April 17, 2008
HOW TO GET THE BEST AUTO LOAN RATE
Shopping for an auto loan online greatly increases your chances of getting the best rate -- here's how to stack the odds even more in your favor:
STUDY LENDERS, COMPARE QUOTES: Online auto loan brokers -- individuals or companies with access to lenders -- are a great source of information. Be sure to check out their sites before you apply for financing.
NEGOTIATE TERMS BEST FOR YOU: Shorter loans offer lower rates, but in the long run you may pay more. Always go for the deal that best suits your budget.
PUT DOWN AS MUCH AS YOU CAN UPFRONT: A down payment of 20% or more nets you a lower interest rate -- no matter what your credit rating.
GET PRE-APPROVED, GET A BETTER DEAL: Pre-qualifying for financing gives you the leverage to negotiate the best deal possible. That doesn't just mean a lower rate; it can also get you a rebate or even a higher trade-in value for your present car.
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