Getting a Low Rate Loan

Timing

Locating the lowest rates on car loans is only elusive when the consumer does not know where to look. A dealer has to compete with other dealers by offering the best lending packages possible. Purchasing a car or truck at the right time can improve your chances of getting the lowest car loan rate. Most experts suggest shopping for your new car in the fall. The new models are arriving and dealers are anxious to clear out the old stock to make room for the new inventory. Several other factors need to be considered when searching for the best financing options.

Price

Before shopping for a new vehicle, you really have to take an honest look at your finances. Buyers should know how much money he or she can realistically afford. Yes, it is common knowledge that Americans tend to over-extend themselves. Thus, the financial disaster currently facing the entire country. Over-extending is not limited to private individuals. It is also common knowledge that paying cash is always the best way to go. Lending institutions make their money on the interest they charge for extending credit. When no credit is required you save money!

Financing

But, chances are you can not plunk down the full amount, that is how financing got started in the first place. Ford and others like him wanted to sell their products, but the average citizen did not have the cash to pay the full amount. They had a steady income, so credit was granted! Times have not changed much since then. The fundamentals are the same only the rules have changed. You no longer need a steady job, a regular income or even a good credit history. But, if you want the best rate, then these factors become more important than anything!

Lenders Want Your Money

Right now cars are selling for less and lenders are willing to do just about anything to get your money. So, if ever there was a time to get a car loan at a low rate, now is the time!

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