Skip to content

BadCreditResources.com

Credit Cards And Loan Resources For People With Bad Credit

Menu
  • Home
  • About
  • Bad Credit Loans
    • Personal Loans
    • Payday Loans
    • Car Loans
    • Home Loans
  • Business Loans
    • Bad Credit Equipment Leasing For Start Up And Established Businesses
    • Merchant Cash Advance Program
  • Credit Cards
    • Bad Credit Credit Cards
    • Secured Credit Cards
    • Instant Approval Credit Cards
    • Prepaid Credit Cards
    • Credit Card Reviews
    • Credit Builders
    • Prepaid Mobile
  • Credit Repair
    • Credit Repair Newsletter
    • Credit Reports
    • Debt Consolidation
  • Credit Repair Blog
  • Contact Us
Menu

Ways To Use The Internet To Lower Your Car Financing

Posted on May 24, 2018 by Shelly Evans

car financingWould you like to purchase a car? Each year, thousands of consumers apply for loans to fund their car purchase. A car could be  an expensive investment.

How would you be sure to find an affordable car loan deal to save money? Consider the following tips:

Look online.

The internet is a great tool for comparing deals – regardless if you are in need of a personal loan, a car loan, or mortgage. You can easily compare car loan lenders online by looking at a broker’s website or looking into an auto loan company’s website. Most lenders offer free loan quotes so you can figure out how much your monthly payment will be.

Check the loan provider’s background.

Take note that not all lending companies that offer car financing loans are legitimate. In your search, you may come across fraudulent lenders that offer attractive car loans especially to people with bad credit. If you can’t get approved for a regular car loan because of poor credit, quick car loan advertisements can be enticing.

Before requesting for a car loan quote, spend some time to do research about the lending company’s reputation. Is the lending company reputed to provide reasonable loans to consumers? How long has it been providing financing services? Is it licensed and recognized by the government?

Is it registered with the Better Business Bureau (BBB). You can check the BBB’s website to see the lending company’s rating and performance. If there were complaints or lawsuits filed against a lender, you will be able to check it from the BBB’s record.

Do further research.

After exploring the market, narrow down your choices to at least three different car loan lending companies. Be prepared to do a bit more investigation about each lender’s policies, terms and conditions.

Read the fine print to be sure that you will not be subjected to hidden fees and unreasonable terms. Remember that each lending company has its own set of rules so it’s important for you to be aware of the exact terms right from the start.

Avoid multiple loan applications.

Don’t try your luck or see which lender grants the quickest approval by submitting multiple applications to different car loan companies. Do your research first and once you have found a potential lender, that’s the only time you should submit a car loan application.

Be sure to check the lender’s requirements particularly with regards to your personal credit score and credit history.  Some car loan lenders have strict standards and only grant financing to people with good or excellent credit. If you have an imperfect credit score, submitting your application to the wrong lender can lead to rejection.

Check your credit report.

It is also recommended that you order a copy of your personal credit report from the three major credit bureaus (Experian, Equifax, TransUnion) prior to submitting your car loan application. This way, you will be aware of your exact credit standing.  If you have not yet received your free report this year, you can order it from www.annualcreditreport.com.

3 thoughts on “Ways To Use The Internet To Lower Your Car Financing”

  1. Ryan says:
    October 30, 2012 at 2:50 pm

    Never knew there were multiple ways to get a car financed. I have always just let them submit it and take whatever the salesman comes back with. Now I will be better prepared next time I go shopping.

  2. Miles says:
    November 3, 2012 at 2:57 am

    I always research and try but unless i use one of those shady pre approved mail offers, I can never find a lower monthly payment than the dealership gets through their financer.

  3. Shelly Evans says:
    November 4, 2012 at 5:47 am

    Well be wary of anything that come unsolicited from the mail. If you can qualify for dealer financing thats great! Another good place to look for a cheap rate is your local credit union. They will generally post their rates on their websites so you can compare it to your local dealer.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Menu

  • Home
  • Credit Repair Articles
  • Guaranteed Approval Merchandise Cards
  • Credit Cards For People With Bad Credit
  • Business Financing For Business Owners With Bad Credit
  • Debt Consolidation Companies For People With Bad Credit
  • Legitimate Payday / Fast Cash Loans
  • Free Credit Repair Newsletter
  • Contact Us

Recent Posts

  • Tips For Managing Your Finances After Covid 19
  • Get Yourself Out of Bad Credit in 2011
  • The Risks Of Co-signing For Someone With Bad Credit
  • Top 15 Tips When Buying A New Car
  • Bad Credit Personal Loan Advice
©2021 BadCreditResources.com | Built using WordPress and Responsive Blogily theme by Superb