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Low Auto Loans - How to Get Low Auto Loans

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It is easy to save money on your auto loan if you know how to be a smart shopper and avoid the common difficulties associated with securing a loan. Many consumers are terrified of going toe to toe with smart salesmen who know how to trip them up. The truth is, however, that anyone is able to get a low auto loan with just a little research and calculation.

The first thing you should do is check your credit score to make sure all listings are accurate. Having the best credit score is vital to securing the lowest auto loan rate that you can. If your credit score is low, do everything you can to raise it before going car shopping. Knowing your exact credit score will also help you while you negotiate with the salesman at the auto dealership. These salesmen may try to charge you a higher interest rate, but if you know your exact credit score, you can prevent them from tricking you into paying more money than you have to. Knowing your credit score 60 to 90 days before you visit the lot will help you defend yourself against scams and secure a low auto loan.

Another way to get a low car loan is to be independently financed. Financing through the dealer can be more expensive because the dealer is looking to make money through whatever avenue they can – including interest rates and other fees. Even though it may seem like you’re getting a good deal, the salesman can make commission off of the difference in interest and what the bank pays. Being independently financed will help save you from overpaying for your auto loan.

Be choosy about zero interest loans and rebates. A zero interest deal may sound appealing, but they aren’t always the best option, especially over a good rebate. Sometimes the monthly payment will be lower if you take a rebate rather than zero interest for a certain amount of time. Zero interest does not always mean less payment on your part, so sit down and do the math to see what will save you more money in the long run.

Be sure to shop around at numerous dealerships to get the best loan possible. Shopping at one dealership not only limits your choices, but you won’t be able to see what other dealerships are willing to offer in terms of low car loans. You can also use other offers as a way to get dealerships to offer you better deals in order to compete. Go into each dealership knowledgeable and prepared in order to get the lowest auto loan possible!

Consumers often get locked into high auto loans because they don’t know how to negotiate or use their credit score to their advantage. Be strong and confident when talking with the salesman, and don’t give in to anything he may try to force upon you. Sit back and take a look at your options before rushing in to a dealership. Getting independently financed, having good credit, shopping around at different dealerships, and knowing whether to go with a zero interest promotion or a rebate will all help with acquiring low car loans.

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