New, used car financing. Auto loan basics, FAQ

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Financing
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Buying a New or Used Car with Financing

So you found the car of your dreams but don't know how you are going to pay for it? Well there are a few steps involved in financing.

Get Your Credit Report: Before you walk into the dealership and apply for financing you need to know what your credit record is like. Too many dealers will trick you into believing your credit report is less than stellar and will try to slide in a higher interest rate.
See our Credit Check page for more information.
Decide where you will finance: It's convenient to finance through the dealer but many times you are not getting the best interest rate.
Consider the following sources:
- Credit Unions: If you belong to one, you can usually get much lower interest rates. Credit Unions are there to serve you, not themselves.
- Online Lenders: With lower overhead, online lenders can offer you better rates than a dealer. I recommend using StoneAge.com for your online lending needs. They shop your application to numerous online lenders and find you the best rates.
Check the fine print: Make sure you will not be penalized for paying off the loan early. Also check the minimum collision coverage required. If you are used to carrying a $1000 deductible and the lender requires a $500 deductible, you could be in for a surprise when the bill shows up.
If you decide to go to the dealer to arrange the financing, request to see the approval letter from the lending institution. Dealers can mark up the interest rates and earn commission by doing this little trick.
Before signing: Check the fine print ! Always keep a calculator with you and double check everything.

Good luck !