May 15, 2008
Many people are interested in knowing how they can possibly get a better rate on their auto loan. In fact, this is one of the most asked questions in the entire car-buying process! Everyone knows that getting a good rate on your auto loan will help to save you money, and you can easily pick up the tips needed to get the best rates possible.
Basically, you must learn how to negotiate with the car dealer in order to get a good auto loan rate, and it isnt a difficult task at all! A little knowledge can go a long way, and knowing how car dealerships can operate can help you in your quest for a good auto loan rate. Often, these businesses have monthly quotas that they must meet. As it gets closer to the end of a month, and salesmen have quotas that are still unmet, they will be a lot more willing to deal with you as far as loan rates! Your negotiations will more than likely go quite well during this time, for often these salesmen get bonuses if they meet their quotas, and will have dollar signs in their eyes.
If your credit is good, it will also help you in your negotiations for a good rate on your auto loan. With good credit, you can walk into any dealership and drive out with both the car and the auto loan rate that you want. If your credit is faltering, its a good idea to work on it before you try to apply for an auto loan. Once you have upped your credit score, you will have more leverage with the car dealerships.
When you are talking to a car salesman, there are certain things you should not divulge, such as the amount of money you have figured out that you will be able to spend each month on a car loan. (You HAVE calculated your monthly budget before thinking about an auto loan so that you know how much you can afford – right?) Keep your budget to yourself and negotiate – and remember, there is another car dealership down the block if this one seems to be immune to your negotiations.
Also, check out some online lenders to see what kind of car rate you can get. This has the advantage of being easy and convenient to do, and will give you a true picture of the difference between online and offline lenders. Often, your best bet for good auto loan rate will be online, but you should check all options both on and offline before settling on a lender.

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