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How To Find A Cheap Car Loan In A Haystack Of Expensive Ones

What is the first thing that comes to your mind when you want to purchase a new car? For the majority of people it really is not a car loan but actually their nearest car dealership and how much more they will need to pay each month if they traded in their old car. The problem with this thinking is the fact that you are always going to be losing money since car dealerships are expensive. The interest you pay at a car dealership can be as high as 4% more than what you should otherwise be paying, do the math and it is not hard to foresee that you are paying thousands of dollars more which could otherwise be saved.

If you want to get a cheap car loan you should search online…it is that simple! Online car loan companies are cheap for the most part and if you do a good sweep of all the companies online you are bound to find one which is the cheapest. You can then get a further discount if you sold your old car and put the money you got towards a down payment. Making a down payment will not only help you pay off the car loan faster but you will also be paying little interest as compared to if you borrowed the whole value of your car.

The important thing you need to always keep in mind is the fact that cheap is a relative term, what you may have cheap another person may find expensive. This means if you have excellent credit you should be getting the best deal and you should be in a position to bargain and get a lender to offer you their absolute rock bottom interest rates.

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