Getting an Auto Loan Quote the Old Fashioned Way - By Phone

If you need an auto loan quote, but getting one online seems either unsavory or impossible, then giving potential lenders a call is the next best option.

Are You Ready?

To apply for a loan, you need to be at least 18 years old. For quick and easy approval, you should not only have a good credit score, but make sure that any disputes regarding your credit score are cleared up before making the first call to a lender about your auto loan quote. You can receive free annual credit reports from Equifax, TransUnion, and Experian, or pay for this service. If you need to dispute a mistake on your credit report or improve your credit score, it is best to wait a few months before obtaining a quote.

Be Prepared

To save yourself time and trouble, prepare all necessary personal, financial, employment and residential data before calling lenders. Have the following information organized and close at hand when you start asking for auto loan quotes:

  • your social security numbera pay stub or a copy of your last pay check

  • your banking information

  • recent utility bills in your name

  • your credit score

Since your loan depends not only on your personal finances, but also on the vehicle you wish to buy, you should also know the specifications and value of your purchase. You need to know not only the price of the vehicle the car dealer is asking for, but also the vehicle's blue book value. This is especially true if you are buying a used car. If you plan to trade in your current vehicle, make sure to research its value as well. You can find a copy of the Kelley Blue Book Car Guide at local book stores, libraries, and online.

To make the most out of each of your phone calls, have questions about the auto loan quote prepared. You will want to make sure you understand all the terms of the loan, including the annual percentage rate (APR), whether you are receiving an introductory rate, and what the term of the loan is (typically 36, 48, or 60 months). If you are receiving an introductory rate, you will want to know what the rate will be after the introductory period. You may also want to ask if the are any additional incentives or discounts, and how changes such as a shorter term or larger down payments will affect the rate.

Find Lenders

Your local yellow pages are a great place to find lending institutions. Your bank will probably offer you some of the best options, but make sure to call three or four other potential lenders as well to see what type of car loan quotes they can offer. Other banks, credit unions, and car dealerships should all be able to offer you auto loan quotes.

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