3 ways to find money for your next vehicle loan

Sometimes shopping around first will get you a much better deal.

09:46 23 April 2013

Finding loans is not usually the most exciting work in the world but for certain items it is usually a necessity. Homes and vehicles usually require some form of a loan in order to make the purchase. There are a few ways to find a vehicle loan, some of which may surprise you.

 

Many of us may find ourselves at the mercy of a car dealership when we purchase a car. Some dealerships have an extensive network of financial institutions, so it’s relatively easy for them to submit your information to the institutions and wait for the offers to roll in. Are these really the best deals for you though?

 

Here are some options for finding the right vehicle loan for you:

 

• Credit Union— you may be able to get a much better deal if you have a banking relationship with a credit union. Check with them before you worry about the dealership creditors. If you have not been with the credit union for a significant amount of time you may receive better offers elsewhere, but it’s still worth checking.

 

• Online websites—People will no doubt come across many banking websites, any number of which has the potential to offer excellent deals to prospective customers. Compare rates, terms, and policies to find ones that you like and then apply. You can also use the results as a comparison if you decide to have another bank approve you, or if the dealership tries to obtain a vehicle loan on your behalf.

 

• Personal loan—if you’re not a member of a credit union, you may still receive a more beneficial offer by asking for a personal loan at your home bank. These are not specifically vehicle loans, but can be used for anything you want.

 

You can try these alternate methods for gaining funding for your next vehicle loan to make sure you get the best deal.