Driving A Good Deal On Auto Finance
After the car has been test-driven, the papers have all been signed and the keys are in hand, youare likely more worried about getting your new car home and showing it off than you are about whether or not you got a good deal on your car loan. But as the excitement wears off and the first payment draws closer, you may find yourself asking: how do I know I got a good deal on a car loan?
Thing is, you should definitely start asking this sort of question before you ever even set foot inside a dealership. When you go shopping for a new car well prepared, with all the facts and figures you might need, it can really help cut down your stress levels with such a big purchase! Plus, if you're prepared in advance, you don't spend the next five years thinking "did I really get a good deal on this car loan?"
Consider your car loan history before anything else. Have you ever financed a vehicle before? Were the payments all made on time, and did I pay the loan off early? Or was the vehicle repossessed when I lapsed on making the payments? Your previous car loan history will have a big impact on whether or not you get the car loan youare after.
Next, researched the make, model, and year of the vehicle you want to buy. If itas brand-new, you may want to consider waiting to see what itas resale value will be later on, or if itas a reliable model. If itas used, youall want to check around with other owners to see how well their vehicle help up over the years of use.
Once you've got all this information and done your research, you should look into auto insurance. Where you get your car insurance from is definitely something you want to sort out before you step into the dealerships - that way, you don't get a huge shock when you find out how high the premium is on that fast sports car! Apart from anything else, most dealerships will want to know you have insurance in place before they hand over the keys for you to drive away.
With all of this done, you're probably just about ready to head out to the showroom and pick out your new ride, but hold off - you're not ready just yet! Before you start talking to dealers and negotiating on price, you should put some time into researching loans by yourself. Despite what a lot of people think, you do not need to take the loan the dealership offers you - you can arrange your own financing yourself, and if you can find a better rate, you should take it!
This can take a while, so set aside a few weeks before you are ready to buy, so you can apply for loans that interest you, and you've got time to get notification that you've been approved. Once you're approved, remember that doesn't mean you are committed to taking the loan. Look at the details of the loans you've got approval on, and check out which one offers you the best deal. The main thing to look at is interest rates - the lower the better!
Now, head to the dealership, and after youave settled on the car and the purchase price, let the dealer know that youave already got your loan in place, but youare willing to secure a loan through the dealership if they can offer better terms. They may be able to go even lower on interest, since they make more money if you secure a loan through them. Now, when youare driving your new car home, and you wonder, how do I know I got a good deal on a car loan? Youall know you did, because you did your research, and came prepared. - 2368
Thing is, you should definitely start asking this sort of question before you ever even set foot inside a dealership. When you go shopping for a new car well prepared, with all the facts and figures you might need, it can really help cut down your stress levels with such a big purchase! Plus, if you're prepared in advance, you don't spend the next five years thinking "did I really get a good deal on this car loan?"
Consider your car loan history before anything else. Have you ever financed a vehicle before? Were the payments all made on time, and did I pay the loan off early? Or was the vehicle repossessed when I lapsed on making the payments? Your previous car loan history will have a big impact on whether or not you get the car loan youare after.
Next, researched the make, model, and year of the vehicle you want to buy. If itas brand-new, you may want to consider waiting to see what itas resale value will be later on, or if itas a reliable model. If itas used, youall want to check around with other owners to see how well their vehicle help up over the years of use.
Once you've got all this information and done your research, you should look into auto insurance. Where you get your car insurance from is definitely something you want to sort out before you step into the dealerships - that way, you don't get a huge shock when you find out how high the premium is on that fast sports car! Apart from anything else, most dealerships will want to know you have insurance in place before they hand over the keys for you to drive away.
With all of this done, you're probably just about ready to head out to the showroom and pick out your new ride, but hold off - you're not ready just yet! Before you start talking to dealers and negotiating on price, you should put some time into researching loans by yourself. Despite what a lot of people think, you do not need to take the loan the dealership offers you - you can arrange your own financing yourself, and if you can find a better rate, you should take it!
This can take a while, so set aside a few weeks before you are ready to buy, so you can apply for loans that interest you, and you've got time to get notification that you've been approved. Once you're approved, remember that doesn't mean you are committed to taking the loan. Look at the details of the loans you've got approval on, and check out which one offers you the best deal. The main thing to look at is interest rates - the lower the better!
Now, head to the dealership, and after youave settled on the car and the purchase price, let the dealer know that youave already got your loan in place, but youare willing to secure a loan through the dealership if they can offer better terms. They may be able to go even lower on interest, since they make more money if you secure a loan through them. Now, when youare driving your new car home, and you wonder, how do I know I got a good deal on a car loan? Youall know you did, because you did your research, and came prepared. - 2368
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posted by Frank Potter at 5:49 AM
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