You've got your eye on that shiny new Lexus - okay, maybe it's a Kia, but it's perfect and you want it to be yours, all yours - as soon as possible. At the same time, you certainly don't want to be saddled with paying nearly double the car's value by the time you finish paying off the car loan. Here are five tips to help you get the best possible interest rate on an auto loan to put the car of your dreams in your driveway.

1. Check your credit rating.

If you don't already know what's in your credit report, this is a good time to find out. Before you apply for an auto loan, get a copy of your credit report to find out what surprises may be lurking in it. You may just find out that it contains erroneous information that should be corrected, or that there's something negative on it that can be either explained away or fixed easily with a couple of phone calls or letters. Either way, it always helps to know what the credit reporting agencies are saying about you before you start shopping around for a loan.

2. If you have good to excellent credit...

...then you may qualify for special incentive financing available through the car dealer. If the car dealer is offering a low, low finance rate, check all the terms and conditions carefully BEFOREHAND online to make sure that you qualify. Most often, that 1% financing rate is reserved for those who have excellent credit and can afford to do a 12 month financing plan. If that's you - then grab the deal. 1-2% financing is a bargain if you can handle the other terms and conditions attached.

3. If you need a longer term than 12 months or have spotty credit...

...arrange your financing yourself before setting foot on the car lot. Check with your usual bank for a new auto loan first, as they may have better interest rates for those who are already established customers, or who carry all their savings, checking and loan accounts through one bank. It may save you a few percentage points in interest to do business with someone who already knows you.

4. Shop online for the best auto loan available.

At many online credit web sites, you can submit a request for multiple quotes from area finance agencies and lending firms. Simply submit your request for an auto loan quote through an online form, and the web site will submit it to up to four financing firms at once. A representative from each agency will contact you within a few hours to a day or two to discuss your request with you and give you a quote for an interest rate and monthly payment amount that they can offer you. Online shopping for credit makes it easy to compare and pick the best auto loan terms for you.

5. If your credit is bad but you need that car...

...one of your best and most often overlooked options is to find someone to cosign the loan for you. In most cases, when you have a cosigner, you'll get the interest rate that THEY qualify for, which means a lower monthly payment for you.

Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk/ and also http://www.ukpersonalloanstore.co.uk.

Source: http://rapidseek.info/auto_loan/

Are you one of the many people who have credit problems? Bad credit is more common than you think! The good news is, more and more lenders are now targeting consumers with bad credit!

Even if you have bad credit, you can still qualify for an auto loan...and it's become easier and less humiliating now due to the wonders of the internet! You can apply online, and not have to put up with the unneeded stress of trying to get financed through the dealership! Here’s how to buy a vehicle if you have bad credit.

Set up financing before even stepping onto the car lot! You can get "pre-approvals" from many online lenders. This way you know when you walk onto the first car lot exactly how much you can spend, and how much your monthly payments will be! The lenders will approve you for the loan, and mail you a voucher that you give to the dealership once you work the deal on the car you want. You simply fill in the amount borrowed (up to your pre-approved limit,) sign, send your signed contract into the lender, and you're done!

In order to qualify for a bad credit car loan, lenders look at some specific things. They will want to see if you have sufficient income to cover your current bills, the loan payment you are about to commit to, as well as the costs of maintaining and insuring your new vehicle. Most lenders also prefer that you've held your current job for about a year, and that you've had a consistent home address.

It sounds a bit simplistic, but don't take on any more of a car payment than you can afford! Use this opportunity to rebuild your credit...make your payments on time, and when your credit situation improves, you can get your loan refinanced at a lower interest rate.

Like with any other buying situation, it is best to compare rates among different lenders. Be careful not to apply at too many places though, as too many credit inquiries will have a negative effect on your credit score. Should you need any recommendations, please go to http://bad-credit-lenders.net

Source: http://www.articlealley.com/article_97226_31.html

Bad credit auto loans are designed for those who fail to qualify for financing with traditional lending institutions such as credit unions, financial institutions, and banks due to their below the mark credit scores, recent bankruptcy, low income, or inability of producing specified down payment. It is indeed simple to obtain a bad credit auto loan. You must not take the process of obtaining one easily. It is advised that you do some solid research before approaching a loan agent for availing such a facility.

Brokers online are very active in arranging auto loans with bad credit by putting the buyer and certain car dealers in touch with each other. They offer secure websites for the safety of the buyer when terms are being negotiated. They also have applications that can be submitted without using a fax machine. A buyer seeking an auto loan with bad credit may be embarrassed at the thought of unauthorized persons seeing his financial information when it's sent via fax to the office of the lender.