Some simple research can put you in a better position when you’re looking for a new car loan, or refinancing an existing one. Arming yourself with the proper information ahead of time can save you both time and money in the long run.
Know your FICO score and other items on your credit report. The FICO score is calculated using various ratings, such as how much debt you currently hold, whether you pay your bills on time, etc. This number is used by every lender as part of their approval procedure, and will have a great deal of impact on whether you qualify for a loan and if so, what kind of deal you will qualify for.
You can get current copies of your credit report from the 3 major reporting services:
Equifax: PO Box 740241, Atlanta, GA 30374 http://www.equifax.com
Experian: PO Box 2002, Allen, TX 75013 http://www.experian.com
Transunion: PO Box 2000, Chester, PA 19022 http://www.transunion.com
Next, don’t assume the lowest interest rate is always the best deal. Many dealers offer 0% interest, especially right before the new model are due to be released. In some cases it may be better to opt for a cash rebate rather than a 0%...
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