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 Tips on how to find the best auto loan rates Minimize
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Posted by: asim 6/21/2007 9:55 AM
Whether you are buying a new or used car an auto loan is a responsibility that will have an impact on you lifestyle. Finding the best car loan rate can be accomplished with a little help from these simple tips.

Whether you are buying a new or used car an auto loan is a responsibility that will have an impact on you lifestyle.  Finding the best car loan rate can be accomplished with a little help from these simple tips.

If you have a bad credit rating

  • Knowing your credit rating.
  • Pay off outstanding debts
  • Close inactive accounts
  • Prove a written explanation of any extenuating circumstance (divorce, death or lost job)
  • Consider using a cosigner. The interest rate you receive with a cosigner will usually be the one that the cosigner qualifies for rather than what you qualify for.
  • Shop online. Online services will access network of lenders that specialize in bad credit car loans and allow you to apply for a loan from the comfort of your home. 

If you have a good credit rating

  • Inquire about qualifying for special incentive financing offered by many car dealerships.
  • Get pre-approved for a car loan before visiting a car dealership.
  • Apply online. When submitting an application online, your information will be sent to a network of lenders who will contact you usually within 24hours with multiple offers.

Do your homework and you will be successful in obtaining a car loan whether you have good credit or bad credit at rate that won’t cause unnecessary anxiety. 

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Comments (3)   Add Comment
Re: Tips on how to find the best auto loan rates    By Robert Stanley on 6/23/2007 6:45 AM
I was aware of most of these tips before I read the your article. What I really need help with is understanding the lingo. I walked away from a deal on a Range Rover the other day that I really wanted but seem rediculously expensive. A collegue of mine purchased the same vehicle with a financing forumula that I did not understand but was none the less much cheaper than what had been proposed to me. If you have an expertise on the finance options available and can explain them in a language I anyone can understand I would appreciate it.
Re: Tips on how to find the best auto loan rates    By Todd Hambly on 6/23/2007 8:50 AM
I am reluctant to place my personal information on the internet. I do not want to become a victim of indentiy theft or any other fraud. However, the idea of applying for a loan online is appealing. What quaranttee do I have that my personal information is safe?
Re: Tips on how to find the best auto loan rates    By asim on 7/6/2007 3:03 PM
Todd, your personal information is safe with Car Loans Canada. To address your concern, I posted a blog about internet safety and what to look for. Check it out!

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