Everyone enjoys the excitement of getting a new vehicle, whether it is an upgrade from an old truck or expanding the carrying capacity of your sedan for new members of your family. One aspect that may not be as exciting is getting the right financing. Everyone would love to have the cash to buy a car outright; however, the vast majority of people do not experience that luxury. Here are some ways to get guaranteed auto loans to better facilitate your car-buying experience.
Guaranteed auto loans are not myths. A very straightforward way to get these, and well in advance of actually going to the dealership, is applying online with the car dealership you are thinking about going to or the bank of your choice. Many people put this step off until after they have already set their eyes on their dream car, and then they are left with no room for negotiations on the financing. This places them in a desperate situation. You can easily avoid being in this uncomfortable situation by applying beforehand.
First, know what vehicle you are interested in. If you don’t, go to the dealership and test out cars that you have on your list. Try to narrow it down to two or three choices. Make sure you go to these dealerships knowing that you will not buy at that moment and exercise restraint. When you have it narrowed down, go home and start applying for financing. A great place to start is at the dealership that you just visited. Look for financing promotions. These often show up during the end of the year inventory clearance and sales. If the dealership that you just visited doesn’t have any good options, go to another that sells the same model of vehicle.
Next, apply for some guaranteed auto loans online. Most dealerships offer this option and you should not go into one blindly. Usually, you will know on the same day, or within hours whether you are qualified. By applying to these online, you will need to provide some personal information such as your social security number and your address. This is because the dealerships need pull your credit report. Don’t be alarmed by this step, especially if you are dealing with a nationally known chain; however, if it is a local dealer, you may want to not easily divulge your information.
Once you have gotten some approvals, don’t stop there. Shop around online for guaranteed auto loans by banks. You usually see these promotions while logging onto your online banking account. It’s probably smart to go ahead and apply through your bank because they already have your information such as your credit history, income, and the balance in your accounts.
Usually, the rates for guaranteed auto loans are better at dealerships, especially if they have the special promotions. Research ahead of time about when these may be offered. Generally, they come towards the year-end when the new inventory for the next year comes in. Some promotions can also happen during major holidays. Make sure you read the fine print. Do your research and you will be rewarded.