Car shopping Tip #44
Check your credit before you go car shopping. Having less than perfect credit is not a deal killer 100% of the time. You will have to pay a higher interest rate, but the rate you’re offered may not be the best rate you can get.
You should look to shop for rates from other lenders before you go into the dealership. Getting an online auto loan quote will put you in a better position to negotiate your auto loan interest rate. This way, you will know your worst case scenario. If you get a horrible rate online, you may look to improve your credit score before you go car shopping. This could save you thousands over the life of your auto loan. Credit report errors are not uncommon. In fact, some studies suggest that as many as 25 percent of credit reports could contain serious errors.
There are lots of resources on the internet that can help you improve your credit score. Improving your credit score is a good investment in your financial future. Sites like CreditRepair.com offer solutions for all credit conditions.
Credit Score improvement is a three step process. Step 1 is to check your credit. Knowing your actual credit score will tell you how good or bad your credit really is. Step #2 is Challenge the errors on your report. The creditors have 30 days to investigate your challenge. If there is an error, they are required to remove it from your report. Step 3 is change. You should work to continue to monitor your credit score on an ongoing basis. As Benjamin Franklin once said “a penny saved is a penny earned.” Lowering your interest rates is a key element in saving money. This savings extends past your car loans on to your mortgage and your credit cards too.
There is never a better time to take control over your finances than… NOW. Keeping track of your FICO score in today’s climate of fraud is not just a good idea, its pretty much mandatory. There are so many great deals and discounts being offered by car manufactures. You don’t want to miss out on this low hanging fruit opportunity to save money.