How to save $2,000 in two easy steps... Get your best possible car loan in ten minutes
Why do you need to line up your financing first? Because it will save you $1500 or more compared to financing your car through the dealer. Plus, you can also take your online quotes to your bank or credit union and ask them to beat the rate. Either way, you win!
Car Loan Objectives:
1. Get your best auto loan quote from two or three online lenders
2. Leverage your bank or credit union - Ask them to beat your lowest online rate quote
Advantages:
1. Have multiple loan quotes to choose from
2. Avoid negotiating monthly payment with dealer (they know all the tricks to
use)
Action Items:
1. Apply at two or three of the sites listed below (loan rates will vary)
2. Leverage best offer with bank or credit union (optional)
Time Required:
1. Apply at two or three sites - 10 minutes
Best online auto loan sources
There are several online loan sources worth getting quotes from because they
compete very hard for your business. The best and easiest to do business with are:
Capital One - Volume leader in online auto loans,
shows you rates right upfront
Road Loans -
Offers automotive loans, refinancing, and great lease rates
HSBC Auto - Great site for new or used car loans
E-Loan - Big online lender for all types of loans
Car Loans - Car site that also
arranges auto loans
MyAutoLoan - Nice boutique loan site
Lending Tree -
Tremendous sourcing power, gets you four quotes
Get quotes from at least three of these lenders. Here's why:
- Your rate quotes will vary slightly (and ¼% on $20k = $50)
- All have short, simple applications
- You don’t have to submit any extra paperwork like W-2s
- All have a 15-minute approval process.
- All will knock an extra ½% off your rate if you pay electronically
It only takes about five minutes per site to plug in your information.
You’ll have three loan approvals in hand in less than 30 minutes!
Next: Why People Fail To Get Good Deals
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