Buying a car will impact you in many ways, including the manner in which you budget and spend your money. As such a big decision, it’s critical that you’re 100 percent comfortable with every aspect of the purchase process.
Unless you’re paying with cash – which isn’t something most people do – you’ll need a car loan in order to complete your purchase.
While many people rely on the dealer’s finance department to help them secure a loan, this isn’t always the best option. Here’s why: they have their best interests in mind, as opposed to making decisions that help you save money.
Here are some steps you can take to secure a car loan on your own:
1. Talk to the Dealer’s Finance Department
It’s okay to do this as long as you don’t make the mistake of signing on the dotted line right away. Instead, ask them what type of car loan they can get you, paying close attention to the lender, term, and interest rate.
With this information in hand, it’s much easier to move forward.
2. Contact Your Local Bank
There’s a good chance you already have a solid relationship with your local bank. Contact them for more information on car loans, including the rate you qualify for and how the application process unfolds.
If you trust your local bank, it’s much easier to ask questions and collect information that you can use to your advantage.
3. Search Online
In today’s world, there’s no reason to ignore the internet when searching for a vehicle and car loan. Instead, it’s often the best way to secure a car loan at a competitive rate, without spending any time on the phone or meeting with lenders in person.
As you search online, track all the information you collect in a spreadsheet. This makes it much easier to compare the finer details of each lender when the time comes to make a final decision.
Take Your Time
Buying a new car is exciting. For this reason, it’s easy to look past the importance of taking your time when comparing car loans. You want to get this step out of the way so that you can drive your new car home as soon as possible.
But don’t get ahead of yourself. If you agree to just any loan, you could regret your decision in the long run.
Final Thoughts
There is no right or wrong way to secure a car loan, but taking these steps will help you prevent a mistake that turns your good time sour.
As long as you do your homework, you can be confident in your ability to secure a competitive loan from a reputable lender.
When was the last time you secured a car loan? Were you able to efficiently move through the process, or did you make some mistakes along the way?
Happy New Year. I don’t understand you people, you keep turning me down for a loan, then you reach back out with NEW HOPE for me just to crush me again. I’m a grown ass woman but I’ll tell you something it hurts Everytime. You guy’s look at a person’s credit score and think you know their story. Here’s what you don’t know. My husband of 26 years abandoned myself and my grandchildren who I’ve been raising for the past 6 years. He left at the beginning of December with his new love 32 Year’s his Jr. Both are drug addicts. As if that wasn’t bad enough he left the bill’s behind a month unbeknownst to me because he handled the rent and Electric I had everything else. Because of his selfserviant choices I had to pay the bills leaving me and mine destitute. No Christmas gifts for the children not so much as a tree. Because their such special children they assured me that they knew it wasn’t my fault and they simply went on with life. As days went on our food supply dwindled to mere morsels. I’ve never been the kind of woman who could ask anyone for anything! Now I find myself practically Begging folks like you for the bare minimum. My credit is destroyed because of my husband not caring about those things especially if they were on me. I do these out of character thing’s such as asking for help because of my grandchildren and it is extremely humiliating and embarrassing to be handled like someone who is unworthy of assistance. That’s our Great Country judged by the haves and the have nots. Be careful who you are being so nonchalant with you could be dealing with someone who is hanging by the end of a very tight rope.
I am in absolutely understanding. Every man I have been with, I’m 58 and a great grandmother…has had one objective before leaving….destroy my credit score. I understand and hope you find someone to help. One word of advice…stay away from CashNet USA. I did and had to find out the hard way, they charge you like ,.35 cents a day plus the fee plus something else. You can never pay them of if you need monthly payments to help. Just a friendly and completely understanding other left with only the debt ex’s.🤓 Hang in there and I pray you find what you need plus what you deserve for the sacrifices you make for your children, grand or own.
I can relate to your story very well. Mine, very similar. I did my best after I was left for the drinking secretary, as I raised my 2sons. Now and have been raising my grandson. For 15years. The road has had many many bumps for us all. All I’ve ever wanted, for us to do well, be happy, be HEALTHY. Never a break. I would like just one. Why……I deserve it. Thank you. God Bless Us All