GMAC car loan account is what you need to consider clearly if you are thinking about to get any new GM (General Motors) cars, van, truck or SUV. GMAC car loan services provide the best way to allow their customer get the GM car with the budget they can afford. GMAC is an independent global financial services company that provides car loan, insurance, mortgage operations, online banking as well as commercial finance to anyone in the world.

There are few types of GMAC car loan available such as Traditional vehicle financing, SmartLease, and SmartLease Plus. Clearly understand a car loan account is very important as you will find the best way to pay the least but get the most.

What is GMAC Traditional vehicle financing?

This is the most common and popular car loan. Most of the consumers around the world prefer this method as it is the easiest way to get a GM vehicle. The traditional financing provides:

1 Complete ownership – The vehicle is fully titled in you name after the loan fully paid.

2 No restraints on mileage or wear – No restraints on mileage since the vehicle is fully own by you. You can put any car accessories to the car according to your own preference or make it as a cool GM pimped out cars.

3 Able to sell off or trade in – You can sell off the car anytime even the car loan has not been fully paid. On the other hand, you can trade in the car for a new GM car with good price.

4 car loan interest rates – This is the one of the major key to negotiate. The APR (Annual Percentage Rate) and the terms of payment determine how much money you will have to pay every month or every week for your car loan. The lower car loan interest rates, the better offer as you can cover the higher credit cards interest rates. Thus it is a must to negotiate with your dealer around your area to get the best term that fits your credit.

5 Installment sale contract – This is just like the car bill of sale you sign when you buying a used car from a used car dealer. The Installment Sale Contract you need to sign will include these things:

• Total financed amount
• Annual Percentage Rate (APR)
• Finance charge
• Terms and condition

GMAC Direct Pay

One of GMAC car loan account is Direct Pay. This method is the most convenient for traditional or Lease financing. The payment is automatically transferred from your personal savings account or your checking to GMAC account every month on the payment due date. This has saved up a lot of time and hassle to drive your car to the nearest bank and make the payment. If you are a new driver, all you need to do is learning to drive a car, that is.

How to calculate monthly payment for a car loan

You monthly payment for a car loan calculates as below:

(Total financed amount x APR x Total financed year) + Total financed amount / Total financed month

Let says:
Total financed amount: $15,000
APR: 3.2%
Total financed year: 5 years
Total financed month: 60 months

Monthly Payment = ($15,000 x 3.2% x 5 years) + $15,000 / 60 = $290 a month

GMAC SmartLease and SmartLease Plus car loan account

This is a great idea from GMAC car loan package, you do not own these sweet cars, but you are the one who use it, drive it, and put your butt on the car seat. The concept is pretty simple, you will just have to pay the portion of the vehicle’s depreciation value over a period of time plus a rental charges, fees, and taxes. What are the advantages of choosing the SmartLease option?

• Lower monthly payment if compared to traditional financing
• Stand a chance to drive new GM vehicle more often
• Do not have to headache for your car resale or trade-in
• Fast, convenient, and easy arrangements

With SmartLease, you can drive the car until the end of the lease term, and then decide to buy the car or lease it back to GM. What is different for SmartLease plus is all the arrangement and benefits are same with SmartLease but without having to pay the monthly payments isn’t it sounds much better?

With all the information provided here, have you clear to choose your own GMAC car loan account?