Auto Financing Credit Options
January 16, 2009 | jcme | Comments 0
If you’re getting ready to buy a new car, one of the first things you should do is line up your financing. The last time I bought a car, I was able to save almost a full percentage point on my interest rate just by doing a little legwork ahead of time. I would up using dealer financing, but the knowledge helped me to secure a lower rate than I might otherwise have been able to get.
One of the first things you have to consider is the source of your auto financing credit . Here are some of the options available:
- Online lenders. There are a number of Internet-only lenders available. If you are considering this option, make sure the lender is reputable and legitimate before you sign.
- Traditional banks and credit unions. You will often find the lowest possible rates here, and may be able to convince another lender to match these rates.
- Home equity loan. In some cases, you can borrow against your home at a lower rate than you could get auto financing credit.
- Dealer or manufacturer financing. Many times, you’ll find that there are special promotions that offer zero-percent financing, or that may offer a cash discount if you finance.
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