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How To Save More Money On Your New Car Loan

Aug 18, 2007
Many people are looking for ways to save money today. However, sometimes people do not seem to think about how to save money when they buy a car. They place themselves at the mercy of the car salesman and hope to get a good deal. That, of course, is not the best way. Here are a few tips to help you get a good deal on a car and save some money, too.

1. Look Over Your Credit Report

Your credit report says a lot about you - probably even more than you might want. It informs the lender about the timing of your payments, your total indebtedness, how many times you applied for credit, and of course, your credit score. The lender will look at these numbers and assign you an interest rate and the amount you can borrow based on these numbers and other information.

Because it figures so highly into the calculation, you need to make sure that it is accurate. Mistakes readily occur on credit reports. By getting a copy of your report, you can look it over to determine if it is accurate - and up to date. If you must make corrections, wait at least six weeks before you apply for any loan to make sure the information has been changed.

2. Prepare For A Good Financial Situation

Your current level of indebtedness could also be a problem if there is either too much debt or too much credit. Too much debt means that you probably are not able to handle much more financially. This means you are a greater risk to the lender. It will raise your interest rates and lower the amount of cash you can get. Too much credit, on the other hand, which could refer to a number of credit cards with little or no credit on them, means that you still could max them out. This is also a problem, because if you should max them out, then you may not be able to pay back your loan. By reducing both, it could raise your credit score and put you into an ideal situation for a better car loan.

3. Get Several Quotes And Compare

Get several quotes online from different lenders for your car loan. This will enable you to find the best deal in terms of being more suited to your needs. You can get the loan with lower payments, lower interest rates, the time you want and more. You can choose. If you don't see exactly the terms you want, you can either apply to more lenders or try to negotiate with them.

4. Get A Preapproved Car Loan

Preapproved car loans will give you a better price and let you know exactly how much you can get. When a lender issues you a loan, they will send you a blank check and give you a credit limit. All you need to do is to find the car you want within that price range, and write the check out for that amount.

5. Buy A Used Car

You can save a lot of money by buying a used car. In fact, when you drive off the car lot with a new one, you just lost about $1,500 or more in depreciation. Let someone else bear it. You will get more car and less depreciation if you buy a used one with low mileage. You may also be able to get last years model straight off the dealer's car lot - but never sold.

6. Investigate Car Prices

Unless you look into the prices for a car you want, you have no idea what the car is worth. This means you could pay thousands more for it - and never know the difference. By knowing a car's value, however, you can negotiate for a better deal.
About the Author
Joe Kenny writes for the Loans Store, for cars they are offering great car finance, or Rebuild.org for cheap auto loans
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