So the economy may be a little slow lately, but that doesn’t mean you can’t still buy things you want and get the financing you need for big ticket items (including your dream car), especially if your credit is good and you take the time to find the dealers and lenders that will work with you the most to get a good deal.  In fact, it may be a great time to get specials on both financing incentives and straight out dealer discounts who are eager to make sales (even if it costs them a little more than it used to) simply because things have been slow for many sellers recently.

Before you complete an auto loan application, work up the best deal on your dream car.  If you’re not satisfied with the price and terms the dealer is proposing, then by all means, don’t proceed with providing any personal information.  Even if you have found a car and a deal you feel satisfied with, still proceed with caution and take the time to get an auto loan quote on your own.  Don’t worry, a dealer that won’t allow you some time to think or research a bit on your own isn’t worthy of your business, so demand it or go elsewhere.

You can get some quotes before completing a full application.  Whether you check online or call some bank or lenders directly, you’ll get a good idea of what terms you’ll be looking at.  Keep in mind, until your personal information is verified (including your credit score), a quote may be subject to change.  That’s why it’s best to start with a review of your credit report before you even start the process.  That way you can take care of any incorrect information ahead of time, and you’ll be informed of your credit or FICO score, making it easier to determine what interest rate you’ll be looking at.

To get an auto loan quote, you’ll need specifics about yourself obviously, but also the proposed terms of the sale or lease, including the make and model of the car, how much money you’ll put down, how long you want the loan to last, etc.  Again, they may not be able to provide a concrete quote, but most lenders should be able to give you some pre-approval numbers for you and the dealer (or individual) your working with.  Once you’re happy with all the above information and you feel confident in your selections for your must-have car, as well as the terms of the financing, then you’re probably OK to proceed in submitting the full, complete auto loan application.

At that point, you’re authorizing those providing financing to verify your information and make a determination based on your history, income, and credit score. There’s nothing wrong with having a credit report pulled now and then, but you don’t want a bunch of inquiries on your report as they could impact your score negatively. That’s why it’s best not to provide the application and personal information until you’re reasonably sure as to the outcome.

It’s certainly a great feeling to finally get your hands on the steering wheel of your dream car...it makes traveling more enjoyable, even if it’s only to the grocery store or to drive the kids to school. Financing may be harder to get for some people these days, but if your score is good, you’ve still got gainful employment, and you find a deal you’re happy with, then go for it! Everybody deserves to drive their dream car at some point in their life!