Shopping for a Loan

Begin your loan shopping with your own bank by checking out their rates and loan costs. You already have a relationship with the people at your bank and you may get the best deal as a result of that relationship history. You may have to be a member but Credit unions are also a good place to shop for loans. Credit unions generally have lower operating costs and can offer a lower interest rate as a result.
If you happen to be a homeowner then keep in mind your best bet may be to get a home equity loan and buy your car with cash. You’ll be able to deduct some of the interest you pay and may also get a better interest rate than you could on an auto loan. No matter what, always check online banking sources. Reputable online lenders can often save you tons of money on your overall car purchase.
While there can be high pressure at the dealership and some scams to watch out for when you finance, that doesn’t mean you can never get a good deal there. Sometimes it is possible. You just have to be alert to what they’re really telling you (or not telling you) and make sure you’re getting the deal that they are describing to you.