credit report

How Does My Credit Report Impact My Loan?
In most cases, your auto loan lender will include a credit check as part of your auto loan application. Your credit score, repayment history, length of credit, and your overall credit history impact the final interest rate you're offered, and if you qualify for special financing incentives or rebates.

The information found on your credit report may make the difference between being approved for a car loan and having your application declined.

How Much Do I Have to Put Down On This Auto Loan?
The amount of money you have as a down payment on an auto loan determines how much money you'll need to borrow and how much your monthly loan payments will be. The more money you put down, the less you'll borrow and the lower your monthly payments. Find out exactly how much you're financing. This is especially important if your currently financed vehicle is part of the deal as a trade-in. If you owe more on your existing vehicle than you'll get for trading it in, you could find yourself having to come up with a bigger down payment or with a bigger amount to finance than you anticipated.

When it comes to dealing with an auto loan lender, knowledge is power. Do your research ahead of time, ask the important questions, and most importantly, compare multiple auto loan offers for free online before committing to one.