The Top 4 Options For Getting A Low Rate Used Car Loan
Have a ?
Need Advice?
If offline - leave a message.
Want to know how to Lower your Car Insurance Costs? Then check out the 12 1/2 Simple Steps to Slashing your Car Insurance Costs by almost 54%....forever - no matter where you live, your age or your driving record
Interested in Knowing How to Get The Lowest New Car Prices the 1st time, every time? Then make sure you see the simple trick the Largest Companies in the U.S. use
See The Best & Worst Lists for 2005 - 2006 Cars, Trucks, Vans & SUV's listed on the middle of this page
Most folks that are shopping for a used car loan research perhaps two options, usually their own bank and a Dealership, if that's where they'll be purchasing.
I want to show you several viable options to getting a great used car loan and how you should approach shopping for a used car loan - It's an easy way to find a used car loan with an interest rate up to 1 1/2% less than what you could typically get. That means up to $830 in interest payments that gets to stay in your pocket.
Here we go -
- First, contact your Credit Union - or join one as soon as you can. If you already belong to one, pick-up the phone and ask what they're offering in regards to used car loans.
If you're not a member of a Credit Union, find one and join. Try the National Credit Union Administration or the Credit Union National Association - they both have search functions on their web sites . They both have search options to help locate a Credit Union near you that offers used car loans with favorable rates.
Once you've found a couple of Credit Unions in your area, make a few calls and ask if they're accepting new members. If they are, ask to speak to a Loan Officer. Tell the Loan Officer you'd like to join and tell them what you're looking for. - The next step is heading to Capital One Used Car Loans, one of the largest online Banks in the world. They have any easy application process, low interest rates, and you even get a blank check the next day. It doesn't matter if you plan on shopping for a used car or truck at a Dealership, or buy from an individual - they provide loans for both.
- Now it's time to hit your own Bank for the Car Loan. If you've been doing business with your Bank for several years or more, make sure you check with them to see what they have to offer.
- An lastly, if you're shopping for a used car or truck at local dealers, apply for the loan there once you've settled on a particular vehicle. Dealers very often have used car loans from local Banks that have interest rates much lower than what you can get.
And they usually have some sort of loan offer from the Manufacturer - sometimes a phenomenal offer that no other bank or lender can touch.
Make sure you utilize the 4 sources - it's almost a given that you'll get at least 2 very attractive offers.
You simply need to choose the best one.
Who To Avoid & Why
I'd recommend you avoid two sources when looking for a used 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, and qualify, 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.
I don't know about you folks, but I think that's 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 and where you get your used car loan.
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
P.S. Make sure you check out the My New Car Purchase Blog.
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.
