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GETTING THE BEST INTEREST RATE FOR
YOUR NEW CAR LOAN
The information provided below will help you
obtain the lowest rate possible for a new auto
loan when utilizing financing offered by a
dealership. Be aware that Star Loan Services can
likely help you obtain approval for a new car
loan with low rates even if you have bad credit.
Make sure your credit report is accurate!
When dealerships assist with financing, the
first thing they will do is send your credit
information to several different lenders and
banks. It is always a good idea to
get a copy of your credit before applying
for a car loan. A fast check of your credit can
disclose impacting mistakes in your credit
report. If there are errors listed in your
credit file, you will need to
dispute them to have them removed. If there
are negative marks, there are things you can do
to
improve your credit score.
Learn more about
credit reports.
Be careful! Dealers will mark up the auto
loan rate!
Once approval is obtained, the institute
providing financing will send the dealer the
'buy rate' for your loan. The 'buy rate' is the
interest rate the bank is willing to finance you
at. Because car dealers send millions of dollars
in financing to the banks every year, the banks
in turn offer very low rates to the dealers. As
a result of the low rates, it is very common and
easy for dealers to mark up the rate to cover
fees associated with finalizing your car
purchase contract, i.e. writing up and
processing all paperwork involved.
How do you know you are getting a good deal
for your car loan?
The best thing you can do is research before
you buy. Check out the most current
auto loan rates we offer. As mentioned, it
is likely that we can help you obtain lower
rates for your finance request than if you were
to obtain your loan directly from a dealer.
A good idea would be to use the
auto loan calculator and compute what you
can expect to pay for your loan with different
interest rates and various loan terms and down
payments.
Applying for a car loan online has become very
popular in recent years. It is estimated by
NADA, the National Auto Dealers Association,
that over 2 million car loan applications are
filled out over the internet every month! Star
Loan Services offers a convenient service that
will help you obtain low rate financing quickly
and hassle free. Learn more about the
new car loans we offer or
apply for a car loan today!
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