How do you buy a car at the lowest possible interest rates? Find out now from this document

1. How to Get a Low Interest Rate When Buying a Car
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2. How to Get a Low Interest Rate When Buying a Car
The interest rate on auto loans, (and in
fact every other loan, mortgage or credit
card) directly affects the monthly
repayment amounts you make to the
lender. Low interest rates mean lower
monthly payments. There are specific
steps you can take to get a low interest
rate when buying a car and we give you 5
of the top steps in this article.

3. How to Get a Low Interest Rate When Buying a Car
1. First, take care of the basics of good
credit rating. Get your credit report, if
you have not done so already. Correct
errors on your credit report and do take
steps to raise your credit score. A good
credit score means a low interest rate
when buying a car. So check your FICO
score and it's below 700, work to get to
that number or higher. Then apply for a
loan.

4. How to Get a Low Interest Rate When Buying a Car
2. Whilst you are working to improve your
FICO score, save money for a down
payment. If you can pay down at least 10%
of the price of the car, you can negotiate
lower rates for the auto loan. So what if
you cannot make a down payment? You
will still be approved for the auto loan
without a down payment. But your ability
to negotiate for a low interest rate is not as
strong if you do not have a down payment.

5. How to Get a Low Interest Rate When Buying a Car
3. If you can afford to pay the car loan in a
shorter period of time, you may get a lower
interest rate. What do I mean? Take this as
an example: if the loan was for 5 years, you
can skip this and pay the loan off in 4.
Usually when the repayment terms are
lower, the interest rates are lower. So
settling the loan in shorter amount of time
is good and works in your favor to get a low
interest rate when buying a car.

6. How to Get a Low Interest Rate When Buying a Car
4. If your credit score is not going to get you the low
interest rate you want when buying a car, get a co-
signer who has a credit score of 700 or better to co-
sign the car loan with you. Usually a co-signer has to
be a relative such as sibling, a parent or spouse. Or
they can be a really close friend. They will accompany
you to the lender's offices to complete the entire
paperwork concerning the loan. What happens when
you get someone to co-sign with you? Their excellent
credit rating will help you get a low interest rate when
you purchase the car. But remember that if you
default, they will assume responsibility in repaying the
loan.

7. How to Get a Low Interest Rate When Buying a Car
5. The fifth option is to do comparison shopping.
Get at least three auto loan quotes. Compare these
no-obligation quotes and see which lender or
dealership gives you the lowest rates. Finally
request a full application forms, fill them out and
send the over to the lender. You will get a low
interest when buying a car this way.
It does take a little effort to get all this to work out.
But it is definitely worth it when you get that car
you want.

8. How to Get a Low Interest Rate When Buying a Car
Now visit our website by clicking on the
link below for more tips on how to get a
low-interest rate when buying a car. Go
now to:
http://www.LendingAndCredit.net