Free Article tip for loans

You've got your eye on that shiny new Lexus - okay
maybe it's a Kia
but it's perfect and you want it to be yours
all yours - as soon as possible. At the same time
you certainly don't want to be saddled with paying nearly double the car's value by the time you finish paying off the car loan. Here are five tips to help you get the best possible interest rate on an auto loan to put the car of your dreams in your driveway.

1. Check your credit rating.
If you don't already know what's in your credit report
this is a good time to find out. Before you apply for an auto loan
get a copy of your credit report to find out what surprises may be lurking in it. You may just find out that it contains erroneous information that should be corrected
or that there's something negative on it that can be either explained away or fixed easily with a couple of phone calls or letters. Either way
it always helps to know what the credit reporting agencies are saying about you before you start shopping around for a loan.

2. If you have good to excellent credit...
...then you may qualify for special incentive financing available through the car dealer. If the car dealer is offering a low
low finance rate
check all the terms and conditions carefully BEFOREHAND online to make sure that you qualify. Most often
that 1% financing rate is reserved for those who have excellent credit and can afford to do a 12 month financing plan. If that's you - then grab the deal. 1-2% financing is a bargain if you can handle the other terms and conditions attached.

3. If you need a longer term than 12 months or have spotty credit...
...arrange your financing yourself before setting foot on the car lot. Check with your usual bank for a new auto loan first
as they may have better interest rates for those who are already established customers
or who carry all their savings
checkings and loan accounts through one bank. It may save you a few percentage points in interest to do business with someone who already knows you.

4. Shop online for the best auto loan available.
At many online credit web sites
you can submit a request for multiple quotes from area finance agencies and lending firms. Simply submit your request for an auto loan quote through an online form
and the web site will submit it to up to four financing firms at once. A representative from each agency will contact you within a few hours to a day or two to discuss your request with you and give you a quote for an interest rate and monthly payment amount that they can offer you. Online shopping for credit makes it easy to compare and pick the best auto loan terms for you.

5. If your credit is bad but you need that car...
...one of your best and most often overlooked options is to find someone to cosign the loan for you. In most cases
when you have a cosigner
you'll get the interest rate that THEY qualify for
which means a lower monthly payment for you.