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3 Ways To Get The Lowest Interest Rate On Your Car Loan
If you're like the average American, chances are you buy a new car every five years or so. Most people need an auto loan when they buy a new
vehicle, whether it's a car, truck, SUV or van and since the interest on auto loans can add up over time--especially on a five or seven year
loan!--it's important to try and get the lowest rate possible on your car loan. So find a low rate car loan by
Getting your loan before you shop!
If you wait until you get to the car lot to think about financing, the dealer will try and push "dealer financing" on you. That's because his
financing usually comes with extra "padding" to make you pay more--and to boost his bottom line. The interest rate on dealer financing is often
3% higher than financing from a bank, credit union and or online loan company. So get a loan before you shop for a car. Another bonus: you'll
have more negotiating power for the price of the car since the dealer knows you're a financially stable customer.
Knowing the current rates!
You'll never know if you're getting a good deal unless you know the going rates for car loans! Search the web, call around to local banks and ask
friends or family what the current interest rates are for car loans. Be sure to compare apples to apples by considering things like loan term,
since longer term loans often have lower rates. Your credit history will have an effect on your rate, too.
Comparison shopping!
Get quotes from as many lenders as possible. Check with your current bank, credit unions, online lending services and other loan companies. Get
at least 3 or 4 different loan quotes so you can compare rates, terms and fees. Let them know you're shopping around and that you've received
better offers. It's possible they'll lower your rate or drop your fees to get your business.
You may also want to consider an online lending service that allows you to compare rates between multiple banks and loan companies at one time,
since they're a convenient way to shop around without getting multiple hits on your credit report.
About the Author
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Try using www.abcloanguide.com for a list of Recommended Auto Loan Lenders online. Their recommended lenders are reputable and offer
competitive rates.
More Useful Resource and Updates on mortgage rate loan calculator
- Loan vs. credit (San Jose Mercury News)
Home equity line of credit or loan what s best for you?Life, as they say, is filled with difficult choices.
- ANZ lowers fixed home loan rates again (News Interactive)
ANZ is lowering its fixed rate home loans for the second time this month, as the market prepares for a cut in official rates next week.
- ANZ lowers fixed rate mortgages again (Daily Telegraph)
ANZ will lower its fixed home loan rates and investment loans rates by between 30 basis points and 50 basis points.
- Home loan: How to cope with rising EMIs (rediff.com)
How badly is the EMI (equated monthly instalment) of your home loan messing up your budget? Over the last four years, the interest rate on home loans has risen from the bottom of about 7.75 per cent in 2004 to about 12.75 per cent now for existing customers.
- When A Mortgage Loan Is Necessary For Your Aventura Home Purchase (Turks.US)
If you think that it's impossible to purchase an Aventura home with your limited budget, then you are in for a shocking surprise. Actually, there is a way to boost your funding for a home acquisition without putting you into a financial hurdle paying for it -- and this is through mortgage loans.
- Federal Home Loan Bank of San Francisco Releases July 2008 Cost of Funds Index (wallstreet:online AG)
The Federal Home Loan Bank of San Francisco announced August 29, 2008, that the 11th District Monthly
- Federal Home Loan Bank of San Francisco Releases July 2008 Cost of Funds Index (Business Wire via Yahoo! Finance)
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced August 29, 2008, that the 11th District Monthly Weighted Average Cost of Funds Index for July 2008 is 2.698%. The index for June 2008 was 2.829%.
- Community Bank Names Wright Mortgage Loan Originator (Rockbridge Weekly)
August 28, 2008- Staunton, VA- Community Bank is pleased to welcome Stephen Wright, Mortgage Loan Originator, to its Secondary Mortgage Department. Wright will be responsible for originating fixed rate mortgage loans and promote lending services to the real estate community.
- Home sweet loan: Using a 401(k) loan for a down payment (Belleville News-Democrat)
Faced with a real estate market that has tightened up lending standards at a time when home values are dropping, more people are borrowing money from their 401(k) retirement plans to help swing a down payment to buy a home.
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