Here's an example of how to purchase a car for less, perhaps saving thousands on your purchase. You can do this before you go to the local dealership to pick out your new car.

A good friend of mine confided in me about an interesting way to save thousands of dollars when purchasing a car. First, he predicted the car dealer would attempt to know more about his credit report than he could, and they would surely exploit that advantage. So, first he got his credit report online, and then he applied to an online loan company for the amount of money he needed to purchase the car. Now, when he sat in front of the dealer, he was a cash buyer. As he held a blank check from the credit company, he had thereby arranged in advance for the best possible financing. He had shopped around for the lowest bid for this type of vehicle online, and he presented the car dealer with that information, along with the offer that if they would save him a little money, he would be happy to buy his car from them. After all, if they wouldn't do this, he had a better offer elsewhere. The car dealer excused himself to speak with his sales manager, and a few minutes later my friend purchased his car at a significant bargain, with payments at the best rate available on the Internet. That's a bit of creative car financing!

When you're ready to shop around for a competitive car loan, on both sides of this article are some credit companies to get you started.

According to a study by CNW Market Research, approximately 63 percent of Internet users who are likely to purchase a new car would prefer to finance online rather than at a dealership, local bank or credit union.

But does the thought of shopping for a loan over the Internet make you a little timid? Do you question the security and reliability of the site? Or were you unaware that online financing was even available?

What Sets Online Lenders Apart?

While searching for auto loans has previously been limited to banks, credit unions or dealer financing, online banks tend to offer some good deals and allow you to research vehicle loans from your home or office with peace of mind. Since online lenders tend to offer lower rates and quicker approvals than banks, they're worth checking out.

As one of the first lenders to provide loans for new or used vehicles online, PeopleFirst.com offers a simple and secure application, a response within 15 minutes during business hours and competitive rates. You can further reduce your interest rate with PeopleFirst by choosing the automatic payment plan. Plus, the company goes one step further than pre-approval by giving you a Blank Check® that you use (up to your approved loan amount) to pay for your car, eliminating the time you would spend at the bank and reducing your time at the dealership.

While most consumers invest their time researching the vehicle they want to purchase, they often overlook all the financing options. Finding the best loan may not be as fun as test driving your new vehicle but with a little time, researching your financing options online can save you more time and money at the dealer.

Blank Check^® is a registered trademark of PeopleFirst Finance, LLC.

Know your Credit

Know your credit history before you apply for any loan so you can avoid any surprises and possible delays when you apply for financing. Correcting any errors or discrepancies on your report before you apply could result in a lower interest rate, saving you money.

You can order a copy of your report on the Internet or by phone from the three major consumer-reporting services.

Equifax:
www.equifax.com
800-997-2493

Experian:
www.experian.com
888-397-3742

Trans Union:
www.transunion.com
800-888-4213