How To Get The Best Auto Loan Rates
Michalis 'BIG Mike' Kotzakolios

The most obvious way to get good auto loan rates, is by having great credit. It's easy to get great auto loan rates with low interest rates with a FICA over 700. But, there are several other ways to get good auto loan rates.

Know Your Credit Rating Before You Apply For An Auto Loan Rate

You can do a Google search on credit scores to find the information you need to check out your credit rating. This should be the first step before getting an auto loan to get the best auto loan rate possible. With knowledge, you will get the best auto loan rates for your situation.

Lower Your Auto Loan With A Large Down Payment

Having a large down payment will help if you have bad credit. You should consider at least 1/3rd down payment when you have bad credit. Auto loan rates can get as high as 28% interest rate. Be careful when shopping for auto loan rates with bad credit. Sometimes it may be best to save a larger down payment, instead of risking a repo, because of high monthly auto loan payments.

With auto loan rates aver 20%, you can end up paying 2 times the cost of the vehicles MSRP over the term of an auto loan. The more you put down, the more money you'll save on auto loan rates.

Refinancing Your Auto Loan Rates

You can refinance your auto loan rate after 12 to 18 months. The idea here is to build your credit by making your monthly auto loan payments on time. This will give you time to bring your credit score up. Usually you can get the best auto loan rates with a FICA score of 660 or above. Find out what is the cause of a low FICA credit score. It may be something that can easily be fixed, such as a late payment because of a medical condition in the past.

4 Tips On Getting The Best Auto Loan Rates

1. If you have great credit you can take advantage of dealer incentives. It's tough to beat 0% factory incentive auto loan rates.

2. Educate yourself before going into a car dealership. Your local Credit Union or Bank, may be the best way to get the lowest auto loan rates in your area.

3. Some people think it's a myth, but buying a new vehicle on the last day of the month can save you hundreds of dollars on auto loan rates. Sales managers give big bonuses for the salesman who sells the most cars by months end. Getting the lowest price on a new vehicle helps with financing, because there is less risk to the lenders.

4. Try using logic, not emotion when considering auto loan rates. Some people will rush the process just so they can drive their new car. It's best to take the time with auto loan rates, because the new car smell doesn't last as long as your auto loan rates.

With today's Internet resources, the consumer has an advantage when looking for the best auto loan rates online. Take time to get educated on the process of getting an auto loan and you can save yourself thousands of dollars on the auto loan rates available.

BIG Mike is a well known author, developer and Adsense expert as well as the owner of Niche Maniacs - a unique Adsense Marketing System designed to build long-term passive income streams from Adsense, YPN, Chitika and other PPC services.