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New Car Finance Money Saving TipIf the manufacturer offers you additional rebates in exchange for you financing through the manufacturer, then you should take their car financing. Then once you have the rebate and received financing from them, go refinance your car loan online to a lower rate through Capital One Auto Refinancing Loans, or you can Refinance your car loan through HSBC Auto Finance. To learn more, read our Chapter on Auto Refinancing Tips & Scams. How your credit score affects your auto loan ratesPeople with bad credit pay higher auto loan interest rates. It can hurt your job prospects, insurance companies check your credit too. Get your credit report instantly online, it's a must for The Folder. DO NOT apply for a new car loan until you get your credit report WITH credit score. Get it online at Experian, Equifax or TrueCredit. Remember, you can run your own credit file all you want, but if dealers run it for new car loans, then your score drops a bit, and credit bureaus try to treat all of them as one hit if it's inside 30 days. If your score is < 550, don't apply for new car loans until you learn how to repair your own credit . Your last auto financing resort is a bad credit auto loan. Some lenders run your credit score, as well as an Auto Fico score, which is an indicator of your past history with car financing. If you have no car financing in your past, some prime lenders will reject you. Capitol One Auto Finance uses your credit score and does not use an Auto Fico Score. New car finance Rule: Don't trade in a car that you still owe money onI get complaints from people who traded in a car they owed money on for new car financing and 2 months later were shocked to hear the new car dealer did not pay off their car loan in 10 days as promised. With this scam dealers pay you less for your trade. When the bank calls, YOU are responsible because the old car loan is still in your name, until the dealer pays it off. If you trade a used car in for new car loans, make them put in writing they'll pay off your trade in car loan in 10 days. If they won't, walk away from the deal.
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