DO YOUR MATH: GET THE BEST CAR LOAN RATES

2007-03-08 10:33:40

( Automobiles )



You're finally ready to buy your first car. You've looked at the brochures and the different models and finally, that shiny new car sitting in your dealers showroom has caught your eye. Now all that's left is looking for a good loan program. Looking for the best car loan rates can be tricky, but not if you come with enough information and research. Here are a few tips:

Make sure your credit score and credit report are accurate. Errors in your credit report can prevent you from getting a low interest auto loan or disqualify you from getting the best car loan rate. Its good to know what the credit companies have to say about you, so you know how to negotiate with lenders.

Try to improve your credit rating. If you have good credit, you can easily qualify for low rate auto loans and get the best car loan rates.

Avoid getting financing from your car dealership. Sure it's convenient, but most dealers usually charge high interest. Instead, ask a well-known lender or your local bank since they can usually grant a lower new car loan rate. Some banks also grant lower automobile loan rates if you are a long-time customer.

Shop online for the best car loan rates. There are many sites that can give you quotes from lenders in your area. You can submit your request for a low rate auto loan quote to them and get information on at least four lenders at once. They also have representatives who can talk to you within a few hours to discuss car loan rates and monthly payment amounts.

Ask pertinent questions. You need to know the important details of a loan program before you can decide on what you think is the best car loan rate. Ask your bank representative the exact amount you are going to pay for your car, after the loan is finished. Find out about the annual percentage rate of your loan, penalties or hidden charges you have to watch out for and the finance charge for the loan. Finally, ask for the exact amount and total number of loan payments you are going to make.

Looking for the best car loan rates need not be a difficult process. Information is always your best weapon, as many car salesmen know how to recognize uncertainty and to use it. Arm yourself with research and the right details, and looking for the best car loan rates will certainly be a drive in the park, instead.


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