Tips To Help You Get The Best Used Car Loan Rates

As you can imagine there are literally thousands of different lenders who offer used car loans. Each have different requirements and each will offer you a different rate. Of course we all want to get the best rate so we can save money. Below you will find a few tips to help you do just that.

Don’t Be In A Rush

Sometimes we get so excited about buying a car that we move too fast. If you want to get the best used car loan rate you will need to slow down and take your time. Never go with the first offer you get. That will probably be the highest one.

Shop Around

Do a little research and find a few lending companies that offer used car loans. Research each company and find out what their rates are. Be sure to check their reputation and find out how long they have been in business before you decide to do business with them. Call and get a quote from each company. By comparing you will give yourself the advantage and be able to negotiate the rate on your loan.

One of the best sites you can use to compare various car loans is lending tree. Just fill out one form and you will get quotes from several different lenders. You can then use those quotes to negotiate a quote that you will be happy with. Always remember that you have the upper hand because the lenders want your business. So don’t be afraid to ask for a lower rate if that’s what you want. If they say no just move on to the next one.

Put Down A Larger Down Payment

Once you find the used car loan rate you want there is one more thing you can do to bring it down even more. If you offer a larger down payment on the car that will help bring down the rate. When it boils down to it the larger your down payment the lower your interest rate will be. And since you won’t be paying as much interest you will be able to save money on your monthly payments.

If you have sub par credit having a bigger down payment is extremely important. Otherwise you will stuck with a pretty high interest rate. And while there is always room for negotiating, when you have bad credit you can’t negotiate very much. Having a larger down payment will decrease the risk of the lender. This in turn might result in a lower interest rate for you.

The type of loan you choose will depend on your current financial situation. For some, short term loans are the best option. For others long term loans are more ideal. Just know that shorter term loans tend to have higher interest rates. So if you are working with a tight budget you should opt for the longer term used car loan. Both have their advantages and disadvantages. Do your research and find the one that is best for you and your situation.

Posted under Best Car Loans

This post was written by admin on January 9, 2014

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