Getting an auto loan is both a confusing and intimidating process. To get the best car loan, there are a number of points you need to keep in mind. The following cover a few of the major points of emphasis when shopping for automobile financing:
Focus on the “big picture,” not the monthly payment.
It’s good to know your monthly budget; however, it is a bad idea to shop for your auto loan based on the monthly payment alone. There are many parts that make up a loan, and all of them can be manipulated to make the monthly payment appear low while, at the same time, giving you a bad deal. Always negotiate the purchase price first. THEN figure out the financing.
Keep the payments condensed. Don’t try to stretch them out.
Similar to point number one in that a longer auto loan term can keep monthly payments low, giving the illusion of a good deal while still ripping you off in the long run. Over the long run, you’ll end up paying far more in interest. Further, it will also take longer to pay off the auto loan, which, in turn, could last longer than the “usefulness” of your vehicle. And this does not take into consideration that you could also end up owing more on your car than it is actually worth. Don’t get upside-down on your auto loan. Keep the term to 48 months or less.
Shop around and take advantage of sites like CarLoanMarket.com.
There are numerous places where you can obtain an auto loan; don’t just take what the car dealer offers. You can save thousands in interest costs by shopping around and financing your vehicle from the best place. Sites such as CarLoanMarket.com specialize in getting you top-rate deals through our network of affiliate dealers and lenders. When you submit a credit application online for a car loan, that form will be put in the hands one of our affiliates who want to assist you with your financing and car buying needs..
Don’t ignore your credit score.
Although financing an automobile through bad credit auto loans is a good option if you are in need of a new vehicle, and can help you repair your credit score, it will still cost you more in the long run than if you had a good credit score. There are many free sites on the Internet that allow you to check up on your credit score. Keep an eye on it, and be sure to keep your credit in good shape. It can save you a lot of money in the long run.
Keep these points in mind when shopping for a new or used car, and financing for that vehicle. Knowing your information, shopping around, doing your research, and really spending time in making purchase decisions, can save you a significant amount of money. CarLoanMarket.com is a powerful tool that can help you get connected to another solid option in your vehicle purchasing and financing decision process.
Another key point is to check with CarLoanMarket.com and get your Fast, FREE, No Obligation online car loan options from one of our lender or dealer affiliates!