Compare Car Loan Rates
Compare car loan rates before making taking the loan will make a different of thousands of dollars. Although the rates shown at advertisement are often low, unfortunately it's vary depend on your credit rating. Thus, you must do some home works before making a deal.
The rates will be easier to compare after obtained several quotes from different lenders, take a look at the following tips to make it easier and clearer :-
1) Determine how much from your saving will be use as down payment for car purchase. The much you spend, the less principal of the loan amount and less interest will be pay. Generally, the lender will require borrower to place 10% of the car value as deposit. But placing 20% will get a lower rate.
2) Visit more financial institutions as possible, to keep your option open. Not all lenders will offer the pre-approved option to you, you will need to go through application and loan process.
3) Investigate every potential lender that you may considered, some of the small lenders will take advantages on their borrower. Check their reputation against the Better Business Bureau (BBB).
4) Compare the rates obtained with the Annual Percentage Rates (APR), it is widely use and make for easy comparison.
5) Use the calculators at the websites of various lenders to calculate the interest, monthly payment and term of the loan. From the result, enable you to plan your budget for expenses and affordability of the loan.
For more information and loan services, please check out Loan Services Guide instead of How to Compare Car Loan Rates
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