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Auto Nomic has revolutionized the loan terms and practices for consumers seeking auto loans. Auto dealers and lenders no longer dictate to borrowers what interest rates they must pay, when they must pay it, how much of the principle must be paid and for how long. The autonomic system determines these factors and displays them to the borrower. The auto loans that are offered are significantly better than the subprime and bank loans because of the superior process and approval criteria used by lenders.
Auto Nomic has changed the way that consumers borrow money for automobiles. The borrower fills out a simple questionnaire online. The information required includes their credit history, occupation, and several questions about the type of automobile that the borrower wishes to purchase. Within moments of filling out the forms, the answers are analyzed by the auto loan processor. In less than 24 hours, the answer is calculated and a quote is provided for the lowest amount of monthly payments and loan terms.
The auto loans are typically structured so that the lowest monthly payment and term of the loan would be at the top of the list. The corresponding lowest interest rate would be next. The monthly payment and interest rate will remain the same through the life of the loan. The end of the loan would be marked with a payoff amount that matches the appropriate amount, which is determined by the amount of down payment. If a larger down payment is made, the monthly payments and interest rates would be higher. A smaller down payment would result in lower payments and lower interest rates.
The car loans that are provided by Nomic generally carry a variety of repayment options. The lowest monthly payment is typically tied to the equity in the car. If there is no equity, the payments can be up to 20% less than the market value of the car. If the car is paid off early, it can result in the lowest interest rate and monthly payments, but if it is paid off within the first year, the lender will most likely require an extra processing fee. These extra fees are typical of high end and exclusive auto loans.
The lender will typically require the borrower to have an excellent credit rating and a comprehensive review on current finances. If these guidelines are not met, the lender will deny the application. The best auto loan rates and terms are available online through a number of lending institutions. There are many online services that offer a comparison feature that allows you to quickly compare APR, terms, and loan amounts for several different lenders. These sites can be a great resource for finding the lowest possible rates and terms.