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5 Ways to Get the Best Deal on Car Loans

Wednesday, 09 Feb 2011 04:59 PM

Do you want to own your dream car? You of course want to get the best deal available on car loans. Don’t know how to go about getting the best deal on car loans?
Listed below are five ways to get the best deal on a car loan application:
  1. Compare interest rates online: Check out the numerous websites that help you compare the rate of interest of various loan providers and the various deals on car loans available. These sources can help you get the best deal on car loans. This reduces the effort you need to put into the process, saves you time, and helps you find the best deal on car loans available.
  2. Opt for pre-approved car finance: Generally it is better to consider a deal on pre-approval of car loans to obtain a good deal. Normally, car dealers agree to provide cars to customers who have pre- approved car finance. There are several online companies that facilitate such loans and offer you the best deal on pre-approval of a car loan.
  3. Try to get short term loans: It is advisable to fill in a car loan application and to select short term car loans as they prove more beneficial in terms of interest rates. In fact, interest rates are the lowest for short term loans. If you have already chosen a long term loan, try to see if you can still go in for the option of car loan refinancing.
  4. Gain from a cheap, used car loan deal: If you are planning to buy a used car, it is best to get a cheap, used car loan deal. An excellent way of doing so is to select dedicated finance companies rather than general finance companies. This is because dedicated finance companies increase the chance of getting you the best deal on your car loan application.
  5. Bargain with the lenders: This means that the deals on car loans as far as interest rates are quoted, are not final. A little bit of haggling with lenders can help you get the best deal on car loans.
The above tips will surely help you find the best deals on car loans, and the best deal on your car loan application.

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