subject: Auto Loans Things You Should Know [print this page] If it is time for a new car, an auto loan can help bridge the gap between the cash you have on hand and the cost of the car. CreditNowUSA.com matches you to lenders offering car loans. Before you take out an auto loan, there are some things you need to know.
Credit Matters
Your credit history plays a role in determining the type of auto loan you receive. While CreditNowUSA has a high approval rate, the better your credit, the less interest you will pay and the better the terms of the loan overall. Make sure your credit is in good shape by checking your report and score before applying for auto loans.
It Pays to Be Prepared
When you go shopping for a car, its best to be pre-approved for a car loan. Dealers usually offer loans, but the rates from a dealer are usually not as good as the rates you get from a private lender. When you head to a dealer with your pre-approval in hand, it is almost the same as heading to the dealer with cash in hand.
Consider Your Budget
Auto loans are not free money. You will need to repay the principal, plus interest. Make sure you take out a loan that you can afford to pay back within the specified time. Consider purchasing a less expensive car instead of taking out a bigger loan to buy a car that is out of reach.
Reduce Monthly Payments
You can take several steps to reduce the amount of your monthly auto loan payments. The first step is to wait until you have a significant down payment saved to take out the loan. Aim for a down payment of at least 20 percent, if not more. The more you have to put down, the lower the interest rate and the lower your monthly payment.
If you have a weak credit history, having a family member co-sign with you can help reduce your payments too. The lender looks at the co-signers credit and will give you a lower interest rate.
For more information, go to Auto Loans at http://www.creditnowusa.com/Auto-Loans
by: Money Lender
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