Important Questions to Ask the
Bank or Finance Company that's Lending You Money for Your Car
Loan
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Below, you'll find a list of important questions
to ask lenders regarding your car loan, information that you can't
afford to not know. The credit help below and the answers that
you get from the lender will help better prepare you once you
assume the loan.
To begin with, ask how long the loan process will take.
Ask what the interest rate on the loan is. Don't make the common
mistake that many people make, and only look at your monthly payment
amount. Usually, you can shorten your term and bring your interest
rate down if you pay a little more on a monthly basis. In the
long run, a lowered interest rate will save you beaucoup bucks.
Ask how much interest you would end up pay by the loan term's
end.
Also, on the subject of interest rates, make sure to ask your
prospective lender if there are any discounts that you might qualify
for that could bring your rate down.
Ask what your APR will be (base interest rate plus any other financing
fees on the loan). Ask for a detail of what those fees include.
Ask what your monthly payments will be and for how long will you
have to make them. At the term's end, will you be required to
make a lump sum payment?
Also ask you can lock in the quoted interest rate. If so, will
you be charged a fee to lock in?
Ask what happens if you decided to pay MORE than the amount of
your minimum payments. Will the extra go towards paying off the
principal amount? It's better if it applies to the principal,
rather than applied to your next upcoming payment. By bringing
your principal down, you'll lower your interest rate.
Your financial situation might dramatically improve over time.
Ask the lender what would happen if you paid off the loan before
the loan's expiration. If you pay early, is there any kind of
prepayment penalty?
Ask the lender if they'll report this loan to all three major
credit card bureaus. A car loan on a credit report is one of the
best things that you can have on your credit report, so make sure
that the lender won't forget to report the loan to all bureaus.
Ask what all of your options are if you miss a payment by the
end of the 'grace period' given. This period is defined as the
time between when your payment is due and the last day you can
still make payment before the lender adds on a late fee. Many
times, lenders can cut you a break if you've had the unexpected
happen - so make sure to ask what all of those options might be.
Ask if the lender requires a down payment. If so, ask if they
require a set amount.
If you have a trade in car, ask what the value of that car will
be.
Make sure to keep this checklist of important questions to ask
lenders handy when you making your final lender choice. Every
lender is different, and some might offer you a better deal in
the long run than others. The right answers that you get can end
up saving your thousands of dollars.
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