How to Get a Car Loan Quote
Getting a car loan quote is important because it lets you compare offers from various lenders to find the best deal. It's easy to get a car loan quote, but you have to fill out quite a bit of paperwork and bring a few things with you.
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Instructions
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Request to look at your credit history. The three credit reporting agencies, Equifax, Experian and TransUnion, are required by federal law to give you a free report of your credit history once per year (see Resources below).
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Dispute anything you believe to be a mistake on your credit report before you look for a car loan quote. Some lenders will not give you a quote if you have a disputed item on your credit report. Allow to up to 2 months for a dispute to be processed and addressed.
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Look in your phone book for a list of car loan lenders. A logical place to start is at your primary bank or credit union. You want to get quotes from at least three or four institutions so you'll have a few choices.
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Call each potential car loan lender and set up an appointment. If you have bad or no credit, then you may want to bring some supporting documents like paychecks, utility bills and bank recommendations.
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Fill out a loan application at each credit union. You may immediately be given a quote or you might have to wait a few days for your application to be processed.
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Wait until you've gotten quotes from each lender before you make a decision. Be sure to ask for your quotes as an annual percentage rate (APR) so you can easily compare them.
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Tips & Warnings
Sometimes rates can fluctuate up or down before your loan is finalized.
Legally, you are allowed to attach a 100-word statement that explains a bad item on your credit report.
Car dealerships should be your last resort for a car loan quote because they tend to have the highest rates.
Most online lenders will send you a blank check along with your loan quote. The check is non-binding until you sign it.
You may need to have a co-signer on your application in order to get a car loan quote from some lenders.
Don't accept a quote if it has ballooning interest rates. These loans anticipate that you'll have a higher paying job in several years and can get you into financial trouble if you aren't ready for higher rates.
