December 05, 2001
By: Bev Dodd
Auto Loan: Take it for a test drive
Maintaining a high credit score before you get an auto loan isn't that difficult. Also keep your insurance up to date after you get an auto loan could save you money. We'll discuss this more below.
Maintaining your high credit score should be an ongoing process, not a task you rush into when buying a car or applying for a auto loan. In fact, that's the worst time. Banks will reject you if you have current disputed items on your credit report, until it resolves in 30 days. It can take 60 days to clean up your credit score, so don't apply for any new credit until all disputes are resolved and you verified the FICO Score.
Make sure you keep your auto insurance up to date after you obtain a auto loan. If you don't, many lenders will add single interest insurance. It only covers the lender, does not satisfy your legal obligation to provide no-fault insurance, and costs substantially more than you'd pay if you obtained full coverage insurance yourself.
Never enter a dealer without competing quotes to keep them in line and for you to get the best price for your auto loan. Show them you did your homework and get your instant credit history report and FICO credit score.
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Bev Dodd is a successful author and publisher of http://www.family-refinance-consolidation-loans.com.
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