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Buying a car can be a bit of a rough ride, particularly if you don’t understand auto loans. Most people will need some sort of finance in order to purchase a car and having a bit of knowledge where loans are concerned could save you a lot of money and headaches. Before you even begin looking for a car do some research and find out exactly what auto loans are all about. This section should hopefully provide a good starting point.

The first step any buyer should make is getting a copy of their credit report. Your credit score will determine the type of loan and interest rates you qualify for so knowing this in advance can be a huge bonus. Aside from avoiding any nasty surprises (like being rejected for a loan), knowing your credit score will enable you to narrow your options down to what you know you can afford. It will also put you in a better position to negotiate, even if you have bad credit. Dealers often markup the interest rate by about three percent so if you know you can get a lower rate then you can ask for it. If you find that you have bad credit you can at least begin working towards improving your score in order to refinance for a lower rate later.

Another essential buying tip is to get approved for an auto loan before you set foot on any car lot. One mistake buyers often make is purchasing the car first and then getting sucked into a finance deal with the dealership. Many people get auto loans through their car dealer because it is convenient and often dealers can offer very competitive rates.

Problems occur when people don’t even consider their options before signing on the dotted line, they simply allow the dealers finance department to take control. This can spell disaster because these financers often work on commission which, in some cases, means they will be throwing in all sorts of extras wherever they can get away with it. And don’t forget the three percent markup they don’t tell you about.
A number of options are available for those who wish get approved for an auto loan before buying a car and these options include banks, and credit unions.

Doing your research online can be a fantastic way to save time on learning about how auto loans work, reading reviews, getting advice and comparing prices.

 

 

 

 

 

 

 

 

 

 

 

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