Have you enough money for car buying? Perhaps you've saved enough to pay cash for the car but are considering car financing. Do your budget homework first, then you'll have some idea of what you need before you go car buying. If you don't have a budget then you will need to figure this out with your lending institution. They'll make the decision on how much you need for a down payment and monthly payments.

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Now you have a price range to work with when you're car buying. Try to stay as close to the budget you have worked out. If you're too high then the lender will turn the loan down. Next, when car buying, research which kind of vehicle you need. Many people, when car buying, choose the wrong vehicle. Once you've made the purchase you will have to live or suffer with it. Take a look at what you want to do with the vehicle and how many will be riding with you. It's always better to have a little more space than you originally wanted. If it's too small you'll have to get a car-stretching device.

Obtain a copy of your credit report.
It's important to know what's on your credit report long before you apply for a car loan. Make sure that the information it contains is up to date and accurate. If errors are found, contact the credit bureaus immediately and have them corrected.

Get your credit score.
Credit scores are available online from each of the three credit bureaus: Trans Union, Experian and Equifax. The credit bureaus charge a small fee for allowing you to access your score, but it's really worth it. Knowing your credit score can provide you with information that could save you a lot of money in interest charges.

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Do this first and avoid any unpleasent surprises. Its easy to find errors on your credit report and have them fixed.

Target prime lenders first.
Try to obtain credit from a prime lender, since the rates offered by these grantors will tend to be dramatically lower than those offered in the subprime category. Different lenders have different ways of evaluating your score. Never assume that you're subprime just because your score isn't perfect. If you're a member of a credit union, get your loan from them, since their rates tend to be lower.

Investigate the tiers.
Speak with loan officers at the banks you're considering regarding their credit tiers (usually rated as A, A-, etc.) and how they correspond with credit scores and interest rates. Get copies of the appropriate matrices on paper; they'll prove invaluable in helping you get the best deals.

In closing, remember that a cheaper loan is always just around the corner. If your credit is such that you're forced to pay higher rates on your loan, take heart; timely payments on your loan, and careful attention paid to the overall state of your credit, can help vault you to prime status in as few as two or three years. At that point, you'll be in a position to refinance at a cheaper rate.