If you need a car but your credit isn't in the best of shape, you may be interested in finding guaranteed auto loans. Even if your credit is poor, there's no reason not to look for the best car loan options and car loan terms available. With many car loan lenders available to give guaranteed loans, you should be able to get car loan approval from more than one source. This means that you can compare your options and find the best deal you can. If this situation applies to you, this guide will help you efficiently research guaranteed auto loans to save as much money as possible.
Find lenders which offer guaranteed auto loans by searching in the phonebook or online and submit applications. The more approvals you can get, the better your odds of finding the best deal available. Once you've heard back from lenders, make a list of approvals and print out the terms of their offer, if available.
The best way to compare guaranteed car loan offers is to lay the terms out side by side and compare applicable money-related details. Specifically, you should compare the interest rates, various fees and future options. Fees such as a missed payment penalty will hopefully never be incurred, but depending on the severity of the fee, may be an important consideration. You should also look for a plan which will allow refinancing in the future.
If you still have questions about any details of the loan terms you were given, you can contact the lender to get clarification. You can also double check your own calculations to verify what the expected monthly payments would be should you accept the loan.
Following these 3 steps will make sure you are well informed when choosing your guaranteed car loan.
