Comparing Quotes For A New Car Loan

We can't say it enough. Compare rates when you're looking for a new car loan. It's essential because lender offers vary wildly. Unless you want to hand extra money over to the dealer just for fun, compare, compare, compare.

How do you run comparisons? The easiest way is to go online and use one of the free services that take your information then distribute this business "lead" to their lender partners. 4 or 5 lenders will start scrambling to come up with their best deal because they know they are competing against others. It's a terrific tool. Plus it takes less effort than going into the bank in person, or waiting on the phone endlessly to talk to a loan officer. Loan Tips:

• Know the car you want in advance, so you know approximately how much you'll pay. Use online car loan calculators to figure out your monthly payments.
   
• Play around with the numbers. See how your loan numbers may change if you pay off a loan in 36 rather than 48 months. You'll be surprised at what you'll save on interest.
   
• Talk to friends and family about where they got their loan. Almost everybody buys a car, and has opinions. Some may have terrific deals you should know about.
   
• Check your free credit score online to see how good your credit is. If it's sterling, you can probably negotiate your interest rate even lower than the initial offer. Point to your score as evidence.