It often happens that a person will ask about an auto loan then go away only to return some future day hence expecting the same loan rate. But to the person’s surprise the quoted loan rate had gone up. There was no written quote or document stating the quoted amount so the borrower lost his chance to get a loan at a lower rate. This could have been avoided by getting your auto loan quote in writing.
However, understand that just because you got your quote in writing doesn’t mean that you are guaranteed those quoted rates. If you wait too long then the rates will go up and the quote is no good. If, for instance, you waited six months then you waited too long and you’ll need a new quote in writing.
By getting your auto loan quote in writing you protect yourself and your lender. No one can say that the deal you want to agree to is not a valid deal. A good auto loan quote will have the date of the quote in writing, the amount of the proposed loan and the interest rate. It should also include other pertinent details like the total price of the car you are buying and the make, model and year of the vehicle. This ensures that your loan applies to the specific vehicle you want to purchase.
An auto loan is an important business agreement. You need to understand all the details before you agree to it. Get it in writing.