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How to Save on Auto Loans

Here is the Auto Loan Center’s best advice on how to spend less money on your car loan. Follow these tips to minimize the cost of your vehicle financing.

  1. Shop around. One of the best ways to save money on a new auto loan is to look around. Most financial experts recommend comparing at least two or four quotes before getting a loan. At the Auto Loan Center, we allow you to do all of your searching and comparison shopping easily on one site. The Auto Loan Center will provide up to five no-cost quotes on car loans.
  2. Get third-party financing. When it comes to car loans, third-party, independent financing is your best bet. Independent financing basically refers to any vehicle financing that is not secured through the dealership. The Auto Loan Center is one source of third party financing. You can also apply for loans with your bank or credit union, though traditional lenders tend to require time-consuming application processes.
  3. Avoid 0% financing deals. Dealerships often lure customers to the lot with 0% financing deals, but beware of these offers. In truth, very few customers actually qualify for such offers. For the few who do qualify, the dealer will usually make up for the lost profit on interest by inflating the price of the vehicle or keeping the loan’s term unreasonably short. You are much better off with a low-interest loan from a third party, such as the Auto Loan Center.
  4. Check your credit report. Before you sign up for an Auto Loan center loan or any other type of credit, you should always check your credit report. That way, you can correct any errors before they affect your chances of receiving a loan. Also try to improve any weaknesses on your credit report, such as unpaid bills.
  5. Consider using home equity. You might also consider using the equity you have in your home to get a low-cost auto loan. However, remember that if you fall behind on payments on this type of loan, you could lose your home.
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We have no stake in which lender you choose, so you can trust our information to be accurate and unbiased Even if you don�t intend to pay off your Auto Loan Center loan off early, you should still find out prepayment information, such as prepayment privileges and penalties.

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