Personal | Business
We’ve upgraded your online banking security.
Personal | Business
Shopping for a car can be complicated and time-consuming. It involves balancing your desires with your economic reality, deciding whether to buy or lease, and knowing what is the best deal for you. To make the process more efficient and improve your chances of driving away happy, you will need to consider:
While it is possible to buy a car with no money down, you will end up paying a lot more for it if you do. The more you borrow, the more the car will ultimately cost.
To decrease the amount you finance, it is wise to make a significant down payment. With enough savings, you may be able to purchase a car outright (typically an option when buying a used car, rather than a new one).
Effective saving begins with first determining how much you want to save, then setting a reasonable date to achieve your goal. Using an automatic deduction can make the process easy. You can arrange with your financial institution to have a set sum deducted from your checking account and automatically deposited into savings.
After you determine how much you can afford to spend, the next step is to decide between buying new, buying used, or leasing. It is important to be familiar with each option’s positive and negative aspects.
Because financing increases the total cost of the car, the loan you get is very important. Make sure you understand the following aspects of the loan agreement before you sign any documents:
There are various financing options available to you when you purchase a vehicle. Be sure to look at all of them and choose the one that best fits your needs.
The total amount you will pay for your car depends on its price, the annual percentage rate (APR), and the length of the loan. When shopping for the best deal:
To get the best price on your new car, you will often have to negotiate with the salesperson. Developing your bargaining skills will be worth it to you in the end, as it can often save you 10 to 20 percent of the advertised price. You may be able to negotiate a particularly good price on overstocked or less popular cars.
But remember – a deal isn’t a deal if you end up with a car you don’t really want. Sometimes ordering a car will save you more money then negotiating for one on the lot, as you won’t be paying for unnecessary options.
If you already have a vehicle, you will likely be selling it and using the profit to pay for all or part of your new car. To get the best price, make sure you know your car’s worth. Check reference books or the Internet to know its value. Try Kelley Blue Book and NADA. After that, you have two options: