Your Car Loan TIPS - Part III

THE 3 BIG DONTs in getting a Car Loan

• Don’t just take your car dealer’s offer

Don’t accept a car dealer loan before comparing the offer with finance options offered by your bank or other credit providers. A car dealer loan may be the easy way out but it is most likely that you will end up paying more and have less freedom within the loan contract. This should rule of loan shopping applies to houses and furniture.

• Don't make more than 1 application

Don’t fill out loan applications at several banks and have them all check your credit history because it will just make you look desperate and lower your credit score.

• Don't just compare rates

Yes, rates are important so you know what you will be repaying but the features and suitability of the loan to your circumstance is just as important.