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Auto Loan Quotes Online. How To Prepare Yourself Before Visiting The Dealership In Order To Get A Good Deal!

It can be hard enough finding a good pre owned auto that will be reliable and give you at least a few years of good service. But finding that along with an auto loan to go along with it, if you have bad credit can be a lot more challenging. There are plenty of car dealerships out there that will give you a honest deal on a new or used car. The problem is that when you do find that fair deal, make sure the dealer does not try and add in tons of extras that you do not need, that will do nothing but wind up costing you a lot of cash that you really cannot afford to spend!

Having poor or no credit can be a extremely discouraging when your dealer comes back to you with an extremely high interest rate on your auto loan. It sort of makes you believe that there is no way you can get a good deal on car financing if you have credit problems.

One thing you can do is keep in mind that auto dealerships are in business to make profit. If for any reason you feel like the dealership is not looking our for your best interest, you can walk away and tell them that you would like to think about it and take your business to another dealership. My goal for writing this article is to give people some insight of how to be ready to get the fairest possible deal on a poor credit car loan, before you step foot inside the auto dealership.

The most important thing to get before you shop is “Credit FICO Score“. You need this in order to get an idea of where you stand and how bad your credit really is. Most of the times people go about the whole auto financing process backwards. They go to a used car lot, find a nice car that they love and then the salesman comes back with an car financing approval only to tell you that you barely qualified for this car because of your poor credit history and credit score. They may just be trying to charge you a higher interest rate and in turn make a few thousand dollars extra on your deal, than if you already knew what your credit history looked like. a 1 to 5% increase in your interest rate can mean as much as $3000 more in interest payments coming out of your pocket over the life of the loan! This is obviously something you don’t want happening.

Your first step should be to go and search for a service that offers all three credit reports with FICO scores. You can find literally tons of these services online by searching for them in Google, Yahoo and BING. The three credit bureaus mainly used by lenders are Equifax, Trans-Union and Experian. You can also request a copy of a free credit report from all three agencies once a year, without lowering your credit score.

The most important part of a credit report used for determining your credit worthiness is your FICO Score. This score is determined by a calculated formula used by the credit reporting agencies. Usually your credit score can be as low as a 400 and as high as 850 to 900 in some cases! As the score gets higher typically over 700, that’s when you start to reap the rewards of getting a sweeter deal. If you do not know your FICO score, you may be led to believe that with your credit history this is all you qualify for. This way they can charge you more interest and in the long run you can end up paying thousands of dollars more over the life of the auto financing. Remember dealerships are in business to make a profit, and given the chance, that is exactly what they are going to do. Don’t get me wrong, car stores do deserve to make money or they could not stay in business and pay their bills. But consumers also deserve to get a honest!

Bad credit auto loans are a common thing these days. In this economy these types of loans are searched for by people every day. You can search for bad credit auto loan financing on Google, and find websites like KarLoans.com that have helped people like you for over a decade!