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Get Free Low Interest Car Loan Quotes Online

One of the best ways to protect yourself from being ripped off by a car dealer is having a car loan in place before contacting a dealership. The best way to do this is by receiving low interest car loan quotes online. You can comparison shop quotes right from your computer and choose which one is best for you.

This section of AutoCheatSheet.com covers how to find and compare low interest car loan quotes online, advantages of having your auto financing in place before contacting a car dealership, and tips on how to increase your chances of being approved for an online auto loan.

You have several options other than financing a car with the dealership you buy the car from. One of the easiest and most convenient alternatives is to obtain low interest car loans online.

There are several financial institutions that allow you to apply for an online car loan right from your computer. These lenders will supply you with a free, no-obligation loan quote. The quotes these lenders provide you contain very valuable information when it comes to financing your next new or used car.

Why Get A Pre-Approved Car Loan First?

A common misconception many car buyers have is they believe they must finance a car through the dealership they buy it from. This is not true! You have many outside finance sources available to you.

Banks and credit unions do provide individuals with auto loans, but if you want to get the lowest interest rates available, you should apply for an auto loan online. Most online lenders have no fees and very little overhead; this provides a maximum amount of savings to you. Some will even go out and shop different lenders and provide you with several options to choose from.

Acquiring a pre-approved car loan through an outside financing source is a huge step you can take in saving you hundreds, if not thousands of dollars before buying your next new or used car. Having a pre-approved car loan in hand before visiting a car dealership will act as your "golden parachute." You will absolutely have the upper hand when it comes time to negotiate interest rate (APR) and finance terms with a finance manager.

If you don't like the interest rate, terms, and conditions of what the finance manager offers you, you can fall back and use your pre-approved car loan to buy the car.

Smart car buyers have been using the Internet to not only compare new car prices, but also comparison shop auto loan quotes as well. Competition is the secret to receiving the best car loan interest rates. Read more about car dealership auto finance tricks here.

Computers make it easy to submit your information privately to online lenders and receive your car loan information electronically. Some of these online financial institutions will even give you a car loan quote with no-obligation to purchase anything, absolutely free.

Benefits of Using Online Auto Lenders

There are several benefits to applying for a pre-approved car loan from an online lending institution. Some of these benefits are:

• Save a lot of time and can be completed securely from your computer, phone, or tablet.
• Online lenders provide lower rates because of the competition online, and they have lower operational and administrative expenses (overhead).
• Interest rates are normally much lower than what a car dealer, bank, or credit union will offer.
• You can lock in your rate for 30 to 60 days so you can take your time to find the right car for you and your family's needs.
• A pre-approved auto loan from an online lender will give you more leverage when negotiating a better interest rate with a car dealership.
• You can comparison shop rates and terms and pick which loan best fits your needs.
• With new car financing in hand you will not have to worry about haggling over interest rates or becoming a victim of the spot delivery scam or any other finance scams.
• There are no pre-payment penalties, application fees, added points or hidden fees.
• Loan approvals normally take anywhere from a few minutes to about an hour during normal business hours.

Auto Loan Sites We Recommend

With the online auto loan companies AutoCheatSheet.com recommends, there is no-obligation for you to buy or commit to anything. You can get pre-approved and have your car loan in place within minutes of submitting your application and the interest rates are some of the lowest available.

These online finance companies make it convenient for you to take advantage of their services and get low APR auto loans while sitting at your computer in the comfort of your home.

How to Increase Your Car Loan Approval Chances

There are several tips to help increase your chances of being approved for an online car loan. These tips can be applied when applying for any kind of credit or car loan.

Tips to help you get approved for a car loan:

• Have a monthly income of at least $1,600 ($1,500 for some lenders).
• Have 2 years residence history and at least 6 months history at most recent address.
• Have at least 6 months of employment history, or at least one year employment history within the same industry.
• Pay down credit card and other loan balances under 50% of the maximum limit. This will decrease your debt to income ratio and raise your credit score.
• Close any open unused credit cards or open lines of credit. This will also raise your credit score quickly.
• Establish good credit history before applying for a car loan - Visit our section on how to build a solid credit history from scratch for more tips.
• Be able to put a minimum of 20-25% down towards the purchase of a car. This will minimize your chances of having negative equity in your vehicle.
• Keep your budgeted car payment under 20% of your total gross monthly income. If you make $2,500 a month keep your payment under $500.

Know your credit scores before big purchases, Check your credit scores at MyFreeScoreNow. Using FreeScore360 will allow you to review and monitor your credit score and what's reported to your report. Take the necessary steps to remove any negative or outdated information on your credit report, this will help greatly when attempting to increase your credit score.

My Experience Dealing With Pre-Approved Auto Loans

I've signed up thousands of people in the finance department. When someone already had a pre-approved car loan in place there were certain things I did and certain things I didn't. Below are a some of my personal experiences dealing with car buyers with pre-approved auto loans already in place.

• The only way I'm going to get their financing is if I can beat their current interest rate or lower their payment without extending their car loan term.
• I know upfront the customers lender or consumer site has most likely coached them and told them to stay away from dealer financing like the plague.
• I know the customer is set on using their own outside financing source and I have to get them approved for a car loan with a lower interest rate, and then try to convince them to switch to dealer financing.
• I work harder to get a lower interest rate for the customer. I don't get paid or bonuses when I sign someone up with their own pre-approved financing.
• I can try to confuse, manipulate, or trick the customer into going with the dealership's financing and risk possibly losing the entire car deal, and my job.
• If a customer insists on using their pre-approved car loan and I can't get them a better rate or term. I will get them signed up quickly and professionally so I can get to my next victim, um, I mean customer.
• I will win some, and I will lose some.

Share Your Tips - If you have any auto finance or car loan tips that will help other car buyers save money. Please tell us about it in the comments below, so we can share it with everyone.

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