Maximize Your Used Car Loan Savings In 3 Easy
by Jennifer Harper
Buying a new or used car is almost as bad as going to the dentist.
You know that it's going to be expensive, painful, and involve
some form of getting screwed. However, getting approved for
your used car loan doesn't have to be discomforting by any means.
By following three tremendously easy steps, you can save yourself
a load of money without ever setting foot on the car dealership's
The first step in saving money on your auto loan is to get a
copy of your credit report. You can bet money that the decision
made by the bank on whether or not your car loan is getting
approved or denied is going to be based off of the information
contained in your credit report.
By already having a copy of your credit report before filling
out a car loan application, you can see what your credit score
is and take the appropriate steps needed to boost your credit
rating in the event that you have less than perfect credit.
Having a higher credit rating means that you are going to get
greater car buying power and lower interest rates on your auto
loan. This equates to savings of hundreds and even thousands
The second step to saving money in car loans is to increase
your down payment. Although being able to have a "zero-down"
down payment is nice, it is even nicer not to have to finance
that down payment money on your car loan. The more money you
put down on a car, the less money the bank is going to have
to lend you on your auto loan.
The third easy auto loan saving money step is to get pre-approved
for your used car loan. Pre-qualified auto loan buyers save
money by being able to negotiate better deals on their vehicles.
By having the pre-approved power of a lending institution behind
you, you can get higher rebates, better value in trade-ins,
and lower the overall price of the car you want to buy. Remember
the old adage that cash talks. Pre-approved auto loan recipient's
cash not only talks, but also saves.
If you get your credit report, increase your down payment and
get pre-qualified for your car loan, you can maximize your auto
loan savings and negotiate your own terms when purchasing a
vehicle. Requesting a credit report is extremely easy. Recent
laws have been passed that grant every person at least one free
copy of their credit report each year. Take advantage of this
opportunity. Arm yourself with this car loan knowledge. Start
saving money on your new or used car auto loan.
About the Author
Jennifer Harper is author of "Everything Home" and
"Money Management for Millionaires." To learn more
about how you can save money and get pre-approved on your used
car loan today, check out the resources at http://www.car-loan-used.info