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The most important thing you can do in preparation for obtaining a car loan is checking your credit history. With free services like Experian and TransUnion, you can obtain your credit score, which will be used extensively by dealers and lenders to determine which loans you can qualify for:
Another key preparation before buying a car and obtaining financing is research. Research cars and their pricing at sites like Cars.com, InvoiceDealers, CarsDirect, Edmunds and Autoweb. These sites can often provide the complete details on car styles and handling, car pricing, dealer cost, and more. Use your findings as a basis for all dealings with salespeople.
With the advent of online lending, borrowers have options like never before. To ensure the most fair and comprehensive loan for your situation, consider online loans at sites like CapitalOne AutoFinance or HSBC AutoFinance.
According to the Consumer Federation of America, car buyers are often overcharged by 3% on their loans at the dealership, which can add $1000 to the life of their loan. Online lenders usually beat any deals the dealership can offer, and may not require application fees or down payments. With loans online, you may find some powerful benefits:
Even if you opt to go with financing at the dealership, you have a powerful bargaining tool when you get quotes from online lenders. With an online offer you have a standard for dealers to beat: compare to dealer auto financing and see which is most appropriate for you.
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Don’t limit your shopping for financing to just the purchase price. Look for extended warranty prices online at sites like WarrantyDirect to compare with the dealer’s warranty prices.
Finally, if you put down less than 20% on your new car loan, you should consider Gap Coverage. If you owe $20,000 on your car, but it is only worth $16,000, you are at a disadvantage. A total accident or a stolen car will result in an insurance payoff, but only for what the car is worth: $16,000. You’ll need to come up with $4000 to pay off the lender, as well as any deductibles charged by your insurance company. Gap coverage protects against this, and is available for far less than dealers offer at sites like GapInsuranceQuotes.com.
For more information on car financing, check out the sites referenced in this article:
Auto Loans Advice: New Cars & Used Cars
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The information contained on this website is provided as a supplemental educational resource. Readers having legal or tax questions are urged to obtain
advice from their professional legal or tax advisors. While the aforementioned information has been collected from a variety of sources deemed reliable, it is not guaranteed and should be independently verified. ERATE does not fund or broker mortgages or loans. Copyright ©1999-2010 ERATE - All rights reserved ERATE · 2900 Gordon Ave · Santa Clara · CA · 95051 Get Today's Mortgage Rates
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