GMAC Car Loan For Traditional Car Financing

2007-03-08 10:33:40

( Financial )



GMAC car loan facilities are almost as old as the car industry itself. GMAC has been financing dealers and individual car buyers since 1919. GMAC car loan packages are grounded in the belief that consumers like you prefer traditional financing in order to buy the GM vehicle you want.

You can obtain a GMAC car loan for straight financing, whether you buy a new car or want a vehicle refinance package. You have the option to lease the vehicle, which is also covered by a suitable GMAC car loan package.

When you buy a GM vehicle chances are your dealer will offer financing through a GMAC car loan. You will be referred to your dealer’s finance department, which is connected online to GMAC. You will be asked to complete a credit application and a credit report will be obtained about your current and past debts, your payment history and other data from public records.

Once your GMAC car loan application is approved, the installment sale contract will be drawn up for your signature. Make sure that contract details like the amount financed, the new car loan rate (annual percentage rate), the finance charge, required down payment and other terms and conditions are exactly as you negotiated them with the dealer.

If you have the money, try to come up with a bigger down payment. Remember that the more you invest up front, the lower will be your new car loan rate and amount of monthly payments over time.

You can arrange to pay your GMAC car loan through an automatic withdrawal facility. GMAC will arrange for payments to be deducted from your bank account for transfer to GMAC each month on your payment due date. You can sign up for this facility when you take delivery of your vehicle or you can do so online.


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