Car Loans: Ways to Save on Interest and Fees

Car loans are the norm these days, especially if you are purchasing a new car (or a pre-owned vehicle sold at a premium). From companies touting to offer the best deal to Main Street banks and even car dealers offering “best offers”, borrowers are often confused and overwhelmed with the plethora of so-called options.

While car loans can make vehicle ownership a reality, there are some simple steps you can take to save on wallet-burning interest rates and fees.

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

Consider the following tips if you are in the market for a car loan:

Check your standing

Did you know that a three-digit number (your credit score) is one of the most important deciding factors in the car loan approval process. It is often a screening tool used by lenders to categorize you into an “attractive” or “not-so-attractive” candidate. You can contact three major credit bureaus -- Experian, Transunion, and Equifax.

Fortunately, recent government mandates allow consumers to obtain one free credit report every year. For more information, visit www.ftc.gov

Clean the closet

Well, not your closet. Go through your credit report with a tooth comb and clean out any discrepancies, errors, or missing pieces of information. Dispute any piece of information that is inaccurate and follow-up with the bureaus until all errors have been cleaned out. Document all your communications. A comprehensive paper trail will help you follow-up and interact with the bureaus.

It is in your best interest to present a clean financial picture to lenders.

Have them compete

What if lenders were to compete for your business? Knowing that there are other lenders competing for your business, many car loan companies may go the extra mile to offer the best possible service. Obtain all the information and tools you need to make a comparison of different terms -- interest rates, fees, and other legalese.

Get quotes (in writing) from multiple lenders so you can make a thorough comparison. This can be the most important step in the car loan application process.

Click here to find out how to save money on loans

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