Auto Loan Rates

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Auto Loan Rates

It is very likely that you will need to shop for an auto loan at some point in your life. With the costs of automobiles increasing every year, it can be difficult to afford the transportation you need. Finding the best auto loan rates can be very difficult, but the savings will definitely make it worth the effort.

Auto loans are available from a variety of lenders, including banks, savings and loan associations, credit unions as well as the car dealer. The rates you get on your auto loan can be affected by a variety of factors, such as your credit history and employment stability.

How can I find the best auto loan rates?

Interest rates change all the time, so it makes sense to check often for the best rates. There are numerous websites that compare interest rates and show the best auto loan rates across the country as well as the lowest rates for your area. Your local newspaper will also give you a good sample of rates available at local banks and credit unions. Just shopping around can save you lots of money. Get several quotes and compare the terms of conditions of each one to determine the best deal for you. Don't forget that your interest rate and terms will be affected by your personal credit history and credit score.

Know what the lender knows.

Knowing your credit score will give you a huge advantage when shopping for the best auto loan rates. Your credit score is the largest determining factor lenders use when deciding whether to approve your loan and at what interest rate. Know your score before you start shopping for an auto loan.

Get a copy of your credit report.

Don't forget to get a copy of credit report before you begin shopping for an auto loan. Study it carefully and report any inaccuracies to the credit-reporting agency immediately. A mistake on your credit report could cause you to be charged a higher interest rate or even cause you to be turned down for your auto loan. Having a good credit report will help you get the best auto loan rates.

How can I get a copy of my credit report?

It is a good idea to obtain a copy of your credit report from all three major credit-reporting agencies Equifax, TransUnion and Experian. Credit reports from different agencies will often contain different information. You can obtain a copy of your credit report by consulting the reporting agencies' websites. Having a copy of your credit report can help you to find the best auto loan rates.

Do car dealers have the best auto loan rates?

Not necessarily. Your bank or credit union may be able to offer you better auto loan rates. It would be a mistake to just go with the deal offered by the dealer without shopping around.