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Tips for Auto Loans, Car Finance, and Auto Refinance

Many auto financing and loan companies allow you to apply online or over the phone.

Whether you're looking for a loan for a new or used car, or possibly looking to refinance an existing loan, you may be able to save hundreds or thousands of dollars by applying online.

Car dealers are professional negotiators and do it everyday and you will most probably get Ripped-Off
Always negotiate the selling price of the car without the auto financing and without a trade-in allowance. This is the only way you can be sure of what you are actually paying for the vehicle.

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Take the hassle out of purchasing your next car by getting free online loan offers, direct from national lenders. Compare offers side by side - You choose which offer is best for you. It's your choice!

New car dealers scams are a dime a dozen. And if you are not vigilant enough, you will definitely find yourself as the next victim of these unscrupulous individuals.

The car dealership Finance Office has so many ways to make money on you it's staggering. Very often the car dealership will make more profit from arranging the auto financing than they do on the vehicle itself - and make no mistake about it - this is profit at your expense!

You may be dealing with a completely honest car dealer as most of them are, but you must protect yourself. You can't just assume that the car dealer is looking out for your best interests. That's your responsibility, and for you to do yourself.

You should also stand guard on extended warranty deals that are often unnecessary. Do not let the dealer decide for you whether you need an extended warranty or not. The bottom line is you always have the last say.

Ask Yourself
How much can you afford to pay for a new car?
Should you finance at the dealer or get a car loan from a local bank or credit union.
Financing a new car purchase requires some research if you want to get the best rates and lower your monthly payments.

Auto Loan Tips

70% of all new car purchases are financed. So unless you plan on paying cash for your new car, or you are going to apply for a car loan, chances are you will be financing your purchase.

Before applying for an auto loan, there are several things that you should keep in mind:

Your credit score. Your score/history can determine whether you qualify for a loan and what interest rate you will pay. If you're not sure about your score/history (and even if you think you are), you should probably check to make sure that there are no mistakes. If you have poor credit, there are companies that may lend you money, but be prepared to pay high interest rates.

Compare rates. Get several quotes before you buy your car. Rates vary and there is no sense paying a dollar more than you have to.

Gather required information. Lenders will require you to provide your name and address, social security number, employer information (company you work for and salary). They will also require your financial information such as whether you own or rent a home, how much your payment is, how much money you own on credit cards, etc.

Before going to the dealer

Decide on the car model plus features such as air conditioning, AM/FM stereo etc., and obtain the manufacturer's suggested list price. It's now available at many Web sites offering car price comparisons.
Decide how long you want to carry the loan.
Check the interest rate on a loan offered for that amount of money, for the desired number of years, with the bank or credi union.
Fill out the credit union or bank's application to see if its credit is sufficient to qualify for a loan at that interest rate.

At the dealer

Give the dealer the requirements of the car and add-ons
Ask for the lowest interest rate on that amount of money for the same loan length given the bank
Tell the dealer that the bank or credit union offered a lower interest rate and wait for a counter offer
Ask for the bottom line: the total of interest and principle that must be paid over the life of the loan.
See if there is any pre-payment penalty if the loan is paid off early.

Determine your financial situation

This is the first and most important step in the car buying process. You must know how much you can spend before you can determine what you can afford.

Yyou need to remember that buying a car involves more than a down payment and monthly payments. In your budget you will need to include licensing, registration and other hidden costs, as well as monthly insurance costs, gas and maintenance.

Once you have all of this worked out, you should have a ballpark figure of the budgeted amount you can use for car payments. A good rule of thumb is roughly 20 percent of your net income can be used for a car payment. Once you determine that figure, stay with it.

Decide which car you want

This is really about personal choice, but a good criteria to go buy is to look at what your needs are. Do you have a family? There are plenty of affordable, safe and reliable minivans and station wagons on the market. Single and commute, or do a lot of city driving? The compact segment has a wide range of models to choose from that boast handling and superior gas mileage. Do you use your vehicle for work-related tasks, such as hauling, delivery, etc? Check out the many light and heavy-duty pickup trucks and vans. Midlife crisis? There are several convertibles and sports cars that will make you feel young again.

Also consider your wants. Compact cars get really good gas mileage and are a great if you want to save money on the increasing gas prices. Plan on taking road trips? Consider something that gets good mileage and has cargo space and lots of cup holders. Plan on going off-roading? The SUV is your best bet. Some even come with a first-aid kit!

Once you've narrowed your choices down to a couple, it's time to do some car research.

Do your homework

There are plenty of places for you to do your car research. Check out the Internet and newspapers, contact car dealerships, credit unions and local banks to see what kind of deal you can get. Knowing what a car dealer's competition is offering can only help you out in the negotiating process.

Look at interest rates. You'll want to get the lowest possible interest rate, as it will help you pay less in the long run. Many car buyers focus on getting the lowest possible down payment. If a car dealer gives you a low down payment, the money you are saving has to be made back. Car dealers will find ways to lower your down payment, and as a result will find ways to compensate for their generosity.

Also be aware of factory-to-dealer incentives. The secret is that the manufacturer refunds a certain percentage of the car's price to the dealer. So even if the car dealer sells you a car at the invoice price, he or she will still make money from the deal. Find out about a manufacturer's incentive percentage, as they are public information.

You should also look out for rebates. When incentives are offered, this often means the manufacturer wants to either get rid of slow-selling cars or reduce the inventory. Therefore, they may also offer the buyer a cash rebate and a low financing rate, or an option of one of the two.

Go to the car dealerships

Now that you have an understanding of what kind of rate you will be offered, you now want to go out to the car dealerships. You already have an idea of what kind of car you want, how much you can spend and what kind of perks you can get. Also you have an idea as to what different car dealerships are offering. This is quite a bit of information for you to carry with you into the negotiating process. But again, the more you know, the better off you'll be. But remember: Car dealers are professional negotiators and do it everyday. You are a novice and will be treated as such. The car dealers aren't going to be easy on you, nor are they going to point out all the ways you can save money. It's up to you to find all of those.

Also remember that you are in control at all times. You have the right and ability to stand up and walk out of the office at any point and the dealer will lose the sale. Don't let a car dealer intimidate you. Be relaxed and comfortable you know all the information and that you hold all the cards.

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