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9 tips to get a good deal on your first auto loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation can affect the way and when products are listed on this website, for example, for example, the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our loans, mortgage,, and other products that lend money to homeowners. But this compensation does affect the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial deals that may be open to you.



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6 min read Published September 30 2022
Written by Allison Martin Written by

Allison Martin's career began more than 10 years prior to that as a digital content strategist, and she's since been published in several leading financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He is a fan of clear reporting that helps readers confidently land deals and make the best choices for their finances. He is a specialist in small business and auto loans.









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The process of buying a car in the beginning is likely one some of the more stressful situations available. With so many aspects to think about regarding the actual car and financing, the loan can fall to the wayside. Don't let it. It isn't easy to find a loan -and the more you can do now, the better off your finances will be later. A low interest rate is the key to a car that is affordable, no matter what you end up buying. 1. Be honest with your budget. The main concern when you purchase a car ought to be the price. Consider how much you'll be paying each month as well as the overall interest paid to . But you should also consider the -- expected maintenance as well as insurance and fuel costs. All factor into how much you'll spend. Experts suggest not spending less than 10 percent of earnings on a car. Make use of an app to estimate the amount of monthly payments and the total amount paid. You can then look up resources such as Edmunds or Kelley Blue Book to see what you could expect to spend on the cars you are interested in buying. The most important thing to remember is
Review your financial situation and determine without stretching your budget too far.


2. Remember that longer terms mean more expensive automobile is increasing. It's not hard to locate an loan lasting six or 7 years but they do have a significant negative. A longer loan period does result in that you pay less monthlywhich can be beneficial for those in a tight financial situationhowever it will result in greater interest being paid in total. Even if you purchase an inexpensive car, you can quickly become in debt, or pay more than the car is worth. For that first car loan pick the most short-term term you are able to afford each month. This could mean that you need to reduce your spending in different areas but it's certainly the most secure choice to ensure that you don't end up owing more on your car than it is worth. The most important thing to remember
You'll likely save a bundle in interest by choosing a shorter loan duration, and you can minimize the risk of getting upside down on the car loan.


3. Check your credit report and score. Your credit score is the most important factor lenders consider when determining the interest rate. To secure a great deal, you will need good credit. Additionally, you will require a history of punctual payments. If you've never been able to establish your credit score and track record and history, you'll have a tough to find a great deal. You may have to use this, which can mean a higher interest rate. But if you can wait on your car loan attempt to create a record of punctual payments. A low debt-to-income ratio also shows lenders you can handle your finances. Paint a good financial picture for your lenders to score an attractive deal. Key takeaway
Work on improving your credit score before applying to get an interest rate that is competitive in an auto loan.


4. Find more than one lender Ccomparing lenders is just as important as comparing cars for a great deal. The types of lenders you can choose from include: : If you have a poor to no history of credit you might be eligible for a first-time buyer's loan by a local credit union. You'll need to be an active member of the credit union in order to qualify for loans So, inquire about how to join prior to making any moves. Large banks: Customers with an existing connection to a conventional institution may qualify in the auto loan. As a first-time car buyer, you may face higher rates. The online lenders typically have less strict qualifications than traditional banks. This is good news in the event that you don't have a credit history or have a high score, however you should expect a higher interest rate to mitigate any risk posed for the lender. Marketplace lenders online platforms have a vast network of lenders. The application you submit is shared with the network , so you can see potential loan offers with lenders who may be a suitable match. Capitalist lenders could get financing through or finance company that is part of the auto manufacturer. They often feature auto loan programs specifically for currently enrolled students and recent college graduates. Each lender has different rates and ways of calculating who gets which terms. It is essential to research and make an application with a variety of lenders. This allows you to see what you can qualify for, the amount you could spend and what you will be expected to pay every month. The most important thing to remember is
Shopping around can help your get the most competitive deal on an auto loan.


5. Preapproval is a must. additional benefits that it will likely end with a period of up to 30 days. When you ask for preapproval the lender creates an informal inquiry that doesn't have an impact on your score on credit. It gives you time to visit dealers and automobiles without the stress of having to obtain financing. Being preapproved gives you an upper hand in negotiations. Dealer financing is usually expensive because dealers mark up their rates in order to gain a profit. But when you head to the dealer with a preapproval document and a preapproval letter, you might be able to negotiate a good deal on in-house financing, if that's the route you want to pursue. Some dealers will also provide the option of either low-interest or financing. If you've already managed to secure an unbeatable rate with another lender the option is simple: reward yourself with a rebate. Key takeaway
Getting preapproved helps narrow your list of potential lenders and reduces the effect to your credit scores.


6. Make a decision between used, new or leased Lenders provide different rates on auto loans for . Lessors have their own way of calculating the monthly payment -- called the factor rate and it is important to investigate the factor rate prior to making this choice. If you are planning to purchase, know that new cars typically have lower rates across the all levels. However, brand new vehicles are also significantly more expensive and are likely to lose value faster through depreciation. Therefore, even though you'll be paying more on a used vehicle however, you could still save cash. Key takeaway
New vehicles generally have more affordable loan terms than used cars, but your total costs will be more expensive.


7. Look for specials from the manufacturer. Most automakers offer first-time buyer programs. Some even offer special deals for students in college and recent graduates. If you are planning on purchasing a car for the first time with a good income and credit to back you up, and are interested in financing through your home is a good idea to see if you can get a little money off. Manufacturers also offer rebates, and special leases for new models. Be on the lookout for these. There will be a limit to what you can buy and how you can pay for it. But if you already have a clear idea of what you want and have excellent credit, manufacturers specials could make a difference on the cost of your first auto loan. Key takeaway
Check with the dealer to see if you qualify for incentives on financing if you're purchasing a new ride.


8. Use a co-signer or co-borrower If you do not have stellar credit, a could of getting a good deal. The lender will take into consideration both scores of your credit when deciding if they want to finance your vehicle. A to the vehicle but is liable for the loan in the event that you are unable to make timely payments. However, a co-borrower has ownership of the vehicle and shares the responsibility for this loan with you. No matter which option you pick the person to co-borrow with, they should be able to demonstrate excellent credit and an ongoing source of reliable income that is in line with the lender's minimum requirements for approval. What's the most important takeaway
A co-signer or co-borrower can strengthen your approval odds and help you get a better deal on an auto loan.


9. Make a large down payment Once you know the amount you'll need, start that's at least 20% of total cost. If you can't afford this amount, you should aim for an amount of at least 10%- or whatever you can afford. Try Bankrate's tool to find the right amount for you. It's tempting to get the most expensive car however, first-time buyers -- and every car buyer -- should use a down payment to cut down on the amount they must finance. A bigger down payment can increase your chances of a good interest rate, and also lowers the amount you pay each month and reduces the amount of interest you'll have to pay throughout the loan's duration. Key takeaway
A higher down payment may allow you to qualify to get more favorable loan terms, and your monthly payment will be lower.


Next steps The key to securing a great deal on your first auto loan is to be patient and shop around. You can walk away with a competitive rate by comparing lenders, making a down payment, and working on the credit rating. Learn more


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Written by

Allison Martin's work started over 10 years ago as a digital media strategist. She's been published in several leading financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in the clarity of his reporting, which helps readers easily find deals and make the best choices for their finances. He is a specialist in small business and auto loans.











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