Car buying tips and advice

The Internet has changed car buying forever, and that's good news for you. The old car salesmen tricks are being wiped out by freely available research. Knowledge is indeed power -- and knowledge can save you money.

Don't go car buying without knowing your credit score. You can get your credit score online from a number of places.

Know how your credit score will translate into an interest rate. You can find that information at MyFico.com.

Know what banks are looking for. Your chances of a loan approval will go up if you've been at the same job and the same address for more than two years.

Know your price range. Banks use ratios of debts and income to gauge your creditworthiness. If you've had credit problems, or if you're young and just starting out, a car in the $7,000 to $12,000 price range will translate into a manageable payment.

Research car bargains in that price range. There are great automotive research sites out there, including Cars.com, Edmunds and Yahoo Autos. At AutoLoanCentral.com, you can see specific recommendations in specific prices ranges for the best cars for bad credit customers.

Don't focus on the monthly payment. Experts say to focus on the overall cost of the car because any monthly payment can be met if you stretch the loan out long enough.

Know what gap insurance is. Some banks will require it.

If possible, try to put 12 percent down. Last year, financing 95 percent of the car's value was routine; nowadays, according to published reports, 88 percent is becoming more and more common.