Auto Loan Tips: Compare and Save on Auto Loans at DontSpendMore.com

We are often asked by readers to provide some auto loan tips, especially for those not accustomed to the car loan market. Though basic, the following tips may serve as a starting point for many car loan shoppers, especially those tapping into it for the first time.

Evaluate your credit standing

What happens when you apply for a credit card? A loan? Well, basically, the lender will go through your credit report to determine your financial standing and credit-worthiness. If eligible, you may be approved for a company-determined line of credit. The decision-making process is often automated and there is one number that determines your eligibility.

Type Brand Type Loan Amount Credit Level Details/Apply             100DayLoans -- Pay Day Loans, Up to $1,500 in One Hour   100Day Loans PayDay Loans, Personal Up to $1,500 All Credit Scores, Good, Bad Credit OK             PayDayMax -- Pay Day Loans, Up to $1,500, Fast Cash, Up to 30% Off Initial Fees   PayDay Max PayDay Loans, Personal Up to $1,500 All Credit Scores, Good, Bad Credit OK             Auto Loans -- One Application, Up to Four (4) Lenders Respond with Loan Offers   myAutoloan Auto Loans See Terms Good Credit Preferred             Prosper-- Peer-to-Peer Loans for a Variety of Needs (Personal, Debt Consolidation Loans, Home Improvement, Autos, Small Business Investment, Wedding Expenses, Major Purchases, etc)   Prosper Variety of Loans See Terms               Discover Credit Card   Discover(R) $0 0% Intro APR* Upto 20%* Cashback when you shop through Discover.com

If you haven’t guessed it that three-digit number is your credit score. If your credit score indicates poor credit-worthiness your application may be denied and you may not be approved for your auto loan. One of our first auto loan tips is to determine your credit score. Fortunately, the FTC has made this very easy and you can find out at www.ftc.gov as to how you can obtain your credit report for free.

Clean up as much as possible

Now that you know your credit score, the next step in the process would be to clean out errors, discrepancies, and other factors that could jeopardize your credit standing. Basically, three credit bureaus provide your credit report/standing to lenders. These are Experian, Transunion, and Equifax.

Work with these three bureaus to ensure your credit is as clean and “attractive” as possible for the lenders. Even if you have bad credit, do not despair. Some lenders will still offer you a loan, but the terms may call for a higher interest rate or other fees that may drive up the overall cost of car ownership.

So next on our list of auto loan tips is the clean up your credit score to the best extent possible.

Comparison shopping is the norm

Well, we all do it when we shop. We visit different retail outlets to find the best bargain for most of our purchases. The same goes into the decision making process for auto loans. Not only do you get to learn what the market offers, you will also have the opportunity to compare different loan offers from a number of lenders. To make it easier for you, we at, DontSpendMore.com, have compiled a list of few auto loan providers (just as a starting point).

So, third on our list of auto loan tips would be to compare auto loan rates from multiple auto loan companies.

Compile and categorize your financial information and other details relevant to the loan application

Don’t get caught by surprise when you are filling out your auto loan application. Make a list of all the documents you have and keep them ready so when you are filling out your auto loan application, the process will go much smoother.

Click here to find out how to save money on loans

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