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Find the Best Deals on Auto Loans

Most people don’t shop around for auto loans. They apply for financing through the car dealer and sign whatever papers are put in front of them.

Of course, when the auto manufacturers are using zero or low financing as a sales incentive, you probably won’t be able to do better elsewhere.

However, when those deals are not available or when you’re buying a used car, a motorcycle or a motor home or when you can't qualify for special manufacturer financing, it pays to shop around. The difference in costs can be substantial.

There are many banks who will undercut just about any deal you can get through the dealer. Auto loans are secured and banks usually lower their rates because of this.

Also remember that the dealer isn't providing you this service for free. Of course it wants to sell cars, but it is also making a commission on most financing it arranges. Doing it yourself immediately saves you this bit of money.

This does add a bit of complication to the purchase. Instead of the car dealer doing everything, you have to work with another bank of loan broker. You can't just walk into the dealership, sign some papers and drive away.

You have to find a lender, apply for the loan and then go sign the papers and pick up the check. However, lots of lenders will pre-qualify you for the loan, so that you know how much you can spend - which might help you in bargaining with the dealer. (Read Loan Pre-qualifications to learn more.)

But the savings can be well worth the bother.

Always be sure to settle on the car price first, before even talking about financing. Ignore the salesman's questions about financing or be very vague until you are satisfied with the car price. You don’t want to lose on one end what you gain on the other.

Online Auto Loan Lenders

Here are three sites that allow you to shop for auto loan deals online.

With the first, you fill out one form and get an almost immediate response from up to four lenders. There is no cost or obligation.

The others deal with you directly.

Using the information you gain through this research, you can either apply for a auto loan elsewhere or try to negotiate a better credit deal with the car dealer.

These sites all say they will work with those with less than perfect credit.

MyAutoLoan Finder Even if you have less than perfect credit MyAutoLoanFinder can help: lower your payments and interest rates and save you time and money.