The best way to buy a car is to go to the dealership with a pre-approved loan. Car dealers spend hours trying to persuade consumers to go for dealer financing. However, dealers make a lot of money off car loan interest. Sometimes, dealers promote rebates and special interest rate packages. Be a smart consumer. Ask the dealer to write down all the rebate and financing terms. Then, one can compare pre-approved loans and dealership loans. In addition, dealers offer low introductory interest rates that change to a higher rate after a year or so. Beware, many of these deals jump to higher rates if one is late on a payment.
Consumers who are shopping for Auto Loans Hattiesburg MS should investigate Central Sunbelt FCU. Banks and credit unions traditionally offer better loan products. Additionally, it pays off to do some legwork before applying for a loan. For example, check your credit history. Credit unions use credit scores to determine how reliable a borrower you will be. That’s why it is important to pay bills on time. If your credit score is low, pay back as many loans as possible and offer to pay the rest in installments. Get your FICO score up before applying. Further, consumers need to decide how much they can pay for Auto Loans Hattiesburg MS. It’s advisable to figure out a budget of monthly payments. That should help one determine how much they can pay for a car note.
Once the credit score is up, visit several different financial institutions. Ask banking officials about information like interest rates, the term of the loan and application fees. Next, make an appointment with a loan officer. They will ask for employment information, income verification and monthly payments. Don’t be discouraged if you are not approved. One can always apply at another bank or credit union. When you are approved, tell the car dealer you are pre-approved for a car loan. Pick out the car and give the dealer a chance to beat the bank’s terms. Shopping for Auto Loans Hattiesburg MS can be daunting. However, the hard work pays off once you have a new car. Visit for more information
