Gearing up for an Auto Loan?
Contributed by Jessie Hart
Preparing to Apply for an Auto Loan
If you are contemplating purchasing a new car, the thought of an auto loan has undoubtedly crossed your mind. But where do you start? Actually, there is a very important step that needs to be completed before you actually apply for your auto loan: checking out the status of your credit report.
View Your Credit Report Before Getting an Auto Loan
When considering whether or not to approve you for an auto loan One of the very first things that a dealer or loaner will want to get their hands on is a copy of your credit report. Get to it before they do! A rule of thumb when starting down the process of buying a car is: Think Credit First! Accessing your credit report before it is seen by loaners or dealers will give you a chance to correct any errors or mistakes on it.
You have a legal right to request to view your credit report and it's fairly simple and inexpensive to do so. In order to get a copy of your credit report, you can request it from any of the three major national credit bureaus: Equifax, Experian, or TransUnion Although the cost varies from state to state, you should not have to pay more than nine dollars to be given a copy of your report.
Say you don't check out your credit report before hand and your application for an auto loan is rejected. If that happens, you are entitled to a free copy of your credit report as long as your request it within thirty days of rejection.
