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Where You Can Get An Auto Loan

Loans For Cars

Next to a mortgage, unless you are self-employed and own a business, the next biggest purchase you make will probably be a vehicle. Getting car loans can be overwhelming, especially if you are listening to the finance specialist at a dealership. Are they in with the people at the dealership who have a bad reputation? How can you trust their finance person has your best interests in mind when it comes to monthly payments – doesn’t he get paid on a commission basis to start with? There are a few other options you have for when it comes time to finance a car – besides going through their dealer lending.

Check With Your Bank

There are a lot of local banks that make car loans to their customers for a great rate. If you have been a customer for a long time and have great credit, you might get an outstanding rate. Instead of dealing with the company the car dealership wants you to, you can choose to work with your own bank who you already have a relationship with. Even if you are a new member to that bank, they will offer loans to anyone who uses their facilities. The offer of car loans isn’t just extended to people who have been long term customers.

Find a Credit Union

Credit Unions are becoming more popular in smaller communities because people are tired of paying all of the fees and expenses of large banks. And a credit union might give you a loan even if you aren’t a member. By getting a loan, it will make you a member, so they are going to get your business out of it one way or another. And since they would probably prefer to have your business, they will work with anyone who wants to take out an account with them and get great service.

Go Online

There are companies who will finance a car purchase and they are based online. Typically, these companies are used more with people who have bad or poor credit. If you are thinking about using one of these companies, proceed with caution. Make sure they do not have any complaints against them with the BBB, Better Business Bureau. Call ask see if they have customer service agents available. Get their physical address and verify they are a building and not a scam operation. Since it is your money, you will want to protect it as much as possible.

No matter how you decide to finance a new car purchase, do so in a smart manner. Make sure the loan is for an amount that is affordable to you. You don’t want to get involved in a loan that has a high monthly payment or one with a high interest rate that could change on you. Lock in the best interest rate you can find and make sure the payment fits in to your budget so you can stay safely in the realms of having good credit with your car loan.

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