| GETTING THE BEST NEW CAR LOAN INTEREST | | | | dealers a 'buy rate' for your loan. This means that |
| RATESAre you looking achieve a new car loan | | | | the bank willwant a minimum rate for your loan. |
| from a dealership? The informationfeatured below | | | | Any higher amount that is obtained will begiven as |
| will educate you so that you will be able to | | | | compensation to the dealer. For example, suppose |
| achieve the lowestnew auto loan rates possible, | | | | the bank is willing toprovide a car loan rate of 8%. |
| even if you have bad credit or no credit! | | | | The dealer in turn will offer you the samefinancing |
| Order a copy of your credit report to ensure | | | | package at 9%. As a result of the mark-up, the |
| accuracy and up-to-dateinformation!It is common | | | | dealer is going to make |
| practice for dealers to send your credit | | | | 1% from your loan. Seems like a shady practice. |
| information tomultiple banks and lenders when | | | | Unfortunately, this is a verycommon occurrence. |
| looking to assist you secure financing for yournew | | | | How will I know that I am getting the best rates |
| car. Whether or not you achieve approval, as well | | | | for my auto loan?The smartest, most important |
| as the loan amount,interest rates and terms of | | | | thing to do before you sign that dotted line isto |
| your auto loan will be determined by your | | | | do research. Shop around interest rates with |
| credithistory. Therefore, it is good practice for | | | | some major banks and onlineproviders. A good |
| you to obtain a copy of your creditprofile prior to | | | | idea would be to look for an online auto loan |
| applying for a car loan. A quick credit check will | | | | calculator andcrunch some numbers (various loan |
| helpdisclose any negative marks as well as | | | | terms, down payments and interest rates) sothat |
| influencing errors and/or misinformationon your | | | | you can pre-determine what you can anticipate to |
| credit report. Any errors listed will need to be | | | | pay for your financing. |
| disputed immediately. | | | | ** Also, know what kind of car you want and the |
| If information is not up-to-date, you will need to | | | | specific features you areinterested in. Check out |
| contact your creditors andmake sure that they | | | | Kelly Blue Book, KBB.org, for new car pricing. |
| report your current credit history to all three | | | | Doingthis type of research will allow you to know |
| majorbureaus. If you have any negative marks | | | | what to expect in terms of pricefor your new |
| on your report, you should research whatyou can | | | | car, helping you in your negotiating and ultimately |
| do to improve your credit score. | | | | getting you thebest deal. |
| Dealers mark-up auto loan rates!Dealers send | | | | In conclusion...Car loan rates are at an all time low. |
| banks millions of dollars in business every year. As | | | | Familiarizing yourself with theinformation above will |
| a result,the banks will provide the dealers with low | | | | help you achieve the most optimal rates for |
| interest rate loan package, alsooffering the | | | | yourfinancing! |