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Car loan checklist

March 18, 2006 11:29 AM EST | Auto Loans | Email to Friend

There are several key factors to consider when looking for the best car loan out there. For example, you will want to have a choice of car loans with competitive interest rates and features like loans for individuals that also include private sales.

Of course, a good car loan will also make it as easy as possible for you to get the loan. This means that the paperwork is reduced to the absolute minimum and you can apply quickly by phone or online. Of course, a very flexible car loan will also have mobile representatives that can come directly to your work place or even your home, if you do not have the time to apply at their headquarters. Also try to find car loans that have the pre-approved function Ė this is a great feature as it enables you to shop around for your desired vehicle as you are assured that the loan is ready to go at any time. Extended warranty and insurance should also be sought for privately bought cars, as this offers you more peace of mind.

Car Loan ChecklistTry to obtain your finance before shopping for a car. This makes it much easier to manage your finance and to know exactly how much you can spend on the vehicle.

Shopping around is key to a successful car purchase. The more vendors you see the better your chances are of finding an amazing deal and making the most out of the money from your car loan.

A specialized car dealer will be more knowledgeable about the vehicles they have for sale, whether they are new or used.

The warranty is an important element in any car purchase. Whether new or used, you should look for the longest and most comprehensive warranty on the vehicle. Car loans that offer poor warranty plans should be disregarded from the start.

Did you ever consider purchasing your car at an auction? It may save up to 15% of the price you would pay with a vendor. Having a pre-approved car loan makes it easy to participate at auctions with the confidence that your finance is ready.

Test-driving the car purchased at auctions is ideal, but many vendors wonít allow you to do that. In this case, check if the car has updated inspections.

Determining the carís value is also vital. There are several things to look at, such as the age of the vehicle, make & model of the vehicle, cubic centimeter capacity and the number of cylinders, together with other mechanical specifications.

Roland runs the Credit World group of web sites. You can subscribe to our FREE monthly Credit Newsletter at:

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