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Here are some points that should be taken care of while going for applying for car loan:
1. Before anything, check your credit rating . If you have a credit score less than 600 you may have to finance your car purchase. These car loans will have higher interest rates but if you keep up your repayments you will increase your credit rating. Eventually you’ll be able to refinance your car loan at a better interest rate.
2. Calculate your monthly income minus all your expenditures to determine just how much you can afford on a monthly basis. Stick to this budget or you’ll find the loan repayments tough.
3. Spend time researching just how much your dream car costs. Try finding price comparisons from local dealers, magazines and online. There are bargains out there!
4. Don’t just settle for the rate given to you from the manufacturer or the dealer you purchase the car from. They can be extortionate. Even if they do try and attract you with 0% interest rate advertisements, only people with perfect credit ratings actually qualify for these deals.
5. Make sure you have enough money for the down payment. Some have varying requirements for this – always check the small print!
6. Do your own research and shop around for the best deal for you. Seek advice from banks, credit unions and loan institutions. Also, search online for car loans too. Some of the best rates are available, it can save you lots of time and searching for them is absolutely free.
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