Make obtaining a vehicle loan a little easier

Follow some of these ideas to help you get a better deal on your next vehicle purchase.

06:31 09 September 2013

Searching for the right vehicle loan can be time consuming and a bit frustrating. There are many different options available, especially if you happen to have a decent credit rating. Here are a few ideas to help make the process a little easier.

• First find out the car you want. You can do the test driving, as well as comparisons for the car first. The type of car you want may affect the bank’s decision on a vehicle loan. Some vehicles retain their value better than others.

 

• Once you know what kind of vehicle you want, search around for the best pricing available. After you know what company you will be purchasing a vehicle from, the company itself may be able to assist you with finding a loan.

 

• Remember that each company that receives and inquiry into your credit rating will show up and can cause some red flags. When you’re looking for a vehicle loan, make sure you aren’t also applying for credit cards, store credit, or other types of loans.

 

• If you are comfortable with doing financial transactions online, there are banks which may be able to offer you superior rates, but even if you don’t want to obtain a vehicle loan that way, you can at least get a good idea about your options by visiting websites that can help you compare different sources of funding.

 

• Don’t forget to check with your current banking entity. If you already have accounts established, you might be able to get a better rate since they already have a relationship with you and other accounts that might be easily linked for repayments on a vehicle loan. Some banks may even offer you discounted interest rates or monthly payments if you sign up for automatic payments from a properly linked cheque or savings account.