Finding the best rates on your used car auto loan can be a bit time-consuming, but it will save you hundreds if not thousands of dollars over the term of the loan. It may even result in lower monthly payments. This article will show you how to get the best rates with little effort on your next used car loans.
- Get a copy of your credit report and score. Also, the VIN or make, model and year of car you are going to trade (if any) and the VIN and make model and year of car to buy.
- Search online for used car auto loans and keep a register of tenders and conditions you receive. Note the bank, the interest rate that you quoted, after giving them your information, and the term of the loan. Terms are usually 60 or 72 months.
- After you have compiled a list of rates is time to compare them. Select the funding of interest for you. Not only choose the lowest payment, taking into account the duration of the loan and the amount of interest you'll pay over the loan. Also, what is the bank that you offer. Does GAP insurance, you miss a payment? Consider the payment amount and interest.
- If you are not satisfied with these rates, it is time to talk to a few independent banks and credit institutions. Call them directly or find them online by using the terms "credit unions", "local banks" or similar.
- Contact the banks directly and talk with someone who can discuss their rates and terms. Make sure you at least the make and model of your car, and a copy of your credit report. Negotiate as best you can with the loan officer.
- If you are still not satisfied with your loan terms, outstanding dispute items on your credit report, or better yet, pay them off. Wait one month until companies report again, and apply for your used car loan all over again. With an improved credit score, you should get a better rate.
