5 Things You Should Know Before Applying For Auto Loan
Written by: Jed baguio
Applying for an auto loan? We'll sooner or later we will. So I
wrote this short guide as basic must know guide to arm ourselves
when the time for an auto loan comes.
1) Shop Online - Shopping for auto loan online is a great time
saver. By comparing from different sites you can get the best
deals. Applying also is easy and even some sites will give you
information you need within minutes.
2) Know Thyself! - You must know the basic criteria for applying
for an auto loan. Basic criteria includes that you must be above
18 years of age. Best if you earn at least $2000 a month. Also
needed is residence and employment history.
3) Get Approved First - Don't have make the mistake of looking
for a car before being approved. Get approved first then they
will give you a voucher of how much you are allowable to loan.
Doing this will save you future frustration and disappointments.
4) Down Payments - This varies from lender to lender, and some
don't even require. But typically its about 10% of the price or
$1000 whichever is the lower number.
5) Interest Rate - Interest rate is not fixed as most people
think, and yes it can be negotiated. If you have a good credit
score and good negotiating skills you can have a lower interest
rate. But some factors are way out of you're control such as the
state of the economy.
There you have it. We'll that's not all, there's lot of other
things you need to know. But what I've enumerated are the vital
essentials before applying for that auto loan. One thing also is
ask advice from an authorized dealer or loan official. They're
there to help you. If there's something you don't understand,
ask them now or you'll might face lots of headaches later.
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