January 16, 2018

Some Useful Tips on Your Car Loan

are you ready to make the decision to sign that car loan? have you decided on the make and model that you want? saving money on a car loan might be somethincar loang you will need so read these tips to guide you.

tip # 1: do your homework-know where to look at lenders who can give you competitive interest rates.  lenders are scrambling to do business with buyers so get the best terms that you can negotiate.

tip #2: know your credit rating: a good credit rating will give you better interest rates. this is also a good negotiating tool so arm yourself with your credit report before you sign a contract.

tip #3: stick to your budget-it is very easy to be persuaded to get a car that is better or more expensive. knowing your budget and your needs will make it quicker for you to stick to your priorities.

tip #4: be informed on the how much the car you want costs-this will save you money in the sense that you will not be overpriced when you are negotiating with the dealer.

tip #5: get the details of the transaction clearly from the dealer-know how much the car will be traded-in the future and how much the financing costs will amount to.

tip #6: don’t believe everything the dealer suggests- the dealers are there to make money out of every transaction. compute everything that they offer and make comparisons yourself. an informed decision is always the best course of action.

tip#6: long term-loans are not advisable-the longer the loan, the more you will be paying and the vehicle will depreciate in value as the years go by.

tip#7:ask if you can pay-off the loan earlier than what is in the contract and if there are any penalties for doing so.

remember to arm yourself with the right information before you talk to a dealer. negotiate in your best interest always and know your worth as a customer. stick to your budget and needs. with these in mind, you won’t go wrong and you are on the way to driving home your dream car.

 

For more information, visit Cons of Vehicle Finance.  Or you could also look at Tips for Car Financing




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