You can land a loan that will make the car of your dreams within reach. Follow the three easy steps below to close a deal on the best car loan for you. Finding a loan that offers you a good interest rate is important, but it’s not as hard as you might think. As long as you prepare yourself with the proper information and are willing to shop around for a while, you can land a loan that will be fair to you and make the car of your dreams suddenly within reach. Follow the three easy steps below to close a deal on the best car loan for you.
The Three-Step Plan for a Great Auto Loan
Pick Out your Car
Believe it or not, the first step to getting a good loan deal is picking out the car that you are targeting. That doesn’t mean going to the dealership and finding the exact vehicle you are going to buy, but rather settling on a make and model that you are going to purchase. Also it will be helpful to decide on a trim package and any other accessories you are going to want on the vehicle. Once you make all of these buying-related decisions, you will know within a thousand dollars or so how much the vehicle is going to cost you. That final price tag will be necessary information to start pursuing your loan.
At Least Three Options
You can’t know that you are getting a great deal unless you ask at least three different lenders about getting a loan. A good idea is to start with your own bank and the dealership where you think you will end up purchasing the car. Both of these loan applications should be able to be completed online, and will only take a few minutes each. Since you know what car you are after, you can give an accurate amount that you want to borrow and should have loan offers within minutes.
Use your Leverage
With three loan offers in hand, head to the dealership to purchase your car. If the bank offered you a better loan rate than did the dealership, bring that information to their attention and ask them if they are willing to match or beat the offer from the bank. Remember, the dealership wants to sell you the car, so they should be willing to give you at least what the bank will, if not a little bit better. Should the dealership be unwilling to negotiate on this point with you, you have two choices: go to another dealership, or buy from them but use your bank offer for financing.
These three steps are all very simple and could be completed within the matter of a couple days if necessary. By following this plan, you will ensure that you get the best possible rate for your loan and don’t have to pay any more on a monthly basis for your vehicle than is absolutely necessary.