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Best Car Loan Rates - Tips To Getting a Low Auto Loan Rate Online


Online car loan shopping practically guarantees that you are getting the best rates. Your location is no longer a barrier to finding the best auto loan rate. However, you want to take advantage of the financing options available. While searching for an auto loan, research financing companies, negotiate terms, and increase your down payment to get low rates.

Study Financing Companies

A sure fire way to find the best car loan rate is to study financing companies. Only by requesting quotes and comparing the fine print can you truly know you are getting the lowest rate.

Fortunately, online auto loan brokers offer convenient ways to compare lenders. With some sites you can make side by side comparisons, while other sites will email you multiple financing offers. Auto loan brokers work hard to attract customers by negotiating lower rates with lenders, so you often will find better deals through their sites that through a dealership.

To ensure that you are getting accurate quotes, fill out the form as completely as possible. A slight difference in income or employment dates can reduce your interest rate.

Negotiate Terms

To find the best auto loan for your financial situation, you will want to balance the interest rates and length of your loan. Shorter loans offer lower rates, but with a higher monthly payment. Take a look at your monthly budget to see what type of auto loan would work best for your situation.

Increase Your Down Payment

While zero down or a slight down payment are options for car buyers, a large down payment will save you money. By putting down 20% or more, you will qualify for a lower interest rate, even if you have adverse credit. You will also save money by not paying interest on that portion of the vehicle's price.

Demand A Better Deal

By getting pre-qualified for a car loan, you can also reduce the cost of your vehicle by demanding a better deal from your dealership. As a pre-qualified buyer, salespeople see you as a cash buyer, and they want your money. You can negotiate for rebates, higher trade-in value of your vehicle, and extra features.

To view our list of recommended auto finance companies online, please visit this page: Recommended Auto Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.


MORE RESOURCES:

St. Louis Post-Dispatch

GM Likely to Seek Direct Loan From Fed
Barron's - Oct 12, 2008
By JIM MCTAGUE CASH-STRAPPED GENERAL MOTORS, WHOSE SHARES FELL last week to an almost 60-year low, appears likely to seek a loan from the Federal Reserve's ...
Video: Stocks Fluctuate After Fed Corporate Debt Plan AssociatedPress
Credit unions ready to lend: As banks tighten credit, credit ... Crain's Detroit Business
The world economy is comatose. What it will take to rouse it Globe and Mail
SunHerald.com - International Herald Tribune
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USA Today

Fall not Fannie and Freddie's fault
Seattle Post Intelligencer - 9 hours ago
Private lenders issued more than 84 percent of all subprime mortgages in 2006, including nearly 83 percent of subprime loans to low- and moderate-income ...
Fannie, Freddie under pressure to start buying The Age
From subprime to stock swoon Globe and Mail
Liberal Responsibility for the World Wide Credit Crisis WEBCommentary
Heritage.org - Inman.com
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UPDATE: GMAC Tightens Lending To Borrowers Of Auto Loans
CNNMoney.com - 9 hours ago
The lending unit will extend auto loans to borrowers with a credit score of 700 or higher. In addition, it will scale back longer-term loans, ...
Video: Source: Chrysler, GM Discuss Joining Forces AssociatedPress
GMAC boosts credit standards for auto loans Boston Globe
GMAC's Lending Restrictions May Add to GM's Sales Woes in US Bloomberg
Reuters - Bloomberg
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Reuters

Barack Obama reveals economic rescue plans
Telegraph.co.uk, United Kingdom - 12 hours ago
Mr Obama also wants the Treasury to help loosen up markets for individual mortgages, student loans, car loans and credit card loans.
Obama Unveils Small Business Plan to Shore Up Economy The Epoch Times
Candidates offer new proposals to aid investors Boston Globe
McCain, Obama offer dueling ideas to save economy The Associated Press
Wall Street Journal - New York Times
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Local lenders are making money and loans the old-fashioned way
Minneapolis Star Tribune, MN - 3 hours ago
Wiseway Transportation Service recently got a $2.1 million loan from Bremer Bank to build a new truck terminal about 60 miles south of Chicago. ...


MSHDA Offers Low-cost Loans for Home Improvements
MarketWatch - 16 hours ago
There are Property Improvement Program loans of up to $50000 for single-family homeowners and $100000 for landlords (up to $25000 per unit). ...


Sanchez's column: Don't blame minorities for economic meltdown
Kansas City Star, MO - 10 hours ago
Those people who never should have qualified for home loans in the first place. The uncredit-worthy defaulters of all those nasty subprime loans that caused ...
Crisis has nothing to do with Reinvestment Act Houston Chronicle
Why Republicans Want To Blame Fannie, Freddie and Community ... TPM
Loans to low-income led to current crisis Indianapolis Star
Power Line - New West
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Icelanders Sink Under Foreign-Currency Loans as Krona Plunges
Bloomberg - 4 hours ago
The money he saved is being eaten up by his car loan payment, which has jumped more than 20 percent since June. Like thousands of Icelanders, ...


Wall Street Journal

International Groups Offer Latin America More Loans
Wall Street Journal - 3 hours ago
Also on Monday, the Andean Development Corp., which makes loans to Andean-region countries, announced a new contingency liquidity credit line for $1.5 ...


Draft: Europe would guarantee inter-bank loans
The Associated Press - Oct 12, 2008
PARIS (AP) — A draft declaration by euro-zone leaders says their governments plan to temporarily guarantee future loans among private banks to unlock frozen ...
European leaders pledge aid for banks in crisis Toronto Star
To ease credit crunch, Europe to guarantee bank debt Indian Express
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