Best Car Loan Rates - Tips To Getting A
Low Auto Loan Rate Online
by Carrie Reeder
Online car loan shopping practically guarantees that you are
getting the best rates. Your location is no longer a barrier
to finding the best auto loan rate. However, you want to take
advantage of the financing options available. While searching
for an auto loan, research financing companies, negotiate terms,
and increase your down payment to get low rates.
Study Financing Companies
A sure fire way to find the best car loan rate is to study financing
companies. Only by requesting quotes and comparing the fine
print can you truly know you are getting the lowest rate.
Fortunately, online auto loan brokers offer convenient ways
to compare lenders. With some sites you can make side by side
comparisons, while other sites will email you multiple financing
offers. Auto loan brokers work hard to attract customers by
negotiating lower rates with lenders, so you often will find
better deals through their sites that through a dealership.
To ensure that you are getting accurate quotes, fill out the
form as completely as possible. A slight difference in income
or employment dates can reduce your interest rate.
To find the best auto loan for your financial situation, you
will want to balance the interest rates and length of your loan.
Shorter loans offer lower rates, but with a higher monthly payment.
Take a look at your monthly budget to see what type of auto
loan would work best for your situation.
Increase Your Down Payment
While zero down or a slight down payment are options for car
buyers, a large down payment will save you money. By putting
down 20% or more, you will qualify for a lower interest rate,
even if you have adverse credit. You will also save money by
not paying interest on that portion of the vehicle's price.
Demand A Better Deal
By getting pre-qualified for a car loan, you can also reduce
the cost of your vehicle by demanding a better deal from your
dealership. As a pre-qualified buyer, salespeople see you as
a cash buyer, and they want your money. You can negotiate for
rebates, higher trade-in value of your vehicle, and extra features.
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an
informational website about various types of loans. To view
our list of recommended auto finance companies online, please
visit this page: http://www.abcloanguide.com/autoloans.shtml