How can I get a New Car Loan?
Although the current economy is heading into uncertain waters, there’s no denying the fact that more people than ever before are considering spending on big-ticket items like new cars. A new car loan can truly alter a person’s life. Most people who have purchased a used car at least harbor a dream of driving a brand new automobile off the lot. For many, the dream cannot be realized without a loan. A person can apply for a new car loan, or a used car loan for that matter, through banks, loan brokers, direct lenders, credit unions, auto finance companies, or dealerships. Auto dealers will sometimes feature special loan rates, but most of these deals require a borrower to have perfect credit. It is also possible to find manufacturer incentives that will grant better rates on loans if a person buys a specific model.
Preparing to Apply for a New Car Loan
For a person who has anxiously flipped through catalogs featuring pictures of the new car he is going to buy, there is nothing worse than being denied a loan. That is why it is surprising that so many people go into the application process unprepared. One of the most important things a person can do before applying for a loan is to familiarize himself with his credit line. If a person knows his credit scoreand rating, he will most likely know what kind of loan, if any, he can be approved for. He will also have an idea of how high an interest rate he can expect to pay.
Banks Aren’t the Only Lenders
Getting as many quotes as possible before applying for a new car loan is essential. A bank might offer a rate that a borrower is happy with, but that doesn’t mean a direct lender or a credit union won’t offer a lower rate. Having a number of quotes will only make it easier for a person to get a brand new car at a price he can afford.
“I don’t have time to call around. . .”
Statistics show that more and more people are using the Internet to find new car loans than ever before. As long as people utilize trustworthy brokerage sites, they can expect to find excellent loan rates that will outshine those offered by local banks. It’s all a matter of research. The time saved by not driving from bank to bank can yield some excellent finds online.
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