In whatever kind of loan you’re getting into, being successful doesn’t only translate to having your application approved, but landing the best possible deal. These are some points to remember in order to get the most out of your money when taking a car loan.

Request for your credit report. Whenever applying for a loan, the first thing that the lender would look into is your credit rating. If you have a good rating, chances are you can get a deal with the lowest interest. If you are well aware of your credit score in advance, you will already have an idea of how qualified you are and you can negotiate to get the best deal.

Meanwhile, if your credit rating is way less than perfect, don’t hesitate to postpone your application. Start paying your other bills on time and fix any wrong entries in your credit report. In a month or two, you’ll improve your score and you can finally apply for a better deal.

Estimate the long- term cost. Always remember that lending institutions have already devised and laid out well hidden traps in every deal. So be sure not to get blinded by lowest interest rates and any other extra that the lender claims to include. Make sure you consider the loan duration, or any downpayment that you may be required to provide in computing for the overall cost of the loan and compare with other deals of varying interest rates and durations.

Be ready to bargain. Smart borrowers are good bargainers. You must know in the first place what you’re getting into and know the right words to say. If the lender notices that you are someone who can’t be easily tricked, you can better your chances of getting a good deal.

Know when to say “no”. Lenders are known for the marketing hypes they have practiced for years, and you should immediately recognize twisted lies once you hear them. If you don’t like how the offer sounds at all, don’t be afraid to walk away.

Do not include any extra services in the contract. Remember that it is always the lender’s aim to make the most money possible out of your deal, so do not agree if he offers extra services to be included in the contract, such as warranties or insurances. Chances are, you’ll get cheaper rates if you get them outside of contract.

Read and understand the fine print. In every contract that you sign, make sure you read it very carefully and clarify any misleading terminologies. You need to understand every little detail about the policy before signing anything. In some cases, the presence of a lawyer would also be helpful to avoid the pitfalls some binding contracts may have.

Shop around for the best deal. One important trait for a borrower to land a good deal is patience. Make sure you don’t stop at the first deal, you came across. Keep in mind that there are others who can give you much better rates, especially if your credit score is pretty competitive.