Personal Auto Loans
Before taking out a personal auto loan, there are a few important factors
How Much Do You Need to Purchase a Car?
As with many things, the answer depends on your personal needs and preferences.
Yet there are other factors that contribute to this estimate as well. Do you have
a car to trade in? Do you want a new car or is a used car acceptable? According
to Kelley Blue Book, the average price of a new car in January 2017 was almost $35,000, placing a new car out of reach for most consumers today.
According to the National Bureau of Economic Research, the typical consumer is
financing roughly 90% of their car’s purchase price, and that more than half
of auto loans are in default as early as within the first year of purchase. A
recent Moody Analytics report found that more than 2.6% of consumers who took
out an auto loan in the first quarter of 2014 were behind by at least one payment
by November, the highest level of delinquency since 2008.
A Peerform Personal Auto Loan Can Save You From Joining the Default Crowd
The Peerform Advantage
Wide range of borrower eligibility
Application is free
Process is simple
No hidden fees
Quick transfer of funded loans
Unique approach to accessing creditworthiness
Some Basic Car Buying Tips:
◙ Budget. Calculate beforehand how much you can afford to spend
on car payments each month.
◙ Before you head out to the dealerships and/or used car lots,
empower yourself with reliable information about automobile makes and
models, the value of your trade-in if appropriate, safety reports on
the cars you are considering, and the book-value of your intended new
or used car. The worst thing you can do is show up without a clue.
This will turn you into an easy victim for a bad deal.
◙ Educate yourself in market terminology, i.e.: base price, invoice
price and dealer sticker price.
◙ Do not purchase from the first car lot you visit, even if they try
to pressure you into accepting what seems like a great deal. Take your
time and shop around.
◙ Use your social network channels. Check out the “buzz” on social
media outlets regarding the dealerships, automobile, etc. If you have a
smartphone, tap into one of the trusted auto pricing sites to see if
the “deal” they are offering really is a deal.
◙ Bargain. Remember, you are the customer and they want to make a sale,
so don’t settle for the first offer.
How Will You Pay For It?
The best way to go shopping for a car is with cash in your pocket.
A great way to get cash in your pocket is with a Peerform personal auto loan.
❖ The Peerform platform is on the Internet, where you are every day. There are no opening
and closing hours, and no need to drive to an office. The application platform
is easy to use and you can apply even from your cellphone.
❖ Even if your FICO score is only 600 you may qualify for a personal auto loan.
❖ We use a unique algorithm that we designed for determining your ability to
repay a loan—the Peerform Loan Analyzer—which considers other factors beyond your
❖ The application process is easy, fast and you will have the cash in your hands in
rapid time so you can start your car shopping right away.
❖ No hidden fees, excessive interest rates or laborious application procedures.
❖ Payments are either automatically deducted from your bank account or payable by check.
❖ No penalty for early payment.
Apply for a Peerform personal auto loan today and let us help you make your car
shopping experience the best that it can be.