Comparison shop low interest auto loans

Car dealers continue to rake in huge profits each year from the use of high pressure tactics and deal making sleight of hand that puts the advantage clearly in their favor and usually ends up costing the consumer dearly. Get approved for your auto loan before you buy your car. You'll get a better deal if you've got pre-approved.

SItes you can comparison shop auto loan programs:

How to get a better deal on your auto loan

Credit scores affect car cost. According to Fair Isaac Co., improving a credit score of 659 by 30 points would lower the payment on a four-year, $20,000 car loan by $20 a month.

To get a better rate on your loan, the best strategy is to get prepared. Here are some ways to score the lowest loan rate on a new vehicle:

• Know your credit score before you walk into a dealership. In fact, you should know your credit score before you apply for any kind of loan, insurance or even a job.

• Walk into the dealer pre-approved for financing with an offer in hand. If you don't know what it is you should be paying, they can tell you anything.

• Challenge the dealer to beat the rate. Dealers usually have their own outside financing relationship aside from the manufacturer's offer. Like everything else in a car purchase, the loan rate is also negotiable. Financing should be the final part of your discussion with the salesperson, after you've settled on a purchase price.