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Auto loans and insurance are two costs that you have to account for if you are going to own a vehicle. The loan is the amount that you finance to buy the car while the insurance is what protects your investment until the loan is paid off. What are some good ways to find the best prices on auto loans and auto insurance?
Improving your credit score can get you a lower rate on your loan as well as a lower rate on your insurance premium. This is because you are seen as more responsible with money by the lender and responsible in general by the auto insurance company. Improving your credit may also eliminate the need for a cosigner for the loan or a down payment for both the loan and the insurance policy.
Before taking out an auto loan, take the time to find a lender, such as BlueSky Auto Finance, that meets your needs and budget. Even if you have poor credit or no credit, there are lenders willing to work with you. When it comes to buying auto insurance, make sure to compare quotes from at least three different companies. This can be done online in a matter of minutes. If you find a policy that you like, you can buy the policy and download your insurance cards in minutes.
The end of the model year is when you may get the best deal on financing. This is because dealers may offer 0 percent interest or other perks to get you to purchase a vehicle before vehicles from the next model year come in.
To get the best auto insurance rates, you should ask about any discounts that you may be entitled to. If you have just turned 25, gotten married or haven't had a claim in the last six months, you may get up to 10 percent off of your current premium. Teen drivers may be entitled to discounts for doing well in school or taking a driver education course.
Ideally, you won't spend more than necessary to purchase and insure your vehicle. However, this depends on your willingness to shop around and ask questions about what you are paying for. It will also depend on knowing what you need and how much you can afford to spend to meet those needs.