4 Auto Loan Shopping Tips To Save You Money
Given the state of the economy today, there are not too many people paying all cash to purchase a new vehicle these days
. Automobile loans are a big portion of a dealer's business and generate profits for the dealer. Dealers like to make it as easy as possible to secure financing from them on site because it is a major profit center for them.Most financially savvy people do not hesitate to shop around for the best car prices they can find. For example, you can take advantage of free, no obligation new car price quotes from service providers over the internet. As a matter of fact, some banks even provide a price comparision service over their websites. You can search by price range, make or style of automobile that you are interested in purchasing. The three step process is fast and simple. But, if you take the time shop around for car loan rates as well, you might find a better deal on those too.
Small Drop On Interest Rate Adds Up
On a five year $15,000 loan, the difference between a rate of 7.15 percent and 8.75 percent will save you $1,200 over the term of the loan! Just follow these four car shopping tips to save money:
1) Get Pre Approved
One strategy is to do your loan shopping before you go out to shop for a car. Arriving at a dealer with a pre approval for a car loan in hand puts you in a position of power in the negotiating process.
2) Shop Multiple Sources
Convenient, at home services that are now available to research auto loan rates permit you to fill out one loan application and get competing quotes from several places.
3) Bad Credit, No Credit, No Problem
Even in this tough economy, there are specialty lenders throughout the United States that have programs available specifically for consumers with poor credit and even for consumers who have filed and completed bankruptcy.
4) Remember To Refinance
It takes a credit consumer approximately two years of perfect payment history to rebuild a bruised and abused credit score to a respectable level which is quite an accomplishment. As your score rises, you may actually qualify for a better rate on an auto loan that you are currently servicing. Don't hesitate to shop around for a refinance deal on your car once your credit score has recovered to respectable levels.
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