How to conduct a comparison of fixed rate loans for cars

Comparing fixed rate loans for cars are most of the time confusing and very complicated. This makes the selection of the best rate offered by lenders for this type of loan more difficult. However, this task can be accomplished by doing the appropriate procedures. A good example of this is by using loan aggregators such as LendingTree.com and Bankrate.com. These websites helps loan applicants compare the rates involved in different loans offered by most lenders. In case you are not yet familiar on how to use a loan aggregator, this article provides you with the useful steps on how to do use these.

First Step – Visit the site of a loan aggregator

The first thing to do in using an online loan aggregator is to log on to their site. You only need to key in the aggregator’s website or use the popular search engines such as Yahoo, Google or MSN. As soon as you typed in the keyword “loan aggregator”, the search engine would automatically redirect your search to some of the most popular aggregators. Choose Bankrate.com or LendingTree.com for these sites provide accurate rates.

Second Step – Provide the needed information

Upon logging on into the aggregator’s website, try to fill out the application form and make sure to provide the needed information. The site would usually require you to provide your personal data as well as the information of the vehicle you wish to finance. Given this requirement, it is advisable that you know your credit status, credit score, and FICO score. By providing this information, the aggregator is able to provide you with the accurate quote.

Third Step – Compare selected quotes

By the time you filled out the application, the aggregator would provide you with many loan offers from different lenders. Out of these offers, select the top 4 offers from what is available by looking upon each offer’s interest rate, terms, and institutions. Click each of these four offers in order to place them in the comparison chart.

Fourth Step – Select the best offer

As soon as the top 4 loan offers from lenders are placed on the comparison tree, select the best deal by looking upon the payments involved such as the fees charged by each lender, the interest rates, and the terms of the loan. Take note of the loan that suits your needs.

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