“Many consumers do not realize they have options for the financing of his car outside the dealership, “said Brian Reed, vice president of Capital One Auto Finance. “There are some options for consumers finance their car directly in front to trust the dealer to perform that service for you.”

Because education is the key to the best deal when financing a car, Capital One Auto Finance offers a potential car buyers the following helpful tips:

Set a realistic budget. Choose a vehicle not overextend financially. A general rule is that no more than 15 percent to 20 percent of its total monthly budget should go towards the car of all related expenses.

Check your credit history. Request a copy of your credit report to ensure its correct and in good shape. Correct any errors before applying for a loan.

Arrival of the funding in his pocket. Having approved, no obligation financing in hand gives you a competitive advantage when you buy, gives you the power of a cash buyer. If the dealer offers a better loan rate, you can take without penalty.

Approach your purchase as three transactions. It is best to treat each part of the purchase separately: 1) Funding, 2) in commerce, and 3) vehicle purchase. This will simplify the process and maximize opportunities for negotiation.

Duration of the loan to match expected length of the property. Select the loan term based on how long you plan to have the vehicle. Buyers who take long-term loans can find themselves “upside down” of their loan (owing more money on the car than it is worth in trade).

Carefully review the terms funding. Make sure you know your interest rate, monthly payments, amount you are financing, the length of your loan and your trade-in value.

“If car buyers would spend just a fraction of time researching their auto loan as they do the latest features of your new car, which would be surprised by the amount of money they could save, “said Reed of Capital One