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Here Are Some Tips To Reduce The Interest Rate On A Car Loan

Other than buying a home, your second largest investment will be more than likely a car, now there are a few things we would like to go over with you, that could help to save you money in the long term so that your vehicle will not end up costing you more than it needs to.

getting-a-car-loan

If you are buying a used car from an auto dealership, you should know that they typically increase the base interest rate by 2 and a half points on average, which could end up costing you more than seven hundred dollars.  So if you want to save some money by getting lower interest rates on your auto loan, you should first apply at your local bank or credit union to see what they have to offer as far as rates are concerned.  Then you know how good a deal you will be getting from the car dealer.  Credit unions and banks in most cases will have the lowest rates unless of course, you are buying a brand new car, then the dealers will be able to give you lower rates and in some cases 0% financing.

If you are shopping for your automobile at a larger dealership and not one of those small buy here pay car lots, then you can ask the salesperson about if there are any financing incentives available to you today from the manufacturers.

And even if you do decide to get the loan from the dealership, you should still ask them if that’s the best rate they can offer you, or what are your options to get a lower rate.  Other than the price and age of the car, the other factors that affect your interest rate is the amount of your down payment and your creditworthiness.  Remember, it never hurts to ask, all they can say in no.

Other things you may consider doing is reducing the term of the loan, but if you do this, you have to understand that while the rate will be lower, the payments will increase because you have less time to pay the loan off.  But you will save a lot of money on interest with a shorter term loan.  Some lenders also give rate discounts if you set up automatic payments.

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Need To Sell Your Car Fast? Try This Option

Before you get ready to let potential buyers know about your car, one of the first things you need to do, is to make sure that you have

Sell My Car

Cash For Cars

the title for your vehicle readily available and if you really want to get top dollar for your car, you should have it checked out by an auto mechanic to see if there are any existing problems that could be fixed that would result in you getting a higher sales price for your automobile. Cars and trucks that are in good running and physical condition will command a higher price. After you complete that, then the next step would be for you to get an assessment of your vehicle to see what the current market value would be, by comparing your automobile to other similar make, model, year, mileage and condition.

Once you have all your documentation and you have completed your research, then now is the time to start looking for a potential buyer that will be interested in your car and who will pay top dollar to own it. The traditional way to do this is via print or online advertising in the local paper and in online classifieds. One thing to keep in mind when selling your car or truck is that the time of year that you are selling it, will have some impact on how fast and how much you will get from the sale of your automobile. For example, during the summer months and spring break, there is a high demand for family sedans. The winter months are probably the worst time to sell a vehicle, unless of course you can find someone that pays cash for cars in any season.

The Sell My Car Fort Lauderdale program that some of these we buy cars for cash dealers offer is a great choice if you need to sell your car fast and it is good running condition.

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