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How to Find the Best Auto Loan

Personal_Finance / Debt & Loans Jun 15, 2017 - 06:05 AM GMT

By: Boris_Dzhingarov

Personal_Finance Some people are lucky enough to live in an area that doesn't require them owning a car. Well, kudos to them, but statistics show that almost 85% of us own a vehicle to get us from the comfort of our homes to the workplace, and 91% of households own at least one car. In fact, a recent census showed that car and car part dealers reached sales of $1.0 trillion dollars in 2015 alone!


While forms of transportation such as buses and ride share options are available, the majority of us need to have a reliable vehicle to get around. Now, buying a vehicle outright is a luxury that very few of us can afford. How many of us are walking around with an extra 30 grand in the bank? Exactly. That means that in order to get a new car we have to take out an auto loan, but how can you find the right loan for you?

Sure, you could opt for convenience and decide to take the dealership's auto loan, but chances are you'll end up with high interest rates and unfavorable terms. In all honesty, you more than likely qualify for a loan that would put the dealership's to shame. If that sounds like something you might be interested in, keep reading.

Know Where You Stand

Before you do anything, the first and most important step is to check your credit score. Using a site like Credit Karma, you can see how your score stacks up for free to give you a better idea of what loan options you have. Your credit score is a powerful tool, and your greatest bargaining chip, when it comes to finding a reasonable loan.

If your credit score isn't exactly perfect then don't sweat it, no one's is. There are a wide variety of factors that can affect your FICO score, and if you find yourself in need of a little boost it's always a good idea to pay off any outstanding bills first. Even the slightest raise in your score can open up the possibility of a better loan. Remember, there will always be a lender out there that will work with your credit score.

Knowing What You Need

Knowing where you stand when it comes to your credit, it's important to know what kind of loan is going to work best for you. Will you need a fixed or variable loan? What's the difference? Will you need a shorter 48 month term or something longer? Which is better?

When it comes to fixed and variable loan rates you'll pat yourself on the back later for securing a fixed one, especially if you can lock in a reasonable rate from the start. With a variable rate the interest you pay is subject to change at any given time based on an index. While at times that may mean less interest, more often than not it means paying a whole lot more each month than you really wanted.

As for how long the loan's term should be set for, that all depends on what you can afford. Examine your monthly budget and see what you can afford each month. Depending on what you can spare after your other expenses, you might need to take a lower monthly payment stretched out over a 60 or even 72 month term. If you can manage to make larger payments, it is highly recommended to decrease the length of the term so you can avoid paying more interest than you have to.

Where to Look?

Now that the groundwork has been laid your search can begin, but where do you look? Wouldn't it be great if you could view all of the major lender's pros and cons in one place? When you choose to apply online for auto loans at Auto.Loan you'll be able to do just that.

The site allows you to be in control with no guesswork or wondering if there was something better out there to choose from. You'll be able to look at what makes top lenders stand out, what kind of rates you can expect, and what negative marks they might have. They even offer refinancing advice, and loan calculators to keep you on top of your lending options.

Knowledge is power, but you don't have to earn a degree to be knowledgeable about auto loans. With a little calculation, research, and a quick credit check you'll be on your way to financing your brand new car!

By Boris Dzhingarov

© 2017 Copyright Boris Dzhingarov - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2017 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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