How To Use The Internet To Get The Best Deal On A Car Loan Today!

Trying to get the best deal on a car loan can seem intimidating. However, with the right information on your side, you can get the most attractive available car loan today. Request your free no obligation to buy car loan quote and get started on your car shopping today!

Aspects of a Car Loan

There are several factors you will need to consider when looking for a car loan, including:

• Your lender. Unless you are able to borrow money for your car privately, you’ll be getting a car loan from a bank, credit union or an auto dealer’s finance department.
• The car you’re buying. Is the car you want new or used (or very used?). Interest rates on new cars are often the lowest.
• Loan-term length. After 9/11, automakers introduced 0% financing to keep the industry going. At first they were only offered for two to three year loans, but now some makers are offering these low-cost rates on five-year loans. Usually, longer loans mean higher interest rates.
• Your credit rating. Borrowers with good credit usually get lower rates on car loans.

Four things to avoid when shopping for a new car loan

Nowadays, car buyers have so much information available to them, it would be a mistake not to research online first. Websites like CarLoanMatcher.com provide free, no obligation car loan quotes . Getting multiple online loan quotes will allow you to compare car loan deals from the comfort of your own home. Avoid bad deals and fast-talking salespeople by doing your research online.

A typical car dealer tactic is to negotiate what you are willing to pay monthly, rather than the cost of the vehicle. This practice can be confusing and misleading, since the salesperson will use the longest car loan term available to make the monthly payments look really low. The problem is, you’ll end up paying more in interest in the long run. Unless you are great with numbers and can quickly calculate the total cost in your head, ask for the total price of the car and find out the monthly payments from there.

Add-ons, or optional features offered by the dealer, include undercoating, a CD player/stereo, security system, car window tinting, pin-striping, chrome wheels, or leather seats. Often these features are overpriced; dealers use them to increase the sale price of the car. Add-ons seldom add real value to your car. Sometimes, if you upgrade to a premium model, they can actually harm the car’s resale value. If you decide that you want a particular add-on, check prices with outside companies first.

Dealership financing is big business, and dealer loan offices often offer car loan rates that are significantly higher than those you might get from a competing lender. As part of the car shopping process, get car loan quotes and compare rates from various sources. If you reduce your car loan interest rate from 8% to 4%, you save you a bundle. However, in some situations, dealership financing can be the best car loan deal. That’s why you should request your free, no obligation car loan quote today.

Evaluating available options before choosing a loan is the best way to be certain you’re getting a good deal on your car loan.