Auto Loan Factory

Auto Loan Borrower's Cheat Sheet
By Joel Walsh

Most people really get taken for a ride on their auto loan. Did
you know that differences in the total cost of different auto
loans for the same car can run into a thousand dollars or more?
Here’s how you can get the lowest rate:

• Make a list of different auto loan lenders and their interest
rates and terms, before you go to the dealer (the web is usually
the easiest way to do that). Did you know dealers get a
commission on the loans they refer? If you’re not careful, that
extra bit of money for the lender could mean you pay a higher
rate than you would if you got the loan yourself.

• Get a credit report and figure out your FICO scores. Removing
any incorrect negative information from your report will help
you get a better deal. Knowing exactly what your score is will
help you figure out what interest rate you can realistically
get.

• Have bad credit? Try going to your credit union, bank or
another institution where you have a relationship. Lenders like
to help out established customers. If your bank still won’t
help, online “bad credit auto loan” lenders usually offer
better less expensive loans than dealers who advertise their
great deals for people with poor credit.

• Use a vehicle loan calculator. It will tell you what your
loan will cost each month. It saves you the time of looking at
vehicles you can’t afford, makes you aware of what information
you’ll need to apply for a loan, and is a “reality check” of
your financial condition.

• Comparison shop, comparison shop, comparison shop. You don’t
get the least expensive car by choosing a dealer at random, and
you won’t get the least expensive auto loan that way, either.

About the Author: Joel Walsh is a regular contributor to
cars-auto-loans.com, where you can get information on car loan
lenders, use a vehicle loan calculator, and find the best auto
loan: http://cars-auto-loans.com?%20auto%20loan [Web
publication requirement: create live link for the URL/web
address using "auto loan" as visible link text/anchor text.]

Source: http://www.isnare.com