TIPS ON GETTING A CAR LOAN

As a borrower, your job is to make yourself appear so solid on a loan application that you can get the best terms possible, both in rates and in percentage of the value of the car. Here's how you should do this:

• You must look like a good loan candidate. It always helps to dress up, look solid and financially conservative. Large part of the initial evaluation is based on your behavior and dress. Believe it or not.
  
  
• Never mention trouble such as divorce and layoffs. The loan officer will wonder if you will still be able to pay off the car loan with all the other demands on your money. Make it look like as much of your income as possible will be available to go toward the loan.
  
  
• Make it look as though there are fewer people enjoying a piece of your income. If you have kids and an ex who get a piece of your pie, your significant other has kids and an ex who all get a share of your income, the bank will know for sure that there are many constraints on your salary.
  
  
• It is not good to even try to get an out-of-state loan because it would be a nightmare to repossess an out-of-state car. So, the loan process would be nearly impossible.
  
  
• Do your best to show long, steady work history based on salary and not commission. Banks object to commissions as a basis for a loan because they fluctuate with the economy.
  
  
• Show long-term stability in your residence. Banks like to know where to go if it is necessary to repossess the vehicle.
  
  
• If you feel your loan history is not at its best, it may be best to get a copy of your credit history from one of the credit bureaus before the loan interview.
  
  
• A lot of people are embarrassed about their credit history. They will not risk embarrassment by going to banks. They would rather go to an auto dealership, pay more and avoid the discomfort and anxiety, even though most dealerships ultimately finance through banks. What you don't want to do is worry about your credit to the point that you do not got to a bank, but go to a dealership instead and throw yourself at their mercy.
  
  
• Make sure you ask for enough money to be able to get what you need and want. Don't starve yourself. Borrow enough money for the vehicle you want.
  
  
• As a rule, always ask for 1% less on your interest rate because of some made-up reason, and see if it works. It's worth a try.

MAKE SURE YOU HAVE THE RIGHT CAR-BUYING ATTITUDE
It is important to enter the showroom with certain attitudes firmly entrenched. Your body language should match your clothing and the thoroughness of your homework. You must be clear in your mind that you will buy a car today, if the price is right and if you are treated well both personally and financially.
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