How to Get the Best in Auto Loan
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Did you know that most people pay hundreds or thousands of dollars more on auto loans than they have to? Choose the wrong auto loan and you might drastically increase the chances of defaulting and losing your car. Find out step-by-step how to avoid bad credit car loans. Car loans are certainly less costly than home mortgages, student loans, or other kinds of loans. So why do so many people end up defaulting and losing their cars?
Unfortunately, most people never figure out the total cost before signing on the dotted line. They end up staying up late at night trying to figure out how to make ends meet. They live in smaller houses. They skip going out at night. They don’t go on vacation.
Solution: spend as little on your car as possible.
The best buy? Many economists actually recommend buying a used car that's a year or two old. That way you can actually benefit from the fact that cars only drop in value. Even a car that’s just six months old may offer you a substantial savings. Just have it inspected thoroughly so you don't lose what you've saved on maintenance payments.
If you simply take the first loan the dealer offers you, you are probably paying too much. Do some comparison shopping on the internet, and bring a list of the best loans with you when you negotiate loan terms with the dealer. Don’t let the dealer cheat you by shifting the cost from the car loan to the car price to the deal on your trade-in. Make sure you get a good deal overall.
Make a list of different auto loan lenders and their interest rates and terms, before you go to the dealer (the web is usually the easiest way to do that). Did you know dealers get a commission on the loans they refer? If you’re not careful, that extra bit of money for the lender could mean you pay a higher rate than you would if you got the loan yourself.
GetTheBestAutoLoan offers the following Auto Loan Types:
Car Buying and Car Loan Basics:
Shop money first -- Many people make the mistake of shopping for a car, then worrying about how to pay for it. Instead, check into your financing options before you get near a dealership.
Know the true cost of what you're buying (and what you can afford) -- There is more to the cost of a new car than the price you pay for the car itself.
Know your quarry -- Before you get near a dealer's lot, you should have spent some time online getting to know as much about the vehicle you're thinking of buying as possible.
Compare Cars -- The more informed you are, the less likely it is you'll end up with buyer's remorse-or a bad deal.
Check into the available deals -- Avoid shopping for the latest, most trendy and popular models until the buzz has died down a little -- unless you don't mind paying every penny of full MSRP sticker, plus a little extra.
Never focus on the monthly payment -- "How much can you afford per month?" is a deceptive shuck and jive used by some car salesmen to get you to stop thinking about the total price of the car by focusing your attention on what appear to be "low" monthly payments.
Worry about your trade-in later -- You're buying a new car; haggling over your trade can be distracting.
Always take an extended test drive -- Buying a new car or truck without spending at least a few hours behind the wheel is a lot like getting married after that first date.
A very informative site provides answers and article on this topic - just visit Auto Loans & Lending Blog that specializes in the education of consumers interested in auto financing:
These are just some of the articles that can be found on the blog:
Unfortunately, most people never figure out the total cost before signing on the dotted line. They end up staying up late at night trying to figure out how to make ends meet. They live in smaller houses. They skip going out at night. They don’t go on vacation.
Solution: spend as little on your car as possible.
The best buy? Many economists actually recommend buying a used car that's a year or two old. That way you can actually benefit from the fact that cars only drop in value. Even a car that’s just six months old may offer you a substantial savings. Just have it inspected thoroughly so you don't lose what you've saved on maintenance payments.
If you simply take the first loan the dealer offers you, you are probably paying too much. Do some comparison shopping on the internet, and bring a list of the best loans with you when you negotiate loan terms with the dealer. Don’t let the dealer cheat you by shifting the cost from the car loan to the car price to the deal on your trade-in. Make sure you get a good deal overall.
Make a list of different auto loan lenders and their interest rates and terms, before you go to the dealer (the web is usually the easiest way to do that). Did you know dealers get a commission on the loans they refer? If you’re not careful, that extra bit of money for the lender could mean you pay a higher rate than you would if you got the loan yourself.
GetTheBestAutoLoan offers the following Auto Loan Types:
- Loans for New Cars
- Loans for Used Cars
- Refinance Your Current Auto Loan
Car Buying and Car Loan Basics:
Shop money first -- Many people make the mistake of shopping for a car, then worrying about how to pay for it. Instead, check into your financing options before you get near a dealership.
Know the true cost of what you're buying (and what you can afford) -- There is more to the cost of a new car than the price you pay for the car itself.
Know your quarry -- Before you get near a dealer's lot, you should have spent some time online getting to know as much about the vehicle you're thinking of buying as possible.
Compare Cars -- The more informed you are, the less likely it is you'll end up with buyer's remorse-or a bad deal.
Check into the available deals -- Avoid shopping for the latest, most trendy and popular models until the buzz has died down a little -- unless you don't mind paying every penny of full MSRP sticker, plus a little extra.
Never focus on the monthly payment -- "How much can you afford per month?" is a deceptive shuck and jive used by some car salesmen to get you to stop thinking about the total price of the car by focusing your attention on what appear to be "low" monthly payments.
Worry about your trade-in later -- You're buying a new car; haggling over your trade can be distracting.
Always take an extended test drive -- Buying a new car or truck without spending at least a few hours behind the wheel is a lot like getting married after that first date.
A very informative site provides answers and article on this topic - just visit Auto Loans & Lending Blog that specializes in the education of consumers interested in auto financing:
These are just some of the articles that can be found on the blog:
- Haggling to Get the Best Price
- Overbearing Car Payments
- Leasing Questions to Ask
- What Are Some Mistakes Made When Buying a Car?
- Using the Internet to Shop for a New Car
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