Getting a car loan can be done in a matter of minutes. Many dealers have partnerships with different lenders to make it for their customers so much easier to finance a car but are you getting the best deal possible?
Odds are the offer you are getting from the dealer is not that great. The interest rate might be higher than average and the price of the car is very difficult to negotiate. It is better to not even mention that you want to finance the car to negotiate the car price with the dealer.
To get the best deal, it is worth spending at least an hour studying multiple offers from various lenders. The interest rate can vary from one lender to another and the difference between even half of the percent can mean tens of dollars saved each month. Also, try to stay away from personal loans. Unsecured personal loans have high-interest rates. Even secured personal loans have higher interest rates than regular car loans.
The most important thing that can be done when trying to get the best deal on a car loan is to use comparison sites. Certainly, most banks have their websites with their financial products. Going through all their websites and compare products can be quite difficult. Comparison websites take all these loan offers puts them in one place, making it much easier to view different interest rates and various offers.
The thing to take home is to not take the first offer you get from the dealer. Go home and check other car loan offers. Also, lenders will not negotiate interest. The interest they offer is the one that will you will lock in until the end of the contract. Also, keep in mind that there may be extra fees that you have to consider. These fees can make a loan with a low-interest rate more expensive than a different car loan with a higher interest rate.