The biggest new car financing mistake buyers make is trying to buy a new car without checking online auto loan rates or knowing if their credit history can support getting an auto loan. A big source of emails we get are from people with auto financing issues, whose new car loans fell through at the dealer. Buyers see 0% APR ads, but can't get the cheap auto loan rates, as they were unaware of their low credit score. Applying for new car financing without knowing your credit score is the dumbest thing a new car buyer can do. Use our car loan payment

If the manufacturer offers you additional rebates in exchange for you financing through the manufacturer, then you should take their car financing. Then once you have the rebate and received financing from them, go refinance your car loan online to a lower rate through Capital One Auto Refinancing Loans, or you can Refinance your car loan through HSBC Auto Finance. To learn more, read our Chapter on Auto Refinancing Tips & Scams.

According to the Consumer Federation of America, car buyers are often overcharged by 3% on their loans at the dealership, which can add $1000 to the life of their loan. Your best sources for new car financing are auto loan sites such as Capitol One Auto Finance (who I used in 2004 and it was smooth as silk. Read How I Saved $5500 Buying my new 2004 Lexus GX470 SUV for more info) and HSBC Auto Finance. With the lowest online auto loan rates, they usually beat dealers, no application fees or down payments. Your new car loan is approved in minutes. Get your online auto financing quotes, compare to dealer auto financing, use whoever has the best car loan interest rate. Online auto loan rates are the standard for dealers to beat. Use online car loan payment calculators and choose your best auto financing.

If you are going car shopping, get your credit report instantly online right now so you'll have it and apply for car loans online now so you'll know now whether you are qualified. DO NOT apply for a car loan unless you have your credit score in hand. You can get your credit report instantly online from Experian, Equifax or TrueCredit. Be sure to get your credit score with the credit report. If your credit score is below 550, don't bother applying for a car loan until you repair your credit first. Learn how to repair credit at our other site DebtWizards.com.

It's true, most bad credit borrowers can indeed refinance to a lower APR, but many don't think to try because they were "programmed" or duped by the dealer into thinking they are stuck at 21-25% APR.

Auto refinance loan applications need to be in the same names (with exact spelling) as the names on your current auto loan. This is important because that is how your current auto loan is identified and found. Have your car loan account number ready. If you give them a name with a different spelling, they cannot find your current loan, and you get rejected. Sounds like a no brainer, but... You must refinance more than $7500. Any less and it's not worth the auto refinance company's time.

No you can't. If your car loan is with Greedy Bank USA, they will never refinance your car loan to a lower rate APR. Why would they? They already have you trapped. When you are auto refinancing, you must always do it through a different lender than your current car loan

This scam happens all the time and explains why thousands of car buyers are paying way too much APR than they should be, and don't even know it. All because they did not know their own credit score before going to the car dealer. One guy emailed me to say his score was 780 (Excellent rating) from 3 credit bureaus.

This could not be more wrong. Many people get upset when they get their credit score and find out just how low their credit score is. Sure paying on time is one of the best things for your FICO score, but it's only one of over 100 variables making up your credit score. Having many open accounts does just as much damage to your credit score, as there is potential for you to run up your credit limit on all your accounts. People with good credit tend to have too much credit, and too many old accounts that they no longer use. Lenders view that as a risk. When I got my score it was ok, but needed improving by closing half a dozen computer store and department store cards which I no longer use, but they were dragging down my score.

Get your Credit Score so dealers can't lie to you about your score. Close old accounts, they are excess luggage dragging down your credit score. Remove erroneous previous addresses and other errors off your credit report. Try to get any "Charge Offs" removed by negotiating with your creditors. Wait until your score goes up to 680 if you're applying for a prime car loan.