Save Money on Auto Loan Funding

By visiting our website, you've already taken a step in the right direction to get the best deal possible on auto loan funding. Follow these additional steps to save even more money when financing your new car:

• Use independent financing. Independent, or third-party, financing is what we offer on our site. By not financing through the dealership, you can realize substantial savings. Though it largely depends on your credit, independent lenders can almost always give you lower rates on auto loan funding than a dealer can. The common ploy of dealerships is to try to focus your attention on the monthly payment, thereby distracting you from the inflated total cost of the financing package. When you come into the deal with pre-approved independent financing, it will give you a leg up on the dealer in negotiations and will expedite the transaction.
• Make as large of a down payment as you can afford. No matter what kind of down payment you're in a position to make, we can match you with lenders who will work with you. Some of our lenders require down payments as small as 3%, in some cases. However, to save money on interest expenses, you'll want to make as large of a down payment as you can afford. Experts usually recommend around 20%. This will keep your monthly payments and interest expenses lower and will prevent you from being "upside down" on your loan, or owing more on the car than it's worth. If you can't afford 20%, pay what you can and keep the terms of your auto loan funding as short as possible.
• Think about using home equity. Another potential source of auto loan funding is home equity, which can often deliver considerable savings in the form of lower interest rates. Home equity loans are secured against the value of your home, which allows lenders to offer you more competitive rates. However, keep in mind that this can be a risky source of auto loan funding. If you get behind on your payments, you might lose your home.
• Stay away from 0% financing. Dealerships try to lure in customers with deceptive 0% financing offers, but these auto loan funding deals are not all they are cracked up to be. Usually, you have your choice between 0% financing and a considerable cash rebate. In almost every case, it makes more sense to take the cash rebate. You can apply it toward your auto loan funding, which means you will save on interest expenses and build equity in the car faster.

For the answers to the most commonly asked questions about auto loan funding, see our FAQ page.