How to Get The Best Financing

When it comes to buying a car, most consumers spend more time researching the vehicle than selecting the finance company that will enable them to purchase their car. A bad auto financing deal is like throwing away your hard-earned money, take some time to thoroughly do your homework before signing any finance contract.  Here are some tips on ensuring that you get the best auto financing available;

•  Get a copy of your credit report and your FICO score. Before you begin the car buying process, you need to know what the auto finance companies will use to determine your loan rates. The credit report is not enough; you must request your FICO scores.
• Determine how much you can afford. There are plenty online loan calculator tools that give a pretty accurate indication of what your monthly payments will be through a car financing company. Knowing your budget is an integral part in avoiding financing mistakes.
• Figure how much you are actually paying. Some people think they are getting a great deal because the monthly payments are very affordable, but if your low payments are due to the fact that your loan is being extended out to six or more years, and NOT because the rates are low, then you may want to reconsider the loan terms. Calculate the purchase price and the final price paid once the finance agreement is satisfied.
• Take the time to look around and check-out online rates for car financing to see what is being offered before you walk into a dealership.
• Take advantage of manufacturer financing deals and rebates that may be offered when you finance through the dealership.
• Get clear on which FICO score is being considered. There is an industry score called FICO Auto Industry Option score. This score uses your auto purchasing history as the basis for approving or denying a loan. If you have never purchased a car before, then your Auto Industry Option score will be low (even if you have a clean credit report). It takes into consideration car payments, delinquencies, repossessions, etc relating to car purchases only.

If you are shopping for a used or certified pre-owned vehicle, see your local St. Louis Auto Stop dealer in Hazelwood and check out our great deals for on the lot auto financing today.