If you are in the process of getting an auto loan with good or bad credit you will want to make sure that you go over the proper checklist so that your deal goes over well. There are many people that are not going to know what to look for before signing the loan documents especially if you are dealing with something a bit risky such as bad credit used car loans. If there is anything you should be very careful about and double check on it will be auto loans.
The Actual Contracts
Now when it comes to auto loans when you go in to sign the contract that is it and there will be no second chance. Most states are not going to have any kind of cooling off period that you go through so you will need to be aware of everything before walking in, so here are things that you should be looking for:- Selling Price - Make sure this is what you agreed to and that it is nothing more.
- Amount Financed - This should be the amount of the selling price with cash down payments and trade in equity included as well.
- Contract Term - This amount in months should equal out to what you and the dealer agreed to.
- Interest Rate - It should match your quoted interest rate.
- Monthly Payment - This is the amount that you are going to pay each month and once again needs to match what you and the dealer have discussed.
If there is anything that doesn't match what you have discussed then you should walk away instead of signing the contract. Make sure that when you get copies of every document that you signed from the dealer that you also get them to sign the copies as well.