Shopping for a car? It can be difficult to find a decent loan rate.
Autoloandaily.com recently published a “Not To Do” list for getting an auto loan. One good tip they had was to make sure you’re maintaining a good credit score. This is easier to do if your expenses are only 30% of your income – before taxes.
Speaking of credit scores… it’s a good idea to know what yours is before you go to the dealer. That will help you get financing through a private lender instead of the dealer. Sometimes it’s much cheaper to go through a bank than a dealer. Which brings me to my next point. You need to make sure you’ve got a good insurance policy. That hot little sports car you’ve had your eye on won’t seem so hot when your insurance bills are draining your account balance.
If you want to maintain a healthy account balance and knab a good insurance policy you should make certain that you don’t miss out on deals that are often offered. Sometimes you can get a discount by taking a defensive driving course, being a good student, being a good driver, buying a car with safety equipment, or maintaining low mileage.
One final tip I have is to play your cards close when talking to a dealer. You should try not to mention that you need financing until after you’ve agree on a price for the vehicle. If you do tell the dealer it can mean a higher sale price. The same thing goes for trade-ins. Dealers will do anything they can to make a buck off of you – but don’t hold it against them, it’s their job. Your job is to make sure they don’t get the better of you by doing your research before shopping for a car.