|
Auto Loan Guide
Auto loan pricing varies widely from
lender to lender, with rates differences of up to two percentage points. This
site will give you the information tips and resources to help you get the best possible interest rate on an auto loan to put the car of your dreams in your driveway.
-
First of all, before you apply for an auto loan, get a copy of your credit report to
find out there are no "surprises" in it. You may just find out that it contains
some wrong information that should be corrected, or that there are some
negative points that can be either easily explained or fixed with few phone
calls or letters. Either way, it always helps to know what the credit reporting
agencies are saying about you before you start shopping around for a loan.
-
If your credit is excellent, you may qualify for special incentive financing
available through the car dealer. However, if the rates are way too low, 1-2%
financing, it is highly advised to check all the other terms and conditions
carefully beforehand. If everything checks OK with you, grab that deal!
-
If your credit is less than excellent arrange your financing yourself before
setting foot on the dealer lot. Check with your usual bank for a new auto loan
first, as they may have better interest rates for those who are already
established customers, or who carry all their savings, checking and loan
accounts through one bank. It may save you a few percentage points in interest
to do business with someone who already knows you.
-
If your credit is bad, you can still apply for an auto loan, however your rates
will be sky high and many other terms won't be in your favorable too. If this
is the case, try to find someone to cosign the loan for you. In many such cases
you will get that other person's better rates, which means lower monthly
payments on your car.
Shop online for the best
auto loan available. There are many advantages to applying for auto loans online.
Online auto financing companies will let you know in a matter of minutes whether or
not you've been approved for an auto loan. With a large selection of auto
lenders to choose from, finding your best interests rates and terms is easier
than ever. Some websites will let you fill up only one online application form
and submit it to 3-5 qualified lenders simultaneously. Within 24 hours a
representative of each of these financing agencies will call you back with the
best deal they can offer you. Shop around, negotiate and compare quotes for the
best auto loan terms you can get.
|