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CarBuyingHelpOnline.com Your Guide to Saving on your next car! |
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Get A Loan First
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Get your Car loan First! Now that you have established your budget and know exactly what you can afford the next step is to secure a loan at the lowest interest rate possible. In the old days car buyers relied on the finance office at the dealership to take care of everything. Unfortunately with most cars selling at lower profit margins, the car dealers will do everything in their power to make up some profit in the financing of your car. One of the most common tactics is to bump your interest rate up a couple of points and tell you this is the best rate you can get. Another tactic is to get you set on a low monthly payment and stretch out your loan several years longer to make it work. Walking into a Dealership to buy a car without a car loan already approved will often cost you thousands of dollars. This happens because after hours of haggling with the salesperson to get the deal they want, most people let down their guard in the finance office. They just want to get the paperwork signed and get out. BIG MISTAKE! The finance office at most dealerships is where the profit is made. That nice person in the coat and tie is a slick salesperson with one goal in mind. To squeeze as much profit out of you as possible. The Internet has changed everything! There are several ways to avoid this from happening to you. First and formost you most know your credit score. Some car dealers will lie to you and tell you your score is lower than it is, thus justifying why your interest rate is so high. There are many online services where you can apply for a loan and have an answer within minutes. Capital One Auto Finance will even issue you a blank check to bring to the dealer with you. This allows you to focus on the selling price of the car without worrying about the interest rate and monthly payment. Before you apply You must run your credit report. There may be some things on there that will greatly affect your interest rate. Many things can be corrected. First and formost get rid of any bad blemishes you can dispute. Close any open credit cards you don't need or use. Pay down or pay off your credit cards. Do not blindly apply for a loan and get declined or get a high interest rate because of factors you can control. Know what you plan to pay for your car and add in for sales tax. If you get approved for $25,000, make sure the actual price comes in lower! Do not get sucked into paying more and ending up with financing through the dealer. If you want to use the dealer for financing. It's ok to use the dealer for your financing as long as you are prepared for their tricks. Have a copy of your credit report in your hand so they cannot lie to you about your score. Know what the current loan rates are and let them know you will not accept a higher rate. Be prepared to get up and leave if they won't meet your demands. Most dealers have access to many lenders and if you push them hard they will shop the best rate. One place to look for the interest rates on cars is BankRate.com
We advise you to get your car loan online and bring it to the dealer. This allows you to focus on the selling price of the car instead of the monthly payment. You can also use your online approval as leverage against the finance office at the dealership. If they can beat your loan approval you can consider them for your financing. Use the links below to apply for a car loan online. you won't regret it!
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