5 Tips to Lower Car Loan Payments

That you have found your way to our site is a clear indication that you are a consumer who is interested in getting the best rate in an online car loan. And if you're game to learn the best way to keep low car payments, then read on! We have five tips gathered together with people like you in mind:

1. Get pre-qualified online - Coming to our website was the first step in a terrific way to get the best auto loan rates out there. But one of the greatest perks of filling out an online car loan application is that you'll be able to comparison shop APRs right here! And interest rates make a big difference, even if the percentages seem small. That's why we do all the comparison shopping for your.
2. Put more money down - Dealership finance departments and car loan lenders would love to lend you 100% of the cost of your vehicle. The more they lend, the more money they make. As with getting the best APR, the size of the principal on a loan makes a big difference. It's the interest rate on that number that multiplies so quickly and increases the total you end up paying. One rule of thumb is to put down 20% or more. It actually can help you negotiate a lower purchase price with your car salesman too.
3. No ups, no extras, no extended warranty - So, the sales price has been set. Now is when the lions start to circle and come in for the kill. Do you want rustproofing? Sound proofing? Upgraded sound system? Bumper-to-bumper extended warranty? Don't do it! All of these are overpriced attempts to extract more from their customer. And worse, many of them want to fold these add-ons into the financing! If you want such things, they are typically available through aftermarket retailers, and at substantial savings over what dealerships will charge. And as for that extended warranty? They often have you paying for things already covered by the manufacturer warranties - and worse, they often don't cover what the salesmen say they do.
4. New is nice, but used is smart - Right off the bat used cars are less expensive generally. So, do the math. Yes, loans for used vehicles do have higher interest rates than new-car loans and for shorter terms, but the long-term savings can be huge.
5. Don't finance at the dealer - Listen: You're already here. That's proof that you are smarter than the average consumer. And if you've gotten this far in the reading, then you already know that dealer financing is not the way to go. They make it easy to say yes, offering to take care of everything. But they are also taking you and your money for a ride! And if you don't have your auto financing in place before you're greeted by an eager salesman? They will try to sell you not on the price of the car, but the "minimum monthly payment." And that's where they get you. By playing with APRs and loan length, also known as term, they will give back to themselves every dollar they conceded on the price of the car. You can finance your car online!