Financing Your Dream Car

A new car can be a dream come true - if the nightmare of financing doesn't get in the way. But financing your dream car - intelligently - can now be easier than ever.

On the day that I sat in the Jeep dealership showroom, anticipating monthly payments I couldn't afford, the salesman returned with several figures. He told me that I could get an auto loan through one of five banks. Every one of those five banks was offering me a different rate and monthly payment. Granted, the payments didn't vary too greatly but I was amazed at the variety of finance options. After great deliberation, I ended up financing my vehicle through Chrysler Financial because they seemed to be offering me the best rate and terms. However, later, when the dust had settled, I realized that I should have taken the time to investigate auto loans available through my home bank. Perhaps the rates would have been better. It seemed impossible to know if I had made the right choice.

If you are contemplating shopping for a new car, and are researching models and pricing online, you will also find an abundance of resources for finding an ideal auto loan. You'll even find financial calculators that will determine your monthly payments based on the amount you are financing. You'll likely be inundated with offers once you begin the calculations - I recall a variety of pop-up windows offering me auto loans with low rates and various incentives.

But you'll find that the best time to purchase a new vehicle is when a dealership or auto maker has 0% financing available. Sometimes this is a difficult deal to find but it can be incredibly worthwhile. You will notice that not as many banks want to give you an auto loan for 0% but some of them still desperately want to compete for your business.

My husband was lucky enough to get 0% financing for 3 years on his new auto loan. Not only did he get a wonderful and reliable vehicle but the auto loan simply could not be overlooked. There are simply so many different auto loans available today that financing has to be incredibly competitive - which can mean unbelievable savings for consumers.

A great interest rate on an auto loan can sometimes be the sole determining factor for many people. Had my husband not received such a low interest auto loan, we may not have been able to pay the monthly interest that is customarily added to the payments. We drove his car home that night with smiles on our faces and confident that we had made the right decision.