Auto Loan Application

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Follow this checklist before making an auto loan application and you can't go wrong!

It's easy to get carried away when buying a new car. You venture out one day and the next thing you know you've saddled yourself with an awful auto loan just to get the car off the forecourt. STOP! Before you make a big mistake follow the checklist below. Only fill out an auto loan application when you have made sure you have found the best auto loan deal for you.

• Check your credit history

The starting point is to check your credit history. This will enable you to determine your credit score and whether you will be able to make a standard auto loan application or if you need to consider an auto loan for bad credit.

• Work out how much of a down payment you have

With any new car purchase you will either have a vehicle to trade in or you will need to make a down payment. If you have a car to sell get it valued for trade in and for private sale. You could make hundreds of dollars more towards your new car by selling it through the classifieds. You need to know how much of a down payment you will have in order to fill out an auto loan application form.

• Conduct your car research

Now you are in a position to start looking for a car that meets your specifications. Use newspapers, car reviews and online car sites to start to make an informed decision about exactly what type of car you want to purchase and approximately how much this will cost.

• Conduct your loan research

You are a step closer to filling out the right auto loan application form when you research the types of auto loan deals available. Talk to banks, credit unions and search online to find the options open to you for your vehicle loan. Make sure you make a note of the APR's and term of loan they offer.

• Use an auto loan payment calculator

An auto loan payment calculator will enable you to compare the offers available to you before you complete an auto loan application. You can determine the monthly repayments each type of loan entails and just how much interest you will end up paying. You could save yourself thousands of dollars by picking a low APR autoloan with a short term.

• Make your final decision

With all this information to hand you can now make the decision as to which auto lender you will choose. This decision should be based on the research you have conducted. Once you have done this either go online and find the lenders auto loan application form, or request one from them.

• Fill out that auto loan application

Make sure you spend time completing the form and providing the auto lender with all the information you require. You could get your decision within a matter of minutes