These days there are countless options when it comes to car loans. Unfortunately, not all loans are created equal. Here are the steps that we’ve found to be most helpful when shopping for the best loan:
Step 1 – Know Your Financial Position
Take inventory of the following:
- Your credit report and score — a FICO score of 730 or higher gets the best rates.
- Make sure your income is enough for the amount of the loan you want.
(The monthly payment should not exceed 10% of your monthly income.)
- Consider your other financial obligations.
- Figure out how much savings you need for the down payment or collateral.
Step 2 – Do Your Homework
Typically, financing a car loan comes from two options — either through a bank or credit union or through the dealer from whom you purchase your car.
Did you know? Participating Rochester area dealers provide the benefit of ESL best available rates with the convenience of shopping directly at a dealer. Here’s how it works:
- Go to one of our participating dealers.
- Negotiate the best deal and ask for ESL financing.
- Double check our ESL rates while you shop.
We’d be honored to be your auto lender at ESL.
Step 3 – Apply for the Loan