What's the bottom line? Get to it quick at BottomLineDeals.com!

Driving Home Scenario:

Husband: "See honey I told you I could bring him down another $1500.  Reading Bottomlinedeals.com car buying section allowed me to get 3 different quotes, check MSRP's and negotiate the pants off of him."

Wife: Wow sweetheart you are the best.  I knew my family was wrong about you.

At the dealer:

Finance officer:  Look at this interest rate! Ha ha ha!  These people have no idea how the game works.  He was so preoccupied with his  "negotiated $1500" we upped the interest rate and have the $1500 back plus $5000 more!

Don't think this happens?  Think again.  The business of selling cars has a two-pronged attack and the second and newest prong is the one you should watch more closely.  I'm talking about financing.  Financing a car is where the real money is at for the dealership, especially given the state of the economy.

So what does this mean?  The consumer must shop for financing the same way they shop for the car.  That's right, you have to "shop" for a car loan.  I know what you're thinking, "Can't I just finance the car through the dealer?"

You can get the financing at the dealer, but dealer financing may or may not be the best option for you. The single advantage of financing a car at the dealership is convenience--you buy and finance the car at the same place. The main disadvantage is the variation of interest rates, since the difference between what the dealer "sells" you the financing for and what they "buy" it from the bank for, is their profit. This is why it is so important to do your comparisons before you enter the dealership!

So where else can you get a loan?

Here are three other options:

• Lending Tree allows you to shop for loans the same way you would shop for cars.  You can get quotes from four different lenders that are competing for your business.

• Compare against your local bank and/or credit union. After you have made your online comparisons, make your offline comparisons. The advantage of your local bank is that there is the possibility of a personal relationship with your banker. The disadvantage of a local (and smaller) bank may be an uncompetitive rate. If you have the availability of a credit union, the advantage here is the convenience of having your car payments deducted from your pay. The disadvantage is that you are tapping what may be an unsecured line of credit for a car--meaning what would normally be an easily accessible loan from your credit union (if, for example, you ever needed for an emergency) may no longer be available to you.
  
• Home equity loans have become a popular way to finance a car in recent years. The advantage is the possible tax deductibility of the interest paid on such a loan. To get comparisons of home equity loans, you can visit a source such as Lending Tree's Home Equity Comparison Section. Note: The IRS will only allow you to deduct interest on a loan amount that does not exceed the value of your home, for good reason. Borrowing in excess of your home's value is not recommended.

Extra! Extra! Extra!

Your credit rating plays a significant roll in how "attractive" your loan will be.  If you don't have a current copy of your credit report, you can get one for free by clicking below.

Click here to get a free copy of your credit report and make sure everything is order.

If your credit isn't the best then here are two great options:

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