100 miles a day to get to and from work. These so called stretch commuters make the majority of these trips by personal vehicle, but when it comes to trading in their tired automobiles for newer models should they just settle for a bank auto loan?

Stretch commuters do not have a lot of time on their hands. They spend most of their working week either at work, or travelling to and from it. When they get home exhausted the last thing they want to do is to look for the best deal for a car loan. Therefore, getting a bank auto loan is the easiest and most convenient option.

Lets quickly take a look at some of the advantages and disadvantages of this.

Advantages of bank auto loans

1. Convenience Most consumers with checking accounts have held their account with one bank for a number of years. This may be due to inertia, but it is easier to manage finances if check accounts and a bank auto loan are held in one place.

2. You know your own bank banks have strong brands and financial strength. They have spent years building a good reputation in society. This engenders trust from their customers who may find it daunting to take out a car loan from an unknown finance source.

3. Lower rates than car dealers - Bank auto loans will probably be able to provide you with lower interest rates than dealer loans. Most banks will offer to pre-approve customers for their loans so that they will have better bargaining power on the car lot.

Disadvantages of bank auto loans

1. Not necessarily the best rates Even though banks have financial strength they may not be able to offer the best car loan rates. In a recent study by bankrate.com, the average interest rate offered on a 48 month bank auto loan was almost 2% higher than those offered by Credit Unions!

2. Placing All your eggs in one basket Everyone has heard that saying and although it may be convenient why should consumers place all their finance needs with one institution. There are so many other deals out there.

3. Perfect or excellent credit preferences People that have car loan bad credit or a damaged credit score for any other reason may be turned away. They may have to finance their car by taking out a bad credit loan and may find that this is not offered by their bank.

Even though free time may be scarce for stretch commuters, and anyone who has a need to finance a car for that matter, researching all relevant products with banks, credit unions and auto finance specialists is worthwhile. Go online as rates, terms and product benefits can all be researched from the comfort of home. Investing a little time, rather than opting for the ease of taking out a bank auto loan could save consumers money.

Peter Siu is a successful freelance writer providing valuable advice for consumers when applying online for credit cards, student credit cards as well as other personal & mortgage loans. You can visit his sites at http://www.uscreditcenter.net and http://www.ukcreditcentre.com - His numerous articles offer moneysaving tips on a number of topics.

More Useful Resource and Updates on us bank car loans

• Commonwealth Bank reduces home loan interest rates (Banking Business Review)
  The Commonwealth Bank has announced that it is reducing its standard variable home loan interest rate by 0.58% pa, effective November 10, 2008 for new and existing customers.



• Rs 1.72 lakh loan cheque dishonoured, bank rapped (rediff.com)
  New Delhi-based businessman Krishan Kumar Karnani had to cancel his order resulting in humiliation and loss of goodwill in the market as the bank's cheque of Rs 1,72,000 was dishonoured with remarks 'stop payment'. Karnani, who had approached the bank following an advertisement in the newspapers on August 21, 2000 for 'spot loan', was found eligible under the scheme.



• Alfa Bank Seeking $400M Loan From VEB (St. Petersburg Times)
  MOSCOW ? Alfa Bank will apply to Vneshekonombank, the state development bank, for a long-term loan of $400 million, Alfa Bank president Peter Aven said at a crisis-related summit Friday.



• Township opts for bank loan over bond issuance (The Woodlands Villager)
  The Woodlands Township board of directors decided Friday to seek a short-term bank loan through Woodforest Bank to fund its Regional Participation Agreements with the cities of Houston and Conroe.



• Kaupthing took on staff's loan liability before nationalisation: bank (TODAYonline)
  A view of the headquarters of Iceland's biggest bank Kaupthing in Reykjavik. Kaupthing, gave its staff loans to buy shares in the bank but took over their personal liability just days before the bank was nationalised in October, the new management said Wednesday.



• Commonwealth Bank reduces home loan interest rates by 0.58% (Thaipr.net)
  The Commonwealth Bank announced that it was reducing its standard variable home loan interest rate by 0.58% pa. This cut in home loan interest rates follows the Bank's previous interest rate cut of 0.



• Harvard Re-Elected to Federal Home Loan Bank of Atlanta's Board of Directors (GlobeNewswire via Yahoo! Finance)
  NORFOLK, Va., Nov. 5, 2008 -- Hampton Roads Bankshares, Inc. , the financial holding company for Bank of Hampton Roads and Shore Bank, is pleased to announce that Scott C. Harvard has been re-elected to the Federal Home Loan Bank of Atlanta's Board of Directors.



• Vietnam Gets $150 Million World Bank Loan For Rural Power Project (Nasdaq)
  HANOI -(Dow Jones)- Vietnam has signed an agreement for a $150 million loan from the World Bank to upgrade its power grid in the rural areas, the State Bank of Vietnam said Wednesday.



• Kaupthing took on staff's loan liability before nationalisation: bank (AFP via Yahoo! News)
  Iceland's biggest bank, Kaupthing, gave its staff loans to buy shares in the bank but took over their personal liability just days before the bank was nationalised in October, the new management said Wednesday.



• Sweden's central bank grants $126 million loan to investment bank Carnegie (Canadian Business)
  STOCKHOLM, Sweden (AP) - Shares of Carnegie AB plunged Monday after the Swedish investment bank said it has been granted a 1 billion kronor ($126 million) loan from Sweden's central bank to manage its liquidity problems. It also plans to evaluate its "strategic alternatives."

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