Did you know that most people pay hundreds or
thousands of dollars more on auto loans than they have to? Get
an auto loan the smart way. Read on.
Most people really get taken for a ride on their auto loan.
Did you know that differences in the total cost of different
auto loans can run into a thousand dollars or more? Here's how
you can get the lowest rate:
Make a list of different auto loan lenders and their
interest rates and terms, before you go to the dealer (the
web is usually the easiest way to do that). Did you know
dealers get a commission on the loans they refer? If you're
not careful, that extra bit of money for the lender could
mean you pay a higher rate than you would if you got the
loan yourself.
Get a credit report and figure out your FICO scores.
Removing any incorrect negative information from your
report will help you get a better deal. Knowing exactly
what your score is will help you figure out what interest
rate you can realistically get.
Have bad credit? Try going to your credit union, bank or
another institution where you have a relationship. Lenders
like to help out established customers. If your bank still
won't help, online "bad credit auto loan" lenders usually
offer better less expensive loans than dealers who
advertise their great deals for people with poor
credit.
Use a vehicle loan calculator. It will
tell you what your loan will cost each month. It saves
you the time of looking at vehicles you can't afford,
makes you aware of what information you'll need to apply
for a loan, and is a "reality check" of your financial
condition.
Comparison shop, comparison shop, comparison shop. You
don't get the least expensive car by choosing a dealer at
random, and you won't get the least expensive auto loan
that way, either.
Start researching your options now:
Get credit reports and FICO scores
here:
Use this vehicle loan calculator:
Comparison shop among these lenders:
Joel Walsh is a regular contributor to Auto Loan
:http://www.cars-auto-loans.com, a website with information
on car loan lenders, vehicle loan calculators, and other
auto loan tools
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