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Want to Finance a Car? Learn What You Need to Know Today

August 5, 2014 | Financial Tips | No Comments

Financing a car is something most people do, especially first-time buyers. After all, it can be quite difficult to come up with enough cash to buy a new car or even a quality used one out of pocket, even if you have a good job. While financing a car may be common, it isn’t always simple. Use this guide to help you understand how to make sure you’re getting a good deal that won’t be a bad bet in the long run.

Talk with your lender about financing specials. They may be able to direct you toward buying a certain type of vehicle to lower your rates. For example, many lenders offer lower rates if you buy a new car instead of a used car.

Don’t just assume the bank is going to give you the best deal. Sometimes you can get special rates through the dealership or even through a credit union if you have access. You might be surprised at how many options there are out there for financing a car if you just do a little research.

Consider taking a shorter loan term if you can afford it. Five year loans equal lower monthly payments, but you could pay thousands of dollars more in interest. A two year or three year loan could save you cash in the end.

Question the dealer about a zero-percent car finance deal. Some will offer this for short terms or for part of your loan. Paying the car off during the interest-free time will save you a lot of money.

 

 

 

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