Follow The Steps To Enjoy The Low Rate Auto Loan

Every American wants to own a car

Every American wants to own a car. Whether it is a sports car or a SUV depends on your needs. But another thing which every one of us start looking as soon as we think of a buying a car is auto loans. And what can be better than low rate auto loans!

The simple procedure you can follow to get the loan for your car has incredibly precise steps. In subsequent paragraphs we discuss them to give you an idea about the efforts that you have to take.

Scan your financial statements: Take the financial statements of the last six months and calculate the savings you have made. Get an average of the current expenses and incomes. Consider any hike in income you might get. Take into account any other expense you may have in near future. Once you have the numbers, you will know how much you can shelve out for the down payment on the car. And how much monthly payments you can afford and at what interest rates.

Plan to window- shop: Once you are aware of the approximate budget, visit the nearest car dealers in town. Take a look at the various types of car and their ranges. Then visit the lenders who may be the dealer or manufacturer or the financial institutions or even the credit unions. Write down the loan terms, discounts and offers they are giving. Write down the details of the interest rates, down payments, discounts, penalties and repayment periods.
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Tally the figures: You have two sets of figures with you. One is your budget and other is offers from the dealers. Compare them and get rate of interest that suits you the best. Make sure that the car loan program you are willing to opt for has lower amount than the estimated budget.

Credit rating: Now check your financial reports again, and find out your credit scores. If you have good credit scores, then you are better off. However, if you have no credit scores or bad credit scores, you may have to pay more. Even then in both cases the best thing is to negotiate.

Strike the deal: Now you know your exact position, visit the lender. It is time to negotiate your way in to lower the interest rates. If you are not very good at negotiating, take someone along who knows how to negotiate or has gone through this whole procedure earlier. Never settle for the first deal that the lenders offer you because it may be very high. Now you can apply for the auto loan.

Sign the agreement: Once your loan gets approved, you will have the check in your hand. Go to the dealer you have talked with if your lender and dealer are two different persons. Finalize the terms and conditions with the dealer, get the deal in writing. Investigate the agreement properly so that you do not leave any clause unnoticed. Then sign the agreement and handover the check. Be cautious as not to give the check before signing the contract. If you do so, you are in a risky position because the dealer will have the advantage of changing the terms and you will be helpless.

by: Patricia Martin

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