Before you find the vehicle you want, from the dealer you like, get your auto financing in order. The auto loan is a very important part of the auto buying process. Most people think that if they offer a dealer cash for a vehicle, they will get a better deal, most of the time this is not true. The dealership will get their money whether you pay cash for the car, get your own car loan, or arrange for an auto loan through them. To get new car special auto loan rates from the new car dealer, you must finance your purchase with the dealership.
CHECK YOUR CREDIT REPORT:
One of the first things you need to do is make sure that there are no problems or errors that you do not know about on your credit report. You can receive a free copy of your credit report on our menu. This could prevent problems or an embarrassing moment in the future.
An auto loan, like any loan, depends on five factors. Your credit history, length of employment, time at residence, the value of the vehicle you are purchasing and your ability to pay back the loan. These are the same factors that will control what interest rate you receive. Whether you are purchasing a new car or a used car will have an effect on the interest rate of your car loan. New vehicle auto loans usually have a lower interest rate.
There are a number of areas where you can receive current rates for automobile loans. Local Banks, Credit Unions, and on-line. No matter where you decide to finance your purchase, always give the dealer a chance to review your financing, there is always the possibility that they will be able to meet or better the rates you have been quoted.
THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. THIS IS IN NO WAY GIVING ANY LEGAL ADVICE OR REPRESENTATION. THE INFORMATION CONTAINED HEREIN WAS COMPILED FROM VARIOUS ARTICLES. FOR ANY LEGAL ADVICE OR REPRESENTATION SEEK YOUR OWN LEGAL COUNSEL.