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Here are five simple steps that could help you get a better deal on your auto loans.

1. Find out what your credit report says

The interest rates that are offered on auto loans are closely linked to borrowers’ credit reports and credit scores. The worse your report, and the lower your score, the more you’re likely to have to pay.

Before you think of applying for auto loans, get hold of a copy of your report. According to the Federal Trade Commission, you’re entitled to one free annual credit report, and the only authorized source for that is the website, AnnualCreditReport.com. Other websites may offer free reports, but they’re likely to be promotional incentives to sign up for a continuing (and paid-for) credit monitoring service. Of course, there’s nothing wrong with these in principle, if that’s what you require.

2. Fix your credit report

Companies that say they can fix your credit report are generally lying.

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- Before you decide to walk away from your mortgage, consider the real, long-term costs.With over eleven million Americans owing more than their houses are worth, its no surprise that many homeowners are considering walking away from their mortgages. Its especially tempting if you are out of a job or experiencing other financial difficulties and struggling to make bloated monthly payments.

With so many people in trouble, even the social stigma of ditching your financial commitments isnt as great as it once was.

Do you have a job lined up for the summer? Are you planning a great vacation? Taking a summer class? Whatever youre up to, we want to know about it! Take our poll to let us know what youre plans are this summer

ScholarshipPoints members, login to ScholarshipPoints now to redeem the code SUMMERPLANS for 15 scholarship points. Code expires on Wednesday, June 1st, 2011.

Last week, this blog (Poor credit auto loans are within reach) reported on research that suggested that lenders are approving more auto loans for people with poor credit. On Thursday, Experian, one of the nation’s big-three credit bureaus, published a new survey that confirmed the trend.

Auto loans for prime and subprime borrowers

People with stellar credit scores could generally obtain auto loans (although some were turned down) even in the darkest days of the Great Recession. However, lesser mortals, who had either good or poor credit reports, frequently found it impossible to finance a car purchase.

The extent to which this has changed was reinforced last Thursday when Experian released new data that showed that the share of auto loans for new vehicles going to subprime borrowers was up by 11.1 percent between the first quarters of 2010 and 2011.

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