Anyone can get a bad deal on an auto loan. It really does not take much – just go get one without any preparation. It is your money and you are free to spend more than necessary. In fact, you probably will. If, however, you want a good deal – this will not come by accident (at least it is not likely). Here are some steps that will help you get a bad auto loan – and if you want a good one you need to avoid them.
1. Do Not Check Your Credit Report First
Oftentimes, errors can be reported by mistake on your credit report. These can be easily corrected and modifications made if challenged. Since your interest rate, the amount you can borrow, and the amount of time you have to pay off the loan are all determined partly by your credit score – why bother with it?
2. Do Not Bother To Get A Preapproved Auto Loan
Preapproved loans mean that you will have probably checked out several auto loan quotes to see which one is the best. This lets you choose the best of the offers you received, and get an even better interest rate. Having the auto loan check with you when you shop for a new car will give you more negotiating power with the...
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