subject: Using an Auto Loan to Buy Your Car [print this page] Using an Auto Loan to Buy Your Car
It is sometimes very difficult for one to come across a lending agency that is ready to offer an auto loan. This is because a lot of the car companies have their own lending institutions or companies they deal with. With some of the companies, there is the need to choose a car and an auto loan in the process of application. Under normal circumstances, you would discover that this is quite faster than the normal process in applying for a bank loan. They are also more willing to work with people who bad credits than the banks.
When you get a pre-approval for the auto loan what it means is that you begin the shopping of your car with cash. This way you can walk to the dealership without ever waiting for the loan to be thoroughly approved and paid. You do not have to then bring the check back to the agency. Under normal circumstances, the finance company would be able to approve it within a matter of days if you provide all the necessary documents.
In getting an auto loan, there is the need to compare the prices and interest rates that are offered by all the various finance companies you consider. You would have to talk to a number of finance companies, credit unions and banks so that you get the lowest of rates. Moreover, you should do well to check whether the company has any promotion running in order to benefit from probably a reduced or no extra insurance.
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