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Cheap Car Loans 3 Ways to Save Money

Getting a car loan on the cheap is the Holy Grail of car buying. We like to know we got a good deal, but sometimes with auto loans we really dont know if we are getting the best possible price. There are ways to increase your chances of getting cheap car loans. Here are three things you can do to save money on your auto loan.

1. Check your credit score.

Knowledge is power, and when you know your credit score, you have a better idea of what kind of interest rate you can get on your car loan. You would be surprised at how much a one or two point reduction in your interest rate can save you. When you dont know your credit score, it makes it easier for dealers to bamboozle you. They can add a couple of points to the rate offered by a finance company, and then pocket the difference. But if you know your credit score going in, you can avoid this sort of behavior by knowing the interest rate you can expect. Dont be afraid to walk away if the interest rate is too high. Chances are you can find that rate again (or lower!) somewhere else.

2. Get pre-approval from a bank or credit union.

If you have decent credit, you can get financing from your bank or credit union. Banks and credit unions often charge much less in interest rates than dealer financing. Additionally, you can go through an online car lender to get pre-approval for a car loan. Internet car lenders often offer discount interest rates, and they will send you the money to buy the car. A pre-approval from a bank or credit union will also give you a good idea of what you can afford in terms of car payments.

3. Use your HELOC to finance the purchase.

If you have enough equity in your home, a home equity line of credit (or HELOC) can help you get a cheap car loan. Basically, you buy your car with funds borrowed against your home. Most HELOC loans have interest rates that are lower than the lowest of auto loan rates. You can save money by using your home as collateral for your car. Watch out, though. If you do not make payments, you could lose your house.

Getting a cheap car loan is possible, especially if you have okay to good credit. Shop around for the best interest rates, and take the steps necessary to educate yourself on the process before you begin car shopping.

View our Recommended Car Finance Companies at Car Loan Sense to save money with your next car loan.

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More Useful Resource and Updates on us new vehicle car loans

• Nissan Motor Sells $600 Million in Auto Loan Bonds (Update3) (Bloomberg)
  Dec. 2 (Bloomberg) -- Nissan Motor Co. ?s finance unit raised $600 million selling asset-backed securities in the first sign of demand for auto loans since U.S. Treasury Secretary Henry Paulson unveiled a plan last month to support consumer debt.



• Small Players Vie for ?Green Car? Loans (New York Times)
  Detroit?s automakers are focused this week on convincing Congress to provide them $25 billion in federal aid. But there is another $25 billion auto industry loan program, set up by the Department of Energy to quicken the development of fuel-efficient cars, The New York Times?s Leslie Wayne reported.



• Nissan Motor to Sell $500 Million in Auto Loan Bonds (Update2) (Bloomberg)
  Dec. 1 (Bloomberg) -- Nissan Motor Co. ?s finance unit plans to raise $500 million in the first sale of U.S. auto-loan bonds since U.S. Treasury Secretary Henry Paulson said the government would shift the focus of his financial-industry rescue package toward bolstering investment in consumer debt.



• Local lenders see jump in car loan defaults (Baltimore Examiner)
  Pay the mortgage, buy food, keep the lights on. For Americans hit hardest by the economic crisis and facing an impossible choice of which bills to pay, these come before car payments, ratcheting up rates of defaults on auto loans.



• US car union tightens belt to save industry (Australian Broadcasting Corporation)
  The main car workers' union in the United States says it is willing to give up a number of key benefits to help the three biggest car makers get emergency funding from the Government.



• Nissan Motor to Sell $500 Million in Auto Loan Bonds (Update1) (Bloomberg)
  Dec. 1 (Bloomberg) -- Nissan Motor Co. ?s finance unit plans to raise $500 million in the first sale of auto-loan bonds in the U.S. since the Federal Reserve agreed to support the market.



• Dealers prefer easier approvals to cheaper loans (Business Times (Malaysia))
  PROTON car dealers say they prefer easier loan approvals rather than cheaper loans to help drive sales. "The cheaper loan should not be at the expense of an easier loan approval.



• BoB, Maruti sign MoU for car finance (Business Standard India)
  Bank of Baroda (BoB) and Maruti Suzuki India, have signed a Memorandum of Understanding (MoU) whereby dealers of Maruti cars would apprise prospective Maruti car-buyers about the car-loan advantages of the bank and help them in applying for it.

• DCU 'Good as New' Used Car Loans
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• Kelley Blue Book
  Kelley Blue Book provides retail, private party, and trade-in Blue Book values on new and used cars, trucks, and vans, including invoice and MSRP. Read KBB reviews, ...



• Edmunds.com
  Buying guides for new and used cars with reviews, advice, and pricing comparisons.



• E-LOAN: Auto Loans, Used Car Refinancing, Motorcycle Refinance, Auto ...
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