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Shop around!Jun 02 '00 Write an essay on this topic.When buying any car you should shop for financing in advance. We have owned many new cars and even purchased a few used trucks. Weather you are purchasing a new or used vehicle you should always begin your search with your own bank. If you have a good credit history with your bank, they will probably offer you the best rate. In some cases, banks don't like to finance used vehicles and will jump those rates much higher. It also depends on the age of a used vehicle. If you don't have good credit, than your own bank at a much higher interest rate may be your only option. Always check with your auto insurance agent. Most insurance agent deal directly with an auto financing company. We use this option because our bank charges high rates to everyone. Our insurance agent does all the paper work and is linked directly to them to get fast approvals and has a check for us within 24 hours. The interest rate that we get from them is usually 1% lower than the lowest that the car dealership can get for us. Ask family or friends who they use. There are thousands of other auto loan companies like Valley National that give great rates and excellent service. Make sure that you read all the fine print including asking if there is a penalty for early pay-off. If you trade the vehicle in after a couple years, that is considered a pay-off and some loans charge stiff penalties for that. Check 4 years verses 5 year auto loans. You can usually drop a 1/2% by financing for 4 years, especially on a used car or truck. Don't ever except an outrageous interest rate just to get the vehicle at that moment. It will still be there the next day after you have had time to investigate all of your options.  |
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