How To Get A Great Deal On A Car Loan In Woostock

How To Get A Great Deal On A Car Loan In Woostock

Posted on May 17, 2021

A car loan is a significant outgoing each month and something most of us has had to make peace with. But wouldn’t life be a little easier if you could shave a little off that payment each month? Our Woodstock auto loan team shares 5 ways to secure a great deal on a car loan.

1.   Check your credit report

The first way to secure a deal on a Woodstock auto loan is to check your credit report. Check with TransUnion or Equifax and make sure all the information about you is correct and that all your payments and accounts is accurate.

Have any mistakes corrected by the organization that made the entry or with TransUnion or Equifax.

Check your credit score while you’re there as it will have a significant influence over the type of deal you get. The higher your score, the lower the interest rate.

2.   Get prequalified for the auto loan

Auto loan prequalification tells you whether you could potentially qualify for the loan you want and what interest rate you could expect. It’s only an estimate but gives you the information you need to make informed decisions.

If you need to take a little time to improve your credit score, you can do that. If you need to save more for a down payment, you can do that too. You could also borrow less to improve your chances of being accepted for the Woodstock auto loan.

Whatever you choose to do, you’re making a decision based on data, which is always a good thing!

3.   Go for the shortest loan term you can

The shorter the loan term, the higher the monthly payment. However, as interest is charged over time, it means paying less interest over the term of the loan.

Longer Woodstock auto loans are popular because they keep the monthly payment low. But they cost more in interest over the term as you’re paying interest for more months.

A shorter auto loan will cost more on a monthly basis but should save considerably on interest over the term.

4.   Shop around for A Great Deal On A Car Loan

Don’t rely purely on websites to provide auto loans. Don’t immediately accept dealership finance. Shop around and get a feel for the loan market. An informed customer is a customer who can make informed decisions.

Knowing what’s out there, what you could qualify for and at what rate means you can identify a good deal from a bad one.

5.   Work with an auto loan specialist

Once you know how much you could borrow, what car you want, what deals are out there and what type of auto loan you want, it’s time to call in the big guns.

Work with specialists like our Woodstock auto loan team. We can perform a wider finance search and identify great deals for people in your particular situation. While the internet can provide a wider breadth of loan offers, nothing beats the personal touch for delivering a focused loan offer based on your particular circumstances!

When you’re ready for a car lease or loan, get in touch with the Woodstock auto loan experts at Northway Ford for great deals on auto finance.

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