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1. When you need auto financing, you should
have an idea on the type of car you will want to
purchase. Apart from this, you should know its
estimate cost and availability from your local
dealerships. Getting car loans beforehand will help
you save time when you are searching for a
vehicle. Go for a car that you can afford. An
expensive car will mean a higher amount of loan.
Your income and expenditures should help you
know the amount of loan that you can afford.

2. Use online auto loan calculators to get the
estimate of the amount you can afford. If a car
is out of reach, think of buying a used one
instead. You can save up to 30 percent on the
cost of a new vehicle with a certified pre-owned
vehicle. Know the ways that you can save
before you stop by a dealership. Make sure you
negotiate the amount of interest to as low as
you can. For example, the auto loan lender can
reduce your interest rate if you provide a down
payment for the loan.

3. An amount ranging from 10 to 30 percent
of the total loan is sufficient to get you a
considerable reduction in interest rates. You
should shop around to get good car loans. This
is a loan that comes with a low interest rate,
has good terms and conditions and reasonable
fees. Use the Internet to search for different
loan offers. You should also request for loan
quotes from different lenders and compare
them.

4. There are many lenders that offer bad
credit auto loans to people with poor credit
histories. Before you apply for a loan, you must
carry out research to get a competitive offer.
The lender that you choose will majorly
determine the kind of loan that you will get. The
auto lending industry is very competitive and
as the economy rebounds, many lenders are
loosening their lending rules to make it
attractive for many people to qualify for
financing.

5. You can use the Internet to search for car
loans. Carrying our research online will save
you time and help you quickly identify lenders
that can finance you. There are websites that
compare the interest rates and charges of
different lenders to enable consumers make
informed decisions. These auto loan
aggregation websites are usually updated
frequently and thus you can be sure you are
getting correct information from them.

6. When you are comparing different loan
offers, check the interest rates and fees
charged. The amount of interest that you will be
charged will mainly depend on your credit
score. The lower your score is, the higher the
interest rate you will be charged. Ensure the
loans do not come with a lot of fees that will
increase your costs. Go through the terms and
conditions of the car loans to know all the fees
that you will be charged.

7. Also, check that the monthly payment will
be affordable. A good rule of thumb is to
ensure the payments do not exceed 20 percent
of your gross income.