Money Shots: How to land a great car loan

Though it's not yet spring car buying season, it's close. And for those planning on spending their Sundays hustling local car dealers, Kiplinger.com warns that the wealth of information available through the internet can both help and hurt today's buyer. Why? Because everyone forgets about the dealer's loan rate.

After exhaustively researching the sale price, sometimes a buyer will ignore the loan's fine print, which is based on information not easily accessible to consumers. On top of that, the dealer's closer is cut from tougher cloth than the yes man up front. Check out their video:




According to the article, "Dealers have also been known to bump the rate above what you should pay based on your credit history. If you qualify for a 6.5% rate but the dealer charges 8% on a 60-month, $20,000 car loan, you pay $900 more in interest. That's extra profit for the dealer."

So, what's a car buyer to do? Don't rely on the dealer. Have a good loan rate ready before you walk on the lot. You can get one from your bank, credit union or E-loan service. Then, make sure all parts of the transaction -- car price, trade-in value and financing -- are separate.

B. Brandon Barker is the author of the novel Operation EMU.