With this infographic, we at LoansMag look to prepare our readers for the sometimes lengthy, drawn-out process that is the securing of an auto or car loan. Simply by following this short, step-by-step guide, anyone looking into auto financing will be able to pick up the basics before applying.
Preparation is everything when applying for a loan, and never is this more apparent than when considering auto loans. Financial preparation is the first step: reviewing your credit rating and setting yourself limits with regards to budget. Once you know these limits, you know your position, and ensure that you will not end up becoming tied to debt that you can’t afford to pay back.
Secondly, there is the concept of pre-approval, which is a crucial step to acquiring an auto loan but one that many don’t bother to take. Pre-approval for an auto loan is key in that it means both you and the car dealer have something to work with. After agreeing terms with your bank, you can essentially walk into a dealership and draw a line in the sand. The dealer then knows how much you have been offered and will be inclined to better, if they wish to secure your signature. In most cases, this is what happens, and you end up with a better rate than those who simply enter a dealership unprepared. You may then continue to shop around for better offers, safe in the knowledge that Plan A is taken care of.
Finally, a co-signer can help you to a better deal, but always remember that it is ultimately your decision. Don’t allow yourself to be bullied around, and stand your ground to ensure you secure the best deal for you.
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