Car Loan Tips

When you go into a dealership, you want to know all of the pricing and costs of the car that you are looking into buying, as mentioned earlier.

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Purchasing a new car from the dealership leaves you open to dealership scams, but what about when you need to refinance your car loan? Many of the scams are the same as you will encounter when buying a car.

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The first thing that you should know when you want to buy a new car is that both you and the dealer are looking to get the better end of the deal.  If you don’t learn anything else from this book you will learn how to walk away from the deal with both sides being satisfied.

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A good credit standing will ensure that you will get the best car loan rates. This is the most basic requirement. A good credit history will let you enjoy the best car loan rates because lenders will find you a low credit risk. Those with good credit standing could expect to have the best car loan rates of between 2% to 15%. Compared to bad credit that is charged as much as 30%. To increase your credit standing and get the best car loan rates, you should pay off any current debts; make monthly payments for debts you cannot fully pay off or putting money into your savings account. Your savings deposit will help your credit score since this serves as your pool of funds in cases of emergency.

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There are many things that you don’t want to see a dealership do to you as a buyer, but there are some things that you should not do as well, if you don’t want to alienate the dealer.

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In a car buying deal, nobody wants to be the dumb buyer. You have to be smart or you end up losing more money than you ought to. ‘Ought’ because you do have to pay for the car and ‘ought’ because there’s just no way of avoiding it. However, that doesn’t mean that you should pay an outrageously high price. Because not everyone has the necessary cash in hand to pay for a car right then and there after a deal is closed. Unless, of course, you’re Bill Gates. Then again, why would business genius Bill Gates pay cash for a car when he could probably pay less for it on a loan? You see, THAT’S the key to playing smart.

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Now, that’s a very common statement car buyers make. They know their blood pressure level. Heck, they even know their blood count. But credit rating? Only a tiny smidgen of the population knows that. Yet, it cannot be stressed far enough that knowing your own credit rating could very well mean the difference between a good investment and a bad one.

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Granted you are a really conscientious buyer and so far you’ve managed to avoid many of the pitfalls and downers we’ve outlined above. You made it. You have an approved auto financing program from an independent auto financing company and are now on your way to the dealership. Nothing can possibly go wrong now.

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Fortunately for you, there are solutions to that particular problem. One way to do it is to obtain independent car financing BEFORE going to the car dealership. When you have the approved car financing option on hand, you can then proceed with the deal as a “cash buyer” so to speak since you already have the cash in hand from the loan and you are merely buying the car from the dealer with that money. No other relation exists between you and the dealer aside from that of a seller and a buyer. No such thing as a debtor and a loan creditor.

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Problems in auto financing usually occur when the contract is prepared in the finance and insurance office, called “F&I” room. So when your deal goes wrong, chances are it’s about something that occurred only at the time when negotiations are almost over. This is because the F&I room is where you, the car buyer, can see much of the potential savings regarding your auto loan go up in smoke. So you see just how important this so-called F&I room is?

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