Get an Auto Loan the Smart Way

Did you know that most people pay hundreds or thousands of dollars more on auto loans than they have to? Get an auto loan the smart way. Read on.

Most people really get taken for a ride on their auto loan. Did you know that differences in the total cost of different auto loans can run into a thousand dollars or more? Here’s how you can get the lowest rate:

* Make a list of different auto loan lenders and their interest rates and terms, before you go to the dealer (the web is usually the easiest way to do that). Did you know dealers get a commission on the loans they refer? If you’re not careful, that extra bit of money for the lender could mean you pay a higher rate than you would if you got the loan yourself.

Get a credit report and figure out your FICO scores. Removing any incorrect negative information from your report will help you get a better deal. Knowing exactly what your score is will help you figure out what interest rate you can realistically get.

* Have bad credit? Try going to your credit union, bank or another institution where you have a relationship. Lenders like to help out established customers. If your bank still won’t help, online "bad credit auto loan" lenders usually offer better less expensive loans than dealers who advertise their great deals for people with poor credit.

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Use a vehicle loan calculator. It will tell you what your loan will cost each month. It saves you the time of looking at vehicles you can’t afford, makes you aware of what information you’ll need to apply for a loan, and is a "reality check" of your financial condition.

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Comparison shop, comparison shop, comparison shop. You don’t get the least expensive car by choosing a dealer at random, and you won’t get the least expensive auto loan that way, either.

Last Car News

True "sport" utility

BMWs in general are wonderful cars to drive, with impressive power and great handling which doesn't compromise the smooth ride. This 650i Convertible that I'm driving is no exception to that. Its got 360 horsepower, a 6-speed manual transmission and big grippy tires. And surprisingly, given the latest BMW designs, this car actually looks good.

The convertible top works very well, can even be operated at low speeds. The rear window powers up or down so it can be lowered with the top in place for nice ventilation, or left up when the top is down to act as an air deflector. At high speeds, with all the windows up, the wind barely rustles your hair.

So what's not to like? In a word, its I-Drive. I-Drive is BMW's system of using a single knob to access all of the standard driver controls, including ventilation, navigation, audio system, etc... I-Drive turns the ultimate driving machine into the ultimate annoyance.

It took me two days to figure out how to adjust the base on the stereo, and its at least three menus into the system. Changing stations is just as difficult, although I think there is a way to change them via steering wheel controls.

Everytime I got into the car, I would set it to "Sport" mode (tightens the suspension, improves steering response), I would turn off the stability control, set the navigation screen and trip computer screen the way I want them, and if it was raining, I would turn on the automatic wipers. After shutting the car off and returning later, I would have to do all of this over again. Extremely frustrating.

There is no reason I can see for this complicated way of accomplishing simple tasks like adjusting audio controls except for the fact that they had the technology to set it up this way. Technology for technology's sake is not useful.

The 650 I was driving runs about $85,000. As much as I love driving this car, the annoying I-Drive would make me look for an alternative.

--Perry Stern

BMW 6-Series - Annoying German Engineering

The FJ Cruiser is Toyota’s all-new retro-styled off-roader. I’ve had the opportunity in the past to take the FJ off-road, and found it to be extremely capable. However, this was my first chance to see how it takes on day to day driving.

The bold styling of the new FJ Cruiser is a big attention getter. Available in a number of bright colors, my tester was painted Voodoo Blue. It seems that everything about this vehicle is big: it’s got big tires, large grille, oversized mirrors trimmed with running lights (carry over from the original concept) – even the door handles are super sized. And one-upping all of the competition, the FJ Cruiser has three front windshield wipers, where all others just have two.

This big theme carries over to the interior, where knobs were designed to be operable while wearing gloves. Unfortunately, the back seat is not as large as everything else. Rear seat passengers are a bit cramped, and given the small rear windows, it’s also somewhat claustrophobic back there. Access to the rear seat is easy with rear-hinged access doors unless you’re parked in a narrow parking spot, in which case it’s almost impossible to access the rear seat. Cargo space is plentiful, and rear seats can be folded flat to extend the space.

The FJ Cruiser has plenty of power from its 239-hp V6, and it rides rather smooth on the pavement. Handling is not bad for a big SUV, however it is not terribly maneuverable in parking lots. The FJ needs almost 42 feet to turn around compared to a Hummer H3 that can make the same maneuver in five fewer feet. Visibility is also an issue – there is not much window between the back door and the rear of the vehicle. A very large blind spot.

Overall, Toyota has built the FJ Cruiser with the purpose of handling severe off-roading. And while a higher percentage of FJs will leave the pavement (intentionally) than most other SUVs, it’s still likely that most will never leave the road.

--Perry Stern