To: NATIONAL EDITORS

Contact: Eric Hoffman of AWARE, +1-202-585-2808, +1-202-285-0810

4 Financing Tips for Todays Auto Shoppers

WASHINGTON, Oct. 16 /PRNewswire-USNewswire/ -- While the credit crunch has created an uncertainty about Wall Street and an economic slowdown on Main Street, financing remains available so auto shoppers should continue to do their homework before heading to the dealer, according to AWARE, a nonprofit auto financing education group.

There are still plenty of finance sources that can help consumers finance the car or truck they need, said Eric Hoffman, spokesperson for AWARE. For todays auto shopper that means keep doing what youre doing to be prepared. Approaching creditors with a solid credit track record and shopping for financing among different sources are still two of the most important rules to follow when considering financing.

Auto shoppers should not deviate from their proven approach to financing preparation. If youre considering financing a car today or within the next year, auto shoppers should keep their foot on the education gas pedal, Hoffman said. Its a competitive marketplace, and creditors will continue to vie for borrowers business. Consumers who are educated and informed about the auto financing process will continue to be the most satisfied with their auto financing decisions.

In todays environment, AWARE says the most important steps consumers should take to prepare for vehicle financing are:

-- Understand your credit history -- When credit is tighter, consumers with a strong credit history will still obtain the most attractive rates possible, but those with sub-optimal credit may find fewer financing options. Check your credit rating by obtaining your credit report from www.annualcreditreport.com. Immediately contest any errors, settle outstanding debts, and build your rationale for anything negative.

-- Evaluate your financial situation -- Determine how much you can afford to put down and pay on a monthly basis. A list of online auto financing calculators and interactive budget worksheets can be found at www.AutoFinancing101.org/LearningSuite. Once you settle on a budget, make sure you stick to it.

-- Shop around for financing --Given todays market place this has never been more important. Shop around for financing from a variety of sources including, banks, credit unions, financing companies, and auto dealers. Its in your best interest to use the competitive market to your advantage by considering all of the financing options available to you, and choosing the one that best fits your individual needs.

-- Past is prologue --Late or missed payments incur late fees and can even cause your vehicle to be repossessed. A bad payment record will also appear on your credit report, damaging your ability to get credit in the future.

American Financial Services Association National Automobile Dealers Association National Association of Minority Automobile Dealers American International Automobile Dealers Association American Honda Finance Corporation American Suzuki Financial Services AutoNation Ford Motor Credit Company GMAC Group 1 Automotive, Inc. Jaguar Credit Land Rover Capital Group Lithia Motors Mazda American Credit National Auto Finance Company Nissan Motor Acceptance Corporation Nuvell Financial Services Saab Financial Services Corp. Sonic Automotive, Inc. Toyota Financial Services United Auto Group, Inc. Volvo Car Finance North America Wells Fargo Auto Finance

SOURCE AWARE

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