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Tips for Getting the Best Car Loans in Washington, DC

July 23, 2019  

Tips for Getting the Best Car Loans in Washington, DC

Are you looking for a dealer that can give you outstanding car loans in Washington, DC? CarSmart strives to be a one-stop-shop for your needs. Whether you have good credit, bad credit, or no credit, we strive to provide you with excellent choices so you can drive off the lot happy.

Regardless of your credit, it’s smart to do your research and be prepared before you go in for an auto loan. Here are just a few helpful pointers, so you get the most out of your auto financing:

Know your credit score

Getting auto financing isn’t like getting your mortgage. Even if you have bad credit, you can still get a good car loan. The only issue is that the interest rate may be much higher if you have little to no credit. Prices go down significantly once you get over 650 or 700 on your credit score. Before you go shopping for your next car, see what you can do to work on your credit. If there are erroneous statements on your credit report that might be negatively impacting your credit, be sure to make the proper phone calls to get those taken care of right away.

Keep your loan term short

While a shorter-term loan can mean you pay more monthly, the interest payments can save you a significant amount in the long-term. Paying your loan off faster means less interest over time. It may be tempting to stretch out your auto financing payments for as much as five years or even longer, be sure to do the math and think about the interest rate and how much extra you would be paying on top of the vehicle’s value.

Put as much into the down payment as possible

One of the best things that you can do when you purchase a new or used vehicle is put down at least 20% of the total price as a down payment. The more you put down, the more you can take off of your initial loan. This not only makes your monthly payments cheaper, but it can even affect how high your interest rate is. If you can put down 20% or more on your vehicle, you can save a significant amount in the long term.

If you need car loans in Washington, DC that offer flexible terms in fair interest rates, you can count on CarSmart to bring you just that and so much more. To learn more about what we have currently on the lot, or ask about our financing options, stop by the dealership or call our team today at (888) 292-8115.

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