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You might feel as though the car dealership has all of the power when it comes to securing financing for a quality used car, but the truth is that the process is a two-way street. Easy car financing is just as much within your power as it is the dealership’s.
Check your Credit.
The very first thing that you need to do after deciding that you’re going to get a new car is check your credit. Good credit can seriously speed up the car financing process since having favorable credit makes you a much more favorable candidate than someone with bad credit. Specifically, in the months leading up to your applying for a car loan you’ll want to make sure that you pay all of your bills on time and that you don’t default on any of your current loans. It’s also best that you make sure you have more money in your savings or checking account in relation to what you spend each month. Try to pay off as much of your credit card balances as you can before you apply for a loan.
Being reasonable not only with yourself, but with the car salesman can also speed up the financing process. Even if the current interest rates for car loans are as low as they’ve ever been, you should still only choose a car that you know for a fact you’ll be able to afford. You have to remember that you’ll be paying this loan back over the course of the next few years, and that low interest rate you’re getting excited about this year might substantially increase over the next few years. Only buy the car that you need even if you can afford more. That extra money can be put back in savings or towards your retirement.
Save up as much money as you can, spend your money wisely and improve your credit score and you’re sure to secure favorable car financing in no time flat.