Using Your Detective Skills to Find the Best Car Loan Deal

Using Your Detective Skills to Find the Best Car Loan Deal

Almost everyone needs a vehicle these days. Although many households have dropped down to one car with the current economy, recent indicators show that we are finally clawing ourselves out of the recession. Even if your credit is not as good as you would like it to be, you can still find the best car loan deal with a little detective work. Applying for the loan before you find the car you want can help you get a better deal, so fire up that internet and start looking!

Your credit report is one of the most important factors when you are looking to find the best car loan deal, whether it is online or at a brick-and-mortar lender. Finding out your credit score and searching the report for any mistakes or oversights is crucial to making sure your score is accurate and as high as it can be. If you do find any issues, contact the three large credit agencies to get the problems fixed (Experian, Equifax, and TransUnion.) Potential lenders will be using these reports to set your interest rates and terms.

You will also want to keep in mind that the more lenders you apply for a loan with, the more will be reported to the credit agencies. Your score may begin to drop slightly, so don't wait too long to accept a loan. If you keep your application and acceptance time within a two-week span, you are more likely to be "graded" on the higher credit score you had when you started looking. Inquiries made within these two weeks will be counted as a single event on your report, rather than several, which can help you get the best car loan deal.

Having money set aside for a down payment can also help you get the best car loan deal. Some lenders will not grant you the car loan without a down payment, so a few hundred or a few thousand dollars can go a long way. Other companies may require that you present collateral, so you will want to keep making your payments in full and on time to avoid losing it!

Online lenders can often give you the best car loan deal for your credit situation, so comparing several can give you the company that will best fit your needs. If you're like me, you usually ignore those paid ads on the side of the screen of search engine results, but you may want to take them into consideration when you're comparing companies. Some sites will offer to compare a few sites for you; taking advantage of these time-saving services can allow you to look at different companies side-by-side. You'll want to look at their interest rates, payoff terms, and restrictions.

If you have any questions about the loan, make sure to call the company and ask a real, live person before you agree to the loan. Some sites may use complicated "legalese," getting you trapped into an agreement that you may not fully understand or that doesn't meet your needs. Always read the fine print! If the company doesn't have a toll-free number on its site, go on to the next potential provider. If you talk to a person, let them know you are shopping around for the best car loan deal. They may offer you a better loan! After you receive your money, it's time to go pick out that new car. Have fun!

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