Want to buy a car but can’t figure out where to begin? Keep reading for
some basics and some timeless tips that may help you not just snag a
loan. But a loan rate that helps you keep up those payments.
First, you will need to define a budget you can live with. The loan
companies we deal with will help you with this but a little upfront
planning on your part may let you get more car than you thought
possible. Even if you don’t use one of our affiliates you can at least
calculate what payment you can live with. Remember, creditors rarely
extend a good interest rate on a loan that you would not be able to
afford. Calculate, the monthly payment, the length of the loan, and what
you have for a down payment. Include insurance, fuel, and maintenance
costs and you are ready to move to step two.
Second, check your credit score; you can obtain a free credit score from
AnnualCreditReport.com. Check your credit report for errors and get
them fixed as quickly as possible. Removing errors will increase your
credit score and may allow you to purchase at a lower interest rate than
if you were to skip this step.
Third, it is time to shop for loans. You will be best served if you apply
at several different institutions since rates and fees vary. If you are
interested in purchasing a car from a dealership in Seattle it is sometimes
advisable to inquire about loans through them. If the interest rate
is more but the cost of the car drops through negotiation, you can
purchase and finance through the dealership and then refinance at your
Credit Union at a lower rate a month or two later. This will reduce your
payment as well as the cost of the car.
Remember, NEGOTIATE – Bring your loan credit approvals for a used car in seattle with you,
challenging the price of the car and the finance costs are in your best
interest. If the dealership cannot compete use your pre approved
financing, but continue to negotiate price.