Where & When To Shop For The Top New Car Loans
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The last time you purchased a new car or truck, when did you begin to think about the loan for that purchase?
Was it right after you made your decision on what you were going to buy?
Were you sitting in the Dealership when you made that decision?
Or, did you research your financing options before you even went on a test-drive?
If you did the latter....you saved yourself at least $250....and perhaps as much as $1,311. Here's why -
If you wait till you're sitting at a Dealership to get your loan, you're going to pay a brokers fee to the Dealer for getting your loan. Yep, they get paid for writing the loan. And if the Dealer has the opportunity to make money on you, do you really think they're going to arrange the absolute lowest-rate loan for you?
No way....they're going to work with the Bank that pays them the highest brokerage fee, which usually has an interest rate a couple of points higher than what you can get elsewhere.
So, if saving money interests you at all....arrange your new car loan early on....with a proven and easy, 6 step system that takes less than 30 minutes to use.
If saving up to $1,300 for less than 30 minutes of work appeals to you, just follow along.
6 Simple Steps To Keeping Your Money In Your Wallet
By simply having your new car loan in place prior to setting foot on a Dealers lot, you can avoid wasting your money and cut the time you spend at the Dealership by 20 minutes or more. Follow these 6 steps, in order, to get the best new car loan rates.
- First, hook-up with a Credit Union - or join one ASAP. If you're already a member, get on the phone and find out what they can offer.
If you don't belong to a Credit Union and want to find one in your area, try the National Credit Union Administration or the Credit Union National Association. They both have search options to help locate a Credit Union near you that offers new car loans with favorable rates.
Make your calls and ask if they are accepting new members. If they are, ask to speak to a Loan Officer. Make sure they know you'd like to join....and then simply explain what you're after. - Your next stop is Capital One New Car Loans, one of the largest online Lenders in the world. They have any easy application process, very attractive interest rates, and you can get even get a blank check the next day.
- Since about 35% of all new car purchases are financed with a Home Equity Loan, make sure you visit Lower My Bills
, perhaps the largest online Home Equity and Refinance Company in the U.S. If you're going to use your Homes equity, pay them a visit and see what they can do for you.
- Next, make sure you visit E-Loan.com
- they've been in business for many years, have an easy application process and have provided new car loans
- Now it's time to hit your own Bank for the Car Loan. If you've been doing business with a bank for a while, make sure you check with them to see what they can arrange.
- An lastly, after you've worked the other 5 options, apply for your car loan with the Dealership that you're going to be buying the car, van, truck or suv from. They'll be offering the Car Makers Loan products or, have a decent offer from a Local bank.
Make sure you utilize all 6 sources - you're bound to get at least two very attractive offers. All you need to do is choose the best one.
Who To Avoid
I'd recommend you avoid two sources when looking for a new car loan.
One, the Manufacturers Online Loan approval service and two, Lendingtree.com.
If you go to any of the manufacturers sites, they all have an "apply here for your loan" menu selection. If you use that service, all you're going to get is an approval - nothing else. They do not tell you what the Interest Rate will be for your loan.
They'll only tell you "Congratulations, you've been approved! For further details, contact your local Dealer. What an absolute waste of time and a good way to invite phone calls from every Dealer in town. Don't bother with their offer.
Lending Tree, on the other hand, does arrange a new car loan in a fast and efficient manner. However, they are an aggregator, meaning they represent about 200 Banks.
So when you use their service, they "shotgun" your application to dozens of lenders, all at one time. What that means to you is this - Dozens of hits to your Credit Report, all at one time, resulting in your Credit Score dropping like a rock.
And if that drop causes your Credit Score to go from, let's say 711 to 692, you've just cost yourself up to $800. Because your score went from Tier 1 to Tier 2, you're going to be charged a higher Interest Rate.
So, be smart on how you get your new car loan....and when you get it.
I do have an obligation to point out that not all Car Makers, Dealers, Salespeople, Insurance Companies and Banks are greedy or crooked. This site is dedicated to honest Companies and their Professional Employees who've grown weary of the ignorant and classless giving the automotive related industry a black eye......a black eye that I feel is very close to being permanent.
By using these new and used car guides, I hope to be able to help you find the Best Businesses, and the Professionals that represent them, with very little effort on your part and help you....
Save More Money and More Time Than You Ever Have Before.
It is also my hope that these Companies and the Professionals that represent them will have more business than they can handle - a reward they justly deserve.
Thank you for visiting My New Car Purchase - and please take 5 seconds to or perhaps let a friend or relative know about us - Click here to send this page to a friend.
I guarantee that you will have an exceptional experience the next time you buy a car, van, truck or SUV - again, thank you for visiting this Web Site!
Tom O'Leary - "A Concerned Dad....and Automotive Analyst"
New Car Purchase - Exceptional New Car Purchase Advice and Automobile Purchase Strategies for your next new car or used automobile purchase.
Feel free to e-mail me at: Tom at my new car purchase (no spaces) dot com - or take a few seconds to send a question or comment by Clicking here
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To see specific information on how to have the best new car purchase you've ever had, click on the My New Car Purchase links listed below.
