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Car Loans - How to get the best

May 10, 2008
If you are looking to finance a car purchase in the near future then you really must consider using a car loan to fund it. This is becoming a more popular method of paying for a car as the loan is actually secured on the car itself; as the balance is gradually paid off, the amount of credit at risk decreases.

Once you have been allocated your budget, the more enjoyable side to the process occurs as you take time to search for a car that you like which is just a case of going online.

Searching online means you can find large numbers of the model car you have in mind, all within a certain price range without having to make the journey to the dealership. If you have a specific car in mind but the amount you can borrow won't cover the cost of a new car then why not go for the same model but a couple of years older and get a real bargain. Anybody can get the auto loan provided they have a good credit history so never make the mistake of applying for it without first checking out your credit score.

Although it may still be possible to arrange a loan, a higher interest rate will more than certainly be the penalty so if there is anything that needs correcting on your credit report, you had best attend to this important matter first. When you check your score, it should really be over 550 if you want to ensure you are in a position to negotiate the best interest rates for your finance. Most finance institutions are able to supply an auto loan but the rates will vary as will specific terms so it is best if you shop around for the best rates and don't forget to use the internet!

Although it is a good idea to keep your monthly repayments low, this is only one thing to consider and low repayments now may mean increase costs later on. People thinking about this type of finance should be careful of the low down payment option that the finance company might suggest as this will merely increase the overall cost of the loan.

Most lenders prefer it if you have insurance and it will usually lower your premiums; lenders feel safe in the knowledge their money is not at risk but it is not a requirement for the loan.

Cash-back options or rebates are often offered at dealerships and it could be worth your while accepting this tempting offer; however, there is nothing stopping your from applying for finance at a lower interest rate online once you have received the rebate.

Many finance companies will ask for a deposit or down payment from you and may even charge to process the application of you auto loan but E-Loans and Capital One Auto Finance are two companies that do not request either. If your dealer wants to provide you with the best rate then he will need to match those available online.
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