The 0% auto loan special... It's the holy grail of auto finance. The question is, can you really get it and, even more importantly, should you? In the world of auto finance everything is not always as it seems. There are some things you need to know before you even step onto the dealer's lot.
How Perfect Are You?
Unless you have perfect credit, don't plan on qualifying for that 0% auto loan offer you saw advertised on television. These specials have been notoriously hard to qualify for, and now that lenders are cracking down even more, only those with perfect credit will be getting those deals.
Where To Go?
Since most of us won't qualify for the 0% offers, it's important to know where to go to get a great auto loan rate. Contrary to what you may have been told, the dealership is not the place to get good auto financing. Nine times out of ten, a person who obtained their loan through a dealership is paying too much.
Instead of going to a dealership, do research on the Web and get your auto loan quotes there. Star Reviews.com rates Capital One Car Loans and Cars Direct as the best places to go for your auto loan needs.
Doing a bit of Internet research allows you to compare lenders, apply online and many companies will give you a pre-approval, which means you can shop at the dealer like a cash buyer (which equates to more negotiating power).