Money Crashers: How to Negotiate Financing on a Car Loan

Unlike most Americans, I've never actually had a car loan. I've bought two cars in my life, and I paid cash for both of them (though my parents loaned me some of the money for the first one). So I've never been personally subjected to the array of sneaky tricks the dealers use to maximize the total amount you pay them for the car, like focusing exclusively on the size of the monthly payment while stretching those payments out as long as they possibly can. And I'm very grateful to have been spared this experience, since just reading about it was enough to give me the heebie-jeebies.

If you'd like to escape this ordeal next time you buy a car, my newest Money Crashers article can help. It explains how you can save money on your car loan by shopping for the loan before, not after, you find the car, and offers specific tips for reducing the total amount you pay, such as:

• Shopping around for a loan
• Comparing lenders online
• Making sure your credit report is accurate
• Comparing loans by APR
• Choosing a shorter loan
• Making a bigger down payment
• Using online loan calculators
• Always reading the fine print

Get the details here: 6 Tips on How to Negotiate Financing on a Car Loan (Interest Rate)