So you are looking to buy a new car? Great! But if you are like most of us you will need to get a loan to pay for it, which leads us to today's topic. What are three ways to get auto-loans?
The most common way to get auto-loans is to have the dealer attempt to arrange financing for you. Typically they'll pull your credit report and attempt to get you funding at a bank or credit union on their preferred list of lenders. They typically collect an origination fee for doing this and there are some other concerns as well.
An auto dealership isn't in charge of safeguarding your credit score, you are! If the dealer applies for credit at a dozen different places that will reflect poorly on your score. This is why I recommend the second way of getting credit described below.
Seek out auto-loans on your own by trying to find the best fit lender (bank, credit union, etc) for your needs and ability. Rather than just sending out credit inquiries like a shot from a shotgun, it may be a good idea to find someone who is likely to lend you money for a vehicle and that charges reasonable interest on their loan.
Remember it is not necessary to know what specific vehicle you are getting in order to get approved for a car loan. You just have to fill in the bank on these details before they will disperse the funds to you. But that is typically no slower (usually faster) than having the auto dealer try to get you funding from the banks they choose.
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