5 Auto Loan Information Sources for Reliable Research

Getting auto loan information from a reliable source is essential when comparing your quotes and negotiating your terms. The primary factors involved in understanding your auto loan are: value of your new vehicle, value of your trade in, your credit score and the terms of your new loan. Many people make the mistake of only focusing on the details of the new loan, but it is impossible to understand your new loan without understanding the financial factors playing into that new loan. Start with those factors, then move on to other sources to find out about the value of your loan.

Kelley Blue Book

The Kelly Blue Book (KBB) is a consumer information source detailing the actual retail values of a variety of products. You can use the KBB to determine the value of both your new car and your trade in. Determining the value of your new car will help you know when the dealer's price is too high. For determining the value of your trade in, the Kelly Blue Book will rely on factors such as mileage and condition. Ensure you have a general overview of information about your car to get an accurate idea of its value. 

National Auto Dealers Association

The National Auto Dealers Association (NADA) also lists prices and values of a variety of products, but they solely focus on automobiles. This organization is used more by auto dealers in determining trade in value. The NADA uses up-to-date information about the going price of similar vehicles at auction to determine these values. Because the NADA value is used more by auto dealers, you should consult it before pursuing a trade in in addition to the KBB.

TransUnion, Experian, Equifax

The three major credit reporting agencies will have current information on your credit score. Rather than just looking up your credit rating, look at a complete score illustrator to see the factors affecting you in a positive and negative direction. Any delinquencies should be at least 2 years old prior to looking for an auto loan. Work with the major credit agencies to remove erroneous information from your report.

Your Local Bank

Your bank will local information on average interest rates provided for auto loans. They may also supply you with an auto loan quote that will vary from the dealer's quote in a number of ways. While dealers offer a great deal of convenience with their loans, they also have a high amount of penalties for late payments or early pay-offs. Consider the full picture offered by your bank against that offered by your dealer to negotiate terms. 

National Credit Union Administration

The National Credit Union Administration (NCUA)  supervises credit unions across the United States. While the NCUA does not offer loans itself, it can provide key information on the average interest rates and terms of auto loans. The organization has a lot of information on federal loan programs as well, but most of these do not apply to autos. In terms of auto loans, the NCUA issues press releases regarding loan standards to keep the consumer protected.


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