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Car Loan Quote Comparing Loan Quotes by Carrie Reeder Don

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Car Loan Quote Comparing Loan Quotes by Carrie Reeder Don Powered By Docstoc
					by: Carrie Reeder

Don't settle for the first auto loan quote that crosses your path. There are various methods now-a-
days in which individuals can acquire an auto loan. Be sure to compare all the pros and cons of
each method to ensure you are getting the best bang for your buck. There are four main ways to
acquire an auto loan quote: dealer loans, credit unions, home equity, or with online quotes.

Dealership Auto Loan

Dealership loans are fairly common. In the past, a dealership loan was the only way to finance a
vehicle. Times have certainly changed! One thing is certain, dealership loans are convenient.
While you sit and fill out papers for the vehicle you will purchase, you might as well fill out
papers for a loan to finance that car. Yes, dealership loans are quite simp le, however, sometimes
they are not in your best interest. Convenience doesn't come free. Many times, these loans have
higher interest rates than if you were to find a loan by yourself.

Credit Unions

Credit unions are a great option for auto financing. They can quote much larger loan amounts for
a lower interest rate that an auto dealership. Also, the extra time you will spend with a credit
union is not overwhelming. Many times credit unions can approve you for a loan in mere
minutes. Although one extra phone call needs to be made, there is not much effort on your end.

Home Equity

A home equity loan is another option for car financing. Using a home equity loan allows you to
purchase your vehicle while using your home as collateral. On paper, home equity loans may
appear to have a higher interest rate than standard car loans. However, the fact that the interest
you will pay is tax deductible may present significant advantages.

Online quote

One of the quickest growing industries online is the financing industry. Now, you can simply go
to a credit website and compare quotes and loan terms. There are even websites where banks and
lenders will compete for your business. This is beneficial to you because it means lower interest
rates and shorter auto loan terms.

The moral of the story is: be sure to check all options before signing an auto loan. There are
many different methods to get auto financing quotes. Depending on your situation, each auto
loan method can present certain advantages and disadvantages.

This article was posted on January 13, 2006

				
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