When you are attempting to find the lowest car finance payment possible, there are a few simple strategies you can employ.
Clean up Your Credit: The most important aspect of getting cheap car loan rates is your credit score. So the first thing you should do is get a copy of your credit report and take the time to clean up any discrepancies or bad credit you may have.
Remain Flexible: Once you have taken care of your credit, another important thing is to remain as flexible as possible on the make and model vehicle you want. You may want a high line car or a super fast sports car, but if you are looking for the best auto loan rates you can get, you are best off looking for an economy car.
Shop Sales: Late summer and early fall is when the dealerships often have closeout sales and inventory reduction sales to make room for the new model year vehicles. This is the best time to shop for a new car. You can take advantage of the sales and get the very best deal possible.
Shop for the Loan: Dealerships are not always the best places to acquire new car financing. Your local dealership will often have a much higher interest rate for any car loan. It is much better to get pre-financing before you go car shopping, than to look for financing after you choose the car.
Bargain for Everything: Once you have your loan in place and have found your dream car, bargain for everything. Do not allow the dealership to add any extras to the financing that you can purchase elsewhere or for less money. Like stain resister, paint sealant, or an extended warranty. These are all things that will unnecessarily drive your financing and ultimately, your payments up.