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Top 5 Tips To Get The Best Car Loan Rates

Learn How To Get The Best Car Loan Rates…..

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The interest rate that you get on your car loan will prove to be a major factor in the overall cost of the loan. Whilst it’s not the only thing that you should consider when researching car loans it’s certainly a good starting point.

1. Research & Shop Around

Whatever you do make sure you don’t just go to straight to your Bank or Credit Union or just accept what you are offered by the Car Dealer. Do your research and compare quotes from several alternative lenders.

Spending a little bit of time shopping around now could save you lots of money and headaches over the term of your car loan!

2. Know Your Credit History

It’s very useful to have a good understanding of your previous credit history. Remember that your credit history and what gets reported to credit agencies isn’t just about previous car loans, but includes things like telephone and utility bills as well as credit cards etc. Lenders want to know about your previous borrowings and will reward you for good payment history, which opens the door to lower car loan rates. Equally, poor credit history will work against you. Proving that you have resolved previous credit issues and being able to explain why you experienced problems can help your cause.

It may be worth obtaining a copy of your credit report to find out what’s in it before you apply for a car loan. You can do this by contacting the credit agencies: www.veda.com.au, www.checkyourcredit.com.au, www.experian.com.au, www.tascol.com.au.

3. Avoid Multiple Loan Applications

By viewing your credit report lenders can also see some information about your applications for credit. They can get suspicious when they see applications on your report that don’t result in credit agreements. It can appear like you have applied for credit and been refused, which makes lenders nervous. After all if it looks like others didn’t approve you for credit why should they offer you a car loan at their best rates?

By all means search various different lenders and get quotes but make sure to only apply when you’ve found what’s right for you.

4. Keep the Car & Loan Transactions Separate

By looking at your loan and car purchase as two separate transactions you can often get a clearer picture about the actual deals that you are being offered. Things can get confusing when they are rolled up into an overall package. If that’s the way that you ultimately want to go that’s fine but when looking at the car loan make sure that you understand exactly what you are getting into.

5. Get a Pre-Approval

By getting a Pre-Approved loan you can arrange your car loan in advance before you agree to buy a car. That way you can budget and make a decision about the loan in the cold light of day. It’s amazing what you’ll agree to when you’ve just bought a car and your heart is racing with excitement. Sometimes rationality and common sense get lost in those circumstances!

Get the Best Car Loan Rate

Using the Tools and Resources at LoanPlace.com.au and Comparing Quotes from different lenders can help you to find the very Best Car Loan Rate for your individual circumstances.

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