GMAC Auto Loan Makes Buying A Car Convenient

2007-03-08 10:33:40

( Financial )



You will have little difficulty getting your GMAC auto loan applications approved these days. In the early days of the car industry, things were not that easy. Dealers had to pay cash for cars to stock their showrooms, so they were likely to require buyers to also pay cash.

When vehicle assembly lines were established, car manufacturers wanted dealers to buy vehicles in bigger quantities in order to keep the car plants running regularly. Thus, GMAC commercial mortgages were offered in 1919, to provide dealers with GMAC loans they needed to maintain their vehicle inventories and, with accompanying GMAC car loans, enable their customers to buy new cars with greater convenience.

When you apply for a GMAC auto loan now, you usually submit your application through your car dealer. There are several sources for car loans that you can conceivably use, such as banks. Dealers, too, offer financing, often through the captive finance arm of the automaker they represent.

Usually, the interest rates you get for loans from captive finance companies, like a GMAC auto loan, are higher than those available at local banks or credit unions. However, you may find more convenience getting a GMAC auto loan, for two reasons.

First, if you have good credit, the GMAC auto loans processing system gives an approval within eight minutes after you file. Secondly, GMAC mortgage company has established a GMAC direct pay facility and you can sign up for it online or when you take delivery of your new car.

Be aware, however, that dealers will also push financing with captive finance companies because they get a commission for every car loan arranged through them. Note also that there are low-interest GMAC auto loans you can get but these apply only to cars on the dealer’s lot, not to cars that you order with special options from the factory.


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