Forewarned is Forearmed: Obtaining a Used Auto Loan before You Set Foot on the Lot
Contributed by Alix Mcmurray
You Have Friends in the Used Auto Loan Business -- and They Don't Work for the Car Dealer!
If you're looking for a used auto loan, you may want to consider shopping online before you even set foot on the car lot. There is much to be concerned about in the world of used car sales -- constantly multiplying dealer scams and financing gimmicks which may well have you owing more on your car than it's worth. This is a dangerous equation, because if your used car is stolen or totalled, you can end up losing the car AND paying the remaining balance on your inflated loan.
But, take heart, because there are companies and services online which can supply you with the knowledge and power to obtain a used auto loan that is fair and feasible.
A free online service which provides both a competitive marketplace for loan shopping, as well as extensive consumer education, is Jeff Ostroff's CarBuyingTips.com. Other consumer education websites also exist which can provide you,the prospective used auto loan applicant, with rate quotes and other specific information that will make you more discriminating about both your financing and your car.
Doing Your Homework Before Applying for that Used Auto Loan
Some car salespersons will vehemently deny the reliability of both online loan servers as well as the venerable Kelley Blue Book. Unfortunately, it is in their best interest to convince you to work with their own financing and accept their own pricing structure. It is wise to remember that when the car dealership proposes a loan package to you, they are not providing a service but rather, pitching a product.
