When you’ve checked and fixed your credit score, now’s the time to start asking around for that car loan. So let’s put up a list. Your local bank will offer car loans as part of its package of services. Car dealers can offer their own loans or act as agents for the finance companies or the manufacturers. When you’re out shopping for that car, you can also ask about what loans are available. Let me tell you one simple thing: don’t accept the first contract that will be offered to you. You need to get as many quotes as possible, look carefully at how the instalments fit into your current commitments, and decide whether you can afford this new car.
So you can go down, join the queue to see one of the loan officers and get a quote. More convenient is to sit down and use a site like this to get online quotes. No waiting in queues. Then there are the finance companies. You can always pick up a telephone and ask for a quote. It’s humiliating to have the reproman come and take your car away when you default. It looks bad on your credit records as well. Be realistic in what you borrow and the rates at which you borrow. If all else fails, make do with the current car.