The following tips should help increase your chances of getting a car loan at a better rate.
Tip #1 – If you just started a job (recently graduated from college) then wait 6 months to apply for your car loan.
Tip #2 – If you have currently have bad credit then repair it before applying for an auto loan.
Tip #3 – If you’ve recently moved then wait until you have lived at your new address for 6 months before applying for a loan.
Tips #4 – If you have had a previous auto loan or home mortgage on your credit report then your chances for a new loan improve greatly.
Tip #5 – Try and pay off all of your credit card balances or at least lower them. You may want to consider finding the best debt consolidation loans to erase all of your credit card bills. The bottom line is don’t keep a high debt load or credit card balances.
Tip #6 – You must have a stable job or occupation.
Tip #7 – Other examples of credit extended to you should appear on your credit report. Verify this with a quick and easy online credit report. Also avoid charge off’s on your credit report.
Tip #8 – If you’ve filed bankruptcy before then you should wait 3-4 years before trying to get an auto loan.