Some simple research can put you in a better position when you?re looking for a new car loan, or refinancing an existing one. You want to save as much time and money as possible, and it certainly helps to have a full round of informational ammunition with you.
Know your FICO score and other items on your credit report. The FICO score is calculated using various ratings, such as how much debt you currently hold, whether you pay your bills on time, etc. All lenders, may it be mortgages, auto loans or general loans, look at this particular score in the screening process, and would greatly influence you chances of qualifying for a loan?or your chances of being politely rejected for one.
There are three major reporting services where you can get your latest credit report for free, and they are:
Equifax
Experian
Transunion
A common mistake many would make is to automatically assume low interest means good deal. Zero interest offers are made by dealers, especially if a new model is about to be released in due time. A zero percent loan may sound attractive, but perhaps a cash rebate may be better for you.
Simple example ? a 4% loan with a three-year LOL (life of loan) with $2,000 cash rebate may give you a lower monthly payment than some loans with zero interest but no rebate.
Before you start shopping for a new car, pre-qualifying for financing is definitely something to consider. You?ll know ahead of time how much you can afford and you?ll have a better idea of a budget for your new vehicle.
This would also give you some much-needed leverage when negotiating with the dealer. The question of whether you chose their financing options or not can help determine the deals they offer. You could move closer to the deal you are looking for if you have an alternate form of financing on top of their financing package.
Before you agree to the dealer?s financing option, you should make it a point to double, triple, multiple-check the numbers. There may be some instances where you might want to try financing first through your dealer, and once you have commenced the purchase, go for the jugular ? the refinance, that is. There are normally feeds involved for doing this, and some agreements may not allow refinancing so be sure to read the offer thoroughly if you are considering this.
Last, but not least, it would be a good idea if you are aware of the ramifications of leasing and purchasing. There are some cases where the tax advantages of leasing can wind up being a better deal than purchasing.
Don?t make the mad rush to the dealer and make a purchase without thinking ? do your homework first and you will not regret that you took the extra time to research and ensure yourself of the best deal available.
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Source: http://www.themoneynewspaper.com/an-astute-shoppers-guide-to-gathering-data-regarding-car-loans.html
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