Your first step to getting the auto loan you need is to collect information. In order to make an informed comparison of the terms and interest rates that will be offered to you, youll need to know what is typically offered to those with your specific credit rating. Thus, you need to get copies of your credit report from all three of the major credit reporting agencies — Equifax, Trans Union and Experian.
Once you have your credit reports, review them carefully for errors. If you find errors, formally challenge them right immediately. If you have outstanding debts, pay as much of them down as possible before you seek an auto loan. If you have a large number of credit accounts open, consider paying off and closing the ones that you dont use frequently. The potential to take on a great deal of credit debt quickly, on top of an auto loan, can spook some creditors and negatively impact rates and terms offered.
Its a good idea to go into dealerships prepared. In addition to being familiar with your credit score, you should know what types of loan rates you are generally eligible for. This can be accomplished by using one of the several online sources that offer...
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