If you are like most car buyers, you will finance your new car purchase. You are probably also excited. Don’t let your excitement cloud your judgement. Whether you are applying for a loan using your excellent credit or searching for bad credit car loans, you should keep some things in mind.

Get the Best Interest Rate

Probably the most important thing you can do to save money on your financed car is to negotiate the lowest interest rate possible. Whether you pursue financing from banks, credit unions, financing companies, or the dealership, a lower interest rate could save you thousands over the life of your auto loan. As such, if you are going to negotiate any part of your new car purchase, you probably want it to be your interest rate.

Pick a Good Loan Repayment Date

If you can, think about what day of the month is best for you to make your loan payment. Try to pick one when you will have the funds immediately available. If you typically get paid on the 1st, you might not want your loan payment to be due on the 30th. Because of late fees and charges, you don’t want to be late with your payment.

Ask About Loan Fees

While you might know the price of your car and the interest rate, you might not realize all the fees associated with your loan. Ask your lender for an explanation of any additional costs you will pay. In particular, check if there is a penalty for early loan repayment. Since you will likely want to make an extra payment or two a year to reduce the overall amount you will pay on your loan, you want to be sure you aren’t diminishing any benefit with early payment fees.

If you need a regular loan or a bad credit car loan, you should consider these three tips to get the best loan possible.