Auto Loans: Top 5 Tips For The Best Rate

You've got your eye on that shiny new Lexus - okay, maybe it's a Kia, but it's perfect and you want it to be yours, all yours - as soon as possible. At the same time, you certainly don't want to be saddled with paying nearly double the car's value by the time you finish paying off the car loan. Here are five tips to help you get the best possible interest rate on an auto loan to put the car of your dreams in your driveway.

1. Check your credit rating.

If you don't already know what's in your credit report, this is a good time to find out. Before you apply for an auto loan, get a copy of your credit report to find out what surprises may be lurking in it. You may just find out that it contains erroneous information that should be corrected, or that there's something negative on it that can be either explained away or fixed easily with a couple of phone calls or letters. Either way, it always helps to know what the credit reporting agencies are saying about you before you start shopping around for a loan.

2. If you have good to excellent credit...

...then you may qualify for special incentive financing available through the car dealer. If the car dealer is offering a low, low finance rate, check all the terms and conditions carefully BEFOREHAND online to make sure that you qualify. Most often, that 1% financing rate is reserved for those who have excellent credit and can afford to do a 12 month financing plan. If that's you - then grab the deal. 1-2% financing is a bargain if you can handle the other terms and conditions attached.

3. If you need a longer term than 12 months or have spotty credit...

...arrange your financing yourself before setting foot on the car lot. Check with your usual bank for a new auto loan first, as they may have better interest rates for those who are already established customers, or who carry all their savings, checkings and loan accounts through one bank. It may save you a few percentage points in interest to do business with someone who already knows you.

4. Shop online for the best auto loan available.

At many online credit web sites, you can submit a request for multiple quotes from area finance agencies and lending firms. Simply submit your request for an auto loan quote through an online form, and the web site will submit it to up to four financing firms at once. A representative from each agency will contact you within a few hours to a day or two to discuss your request with you and give you a quote for an interest rate and monthly payment amount that they can offer you. Online shopping for credit makes it easy to compare and pick the best auto loan terms for you.

5. If your credit is bad but you need that car...

...one of your best and most often overlooked options is to find someone to cosign the loan for you. In most cases, when you have a cosigner, you'll get the interest rate that THEY qualify for, which means a lower monthly payment for you.

Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk/ and also http://www.ukpersonalloanstore.co.uk.

---

Guide to Secured Loans

Here is a useful guide to secured loans. A secured... Read More

Faxless Payday & Cash Advance Loans - Fast Cash, No Faxing Loans, The Easiest Payday Loan Process

If you are in a hurry for a payday loan,... Read More

Guide to Personal Loans

Here is a useful guide to Personal loans. What is... Read More

Buy Now And Really Pay Later!

With UK personal debt breaking through the £1 Trillion mark... Read More

How to Get a Business Loan in Five Steps

Need funds to startup or expand your business? Follow these... Read More

Personal Loans and Lines of Credit

Personal LoansNormally, a personal loan is unsecured meaning there is... Read More

Money With The Click of a Mouse

Online payday loans seem to be popping up everywhere. A... Read More

The Best Way to a Farm Loan Success

The most important and difficult part in farm mortgage shopping... Read More

Payday Loans - Bridging The Void Between Paychecks

Emergency - the word is written everywhere in red and... Read More

Online Loans Made Easy

What will it take for you to get a low... Read More

What is Credit Insurance?

Are you wondering what is credit insurance? Very simply, credit... Read More

Short Term Solutions to Cash Flow Problems

If you're in a crunch for money, either because of... Read More

Finding the Bad Credit Personal Loans that You Need

It can seem impossible at times to get bad credit... Read More

Bridge Loan

A buyer of a new home may find himself or... Read More

If You?re Looking For Low Cost Car Finance, Loan Companies Offer Some Great Deals

These days having a reliable and safe vehicle to drive... Read More

No Money Down Loans

You want to buy a home but you do not... Read More

A Beginners Look at Secured Homeowner Loans

Secured homeowner loans come in a variety of different types... Read More

What Is A Payment Protection Plan?

A Payment Protection Plan is an insurance cover you would... Read More

Signature Loans: A Signature Can Relieve Stress Of No Collateral And Bad Credit

The dynamics of loans borrowing procedure has brought new ways... Read More

No Credit Car Loans - Even With No Credit History, You Can Still Get Approved

Even it you have no credit history, you can still... Read More

Can A Pay Day Loan Truly Be Easy?

If you're looking to find an easy payday loan it's... Read More

A Brief History of Loans

No one can say for certain where the history of... Read More

Steps You Can Take To Protect Your Financial Information and Personal Identity From Fraud

Financial fraud and identity fraud are one of the fasted... Read More

Where to Look for a Fast Homeowner Loan

If you're looking for a fast homeowner loan, you might... Read More

Alternative Venture Finance: Federal Grants and Loans

While most companies seeking venture capital initially think about angel... Read More

Bridging Loans - Fulfilling Financial Shortfall between Real Estate Transactions

You are trying to buy a new property and selling... Read More

See What Your Home is Worth

If you thought your home is worth nothing except for... Read More

Applying for a Payday or Cash Advance Loan Online

Applying for a payday loan online is a quick and... Read More

A Beginners Guide to Bad Credit Secured Loans

Here is a useful beginner's guide to bad credit secured... Read More

Secured Loans Tips

Here are some useful secured loans tips. Secured loans enable... Read More

Secured Holiday Loans- Your Chance To Unwind Your Senses

"All work and no play makes jack a dull boy".The... Read More

What is a Home Loan?

A Home loan is the generic term for a loan.... Read More

Finding the Loan UK that Meets Your Needs

For those in the market for a loan UK ,... Read More