subject: Auto Loans Avoid Common Mistakes [print this page] Buying a car usually entails getting an appropriate auto loan. Consumers need to avoid these ten common mistakes when looking for auto loans. Getting an auto loan that is affordable and appropriate for the vehicle is one of the most important ways consumers can protect and build their credit record. Here at CreditNowUSA, we want you to get the best auto loan for your circumstances.
Avoid these Ten Common Auto Loan Mistakes
1. Never finance more car than your budget allows. The Federal Trade Commission recommends that consumers secure financing before going to the dealership. Having a definite limit already set can help you avoid the temptation to overspend.
2. Dont buy a car until you have saved for a down payment or have another car to trade in. A down payment can significantly lower the monthly cost of the loan.
3. Dont forget to figure in the cost of auto insurance to the cost of owning a car. Instead of just purchasing the minimum amount required in the state, check to make sure coverage is adequate.
4. Never apply for a loan or go to the dealership before securing a copy of your credit report. Check for accuracy and try to clear up any mistakes on the report.
Every consumer has the right to a free report from each of the three agencies once a year. To secure yours, go to Annual Credit Report.com.
5. Neglecting to compare annual percentage rates and terms for the loan. We offer auto loans at competitive prices with fair terms you can rely on.
6. Forgetting to negotiate with the dealer before using the loan to purchase a car. Most dealers expect customers to negotiate and build some leeway into the purchase price.
7. Not considering transportation needs when looking at cars and applying for loans. If you commute to work, you will need a vehicle that is very reliable with good gas mileage performance.
8. Neglecting to read the contract and make sure you understand the terms. If necessary, get a trusted person familiar with loan terms to assist.
9. Not checking state laws regarding consumer issues. Make sure you understand terms and always pay on time. To check state laws, begin by checking the National Association of Attorney Generals site.
10. Neglecting to check automobile buying guides before securing the loan and choosing the car.
Consumers who secure an auto loan from us and shop wisely will get reliable transportation and build their credit record at the same time. Be sure you can consistently make payments on time every month by creating a budget that includes all costs associated with owning a car. Then get a quality loan here at a price you can afford.
For more information, go to Auto Loans at http://www.creditnowusa.com/Auto-Loans
by: Money Lender
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