Auto Dealers Compete

I have had great car loans and I have had some bad car loans. Credit is everything. It will determine how little or how much you have to pay for an item. Do your finances a favor and work on getting your credit up before you try and get a loan

Anyone who has ever attempted to obtain bad credit auto loans knows the associated difficulty. But there are a few simple strategies you can follow to obtain a bad credit car loan.The first, and most obvious, strategy is to work to improve your credit score. One of the best ways to quickly improve your credit is to apply for a secured credit card and to be sure to stay up on your payments.

Blog . Buying Advice . com: Bad Credit Auto Loans-A Few Simple Tips

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Over at edmunds I found an this article about paying cash can actually cost you. He goes on to say:



“How can this be? Well, while the seemingly unending rise in interest rates may be bad news for those with adjustable rate mortgages and credit card debt, it presents a nice opportunity for those with money in the bank. You see, each time interest rates rise, there is an almost exact corresponding increase in the rate of interest that competitive banks pay to those with savings, money market or interest bearing checking accounts.”

However, as one smart guy from Canada pointed out you may still need to pay MSRP, but with cash you have more chance to get a price below invoice. Click the link below to read the full article.

Strategies for Smart Car Buyers - Thinking of paying cash for that new car? It could cost you.

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One of the steps we teach is to get pre-approved for a loan amount prior to going to the dealership. This will help to level the playing field. I found this article that suggest the same approach. Please take this advice. There are so many lending sources available find one and get pre-approved.

The best way by far to deal with financing your vehicle purchase is to get pre-approved by your personal bank or credit union. This will give you a position of power to negotiate from. When you go into the dealership you are now basically walking in with cash and the ability to do business immediately should you so desire. Another thing it gives you is the ability to play the lenders against each other to get a better rate. Many times the dealer may offer you a better rate by as much as two percent just because of the volume of business they do.

How To Buy A New Car Without Being Taken For A Ride

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