New car loan interest rates: How to obtain lower payments

Obtaining the best car loan interest rates may not be that easy and usually takes some time. What is important is that you are able to complete a good research before going to the nearest dealership to buy the car so that have would be a great chance of getting a good rate. Bear in mind that the rates involved in a car loan vary according to its structure and the credit history you own.

Although you might find the best rates offered by internet based lenders by using autofinacing.net, lending institutions such as banks and credit unions are also capable of providing you with the best loan rates that are available in your area. This article provides you with a guide on how to obtain the best rates from these credit institutions.

Know your credit score

One of the most important things that you need to do before visiting the car dealership is to know your credit score. Review your credit report and your credit score by using MyFICO. Examine all of the information included on the credit report and make sure that all of these are correct. In case some of the information written on the report is not correct, you need to file a complaint from each of the three bureaus.

Search for existing special financing rates

You also need to check the special financing rates offered by manufacturers to their buyers. You can either check the special offers and incentives by checking the manufacturer’s website. You can also visit the local dealerships to inquire about the existing financing rates.

Most of these special financing rates however are offered to only few and qualified individuals. Car manufacturers usually place strict requirements in order to qualify for the special financing rates that they offer. Asking the dealerships regarding the requirements would allow you to determine whether you would qualify for these rates or not.

Check the rates offered by banks

Check the rates offered by traditional banks by using Bankrate.com.  This is important since banks are the most probable lenders that would provide you with the best loan rates in case the manufacturer are not offering special financing rates. Bankrate.com has the most updated records of the existing used and new car loan rates as well as the important information about loans that borrowers should know.

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