Getting The Best Car Loan Rates Doesn’t Have To Be Difficult
6 Things to know to get the best car loan rates Just follow some simple rules in order to make sure you don’t get ripped off. Here are 6 things to keep in mind the next time you’re in the market for a car loan in order to ensure you get the best deal possible:
Get the loan somewhere else First of all, you need to go somewhere other than the dealer if you want the best car loan rates. The dealer is happy to give you the loan right there because they want to get the commission, however they rarely have a bargain rate available. Expect to pay anywhere from 1-3 points extra just for the privilege of getting your car loan at the same place you buy your car. If you go to a bank instead, you can be pre-approved and get the best rate possible.
Bargain Just like when you go to the dealership and you bargain for the best possible deal you can get on your car purchase, you should also be bargaining for the best possible car loan rate you can lay your hands on. Often, you can save several percentage points on your car loan if you simply ask for a better deal. Don’t be afraid to walk away either. Tell them you have other options and that you are looking for their very best rates.
Shop for a loan over a 2 week period Every time you apply for a loan, your credit gets dinged a little bit. If you apply too many times, then your credit will go down further and your car loan rates will be much higher. However, if you apply for all the various options over a two week period, it will count as if it were a single inquiry thus saving your credit and allowing you to get the maximum possible deal available.
Check your credit report Speaking of your credit, it goes without saying that if you want the best possible deal available on your car loan, then you need to ensure that you know what your credit report has to say about you. Be sure to check out the current information and be prepared to challenge inaccuracies in your report if you find them. Of course, that’s good advice regardless of whether you are shopping for a new car or not.
Focus on the whole loan Too many people get caught up in trying to figure out how much they’ll have to pay each month for their car loan. That’s a big mistake. Ultimately, you could end up spending more money than necessary that way. Instead, focus on the grand total that you’ll have paid out at the end of the loan term so that you know you’re not getting ripped off.
Don’t take conditional financing Finally, be sure that the loan amount and rates you’ve been offered have been locked in if you want to ensure you’ll get the best car loan rates available. Otherwise, the numbers could change later on and you could end up stuck paying a lot more than you originally expected when the terms get changed.
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