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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Saturday, July 08, 2006

Car Loans

Before you go into the dealership looking for a specific car you need to find out some information on car loan companies. Many people do not even know that there is a car loan option outside of the automaker's loan offer at the dealership. Whether it is a used or new car it does not matter. Do some work first by applying to some car loan companies. A couple that offer good rates and service are E-Loan and Capital One Auto Finance. You can apply online or over the phone and within days you will know the APR rate they offer on the car loan as well as have the paperwork necessary to go forward.

The purpose of applying to several companies for a loan is to get the best deal. You come into the dealership equipped with a couple loan offers and they will know that you know what you are doing. Dealerships will try to get the best loan for them, but if you let them know you have other offers and do not tell them what APR was offered you are in the driver's seat. Another thing most don't know is that you can negotiate a car loan rate. With your other offers you are positioned to get the best rate possible on your car loan. When you purchase the car you will have peace of mind that you were not taken advantage of and that you got the best rate possible.

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