August 1, 2005
Find an Auto Loan the Clever Method
Easy Car Loan
The majority of folks pay hundreds or thousands of dollars more on auto loans than they have to.
A good number of people really get taken for a ride on their auto loan. Differences in the overall cost of various auto loans can run into a thousand dollars or more. Follow these tips to get the lowest rate:
Before you go to the dealer, write a list of several auto loan lenders and their interest rates and terms. You must know that dealers get a commission on the car loans they refer. If you’re not cautious, that additional money for the lender might mean you pay a higher rate than you would if you found the loan yourself.
Obtain a credit report and find out your FICO scores. Removing any inaccurate negative information from your report will help you get a better deal.
Do you have bad credit? Go to your credit union, bank or another institution where you have a relationship. Lenders like to assist reputable customers. If you can’t get help from your bank, online “bad credit auto loan” lenders usually offer better less expensive loans.
Use a car loan payment calculator. It will tell you what your loan will cost every month. On the other hand, it saves you the time of looking at cars you can’t afford.
Always keep in mind comparison shop. You don’t get the least expensive car by selecting a dealer by chance, and you won’t get the least expensive auto loan that way, either.