| Saving money when financing a new or used vehicle | | | | 2. Get Pre-Approved Before Shopping |
| isn't just a matter of finding low rates. Pre-approved | | | | Getting pre-approved for your car loan will help you |
| loans with a large down payment can also save you | | | | save money on a couple of fronts. First of all, you |
| some serious cash. The time to find vehicle financing is | | | | have time to find a low rate loan. You can also select |
| before start car shopping though. Walking in with a | | | | terms for lower rates. For example, buying a new car |
| blank check will give you more leverage during price | | | | from a dealership will qualify you for lower rates than |
| negotiations. | | | | a used car purchase. |
| 1. Finding A Good Lender | | | | You also can trim off dollars on the price of your |
| Finding a good lender can help you save money on | | | | vehicle through your negotiations. A pre-approved loan |
| both rates and fees. Start by looking for a lender | | | | looks like cash to salespeople, so they are more willing |
| online, not connected with a specific dealer. Often | | | | to work with you on the vehicle's price or options. |
| financing offered by a dealership has a higher markup. | | | | 3. Start With A Large Down Payment |
| Broker sites let you collect quotes from several | | | | A large down payment of 20% or more will save you |
| different financing companies from across the nation. | | | | money in a couple of ways. First, you will save big on |
| Looking at the APR, you will be able to find the loan | | | | interest charges. Over the course of your auto loan, |
| with the lowest overall cost. This is the best approach | | | | this will add up to hundreds. Down payments can also |
| for those who don't plan on refinancing. | | | | qualify you for lower rates. |
| If you are planning to refinance your car loan, you may | | | | Don't forget to also look at your budget needs. You |
| find that a higher rate loan with low or no fees is your | | | | can look at differences in monthly payment costs to |
| better deal. You will also want to ask about any early | | | | see what financing is your best fit. |
| payment fees. | | | | |