Financing With A New Car Loan

If you are buying a new car you may need to consider financing. Most car dealerships offer financing. To ensure that you are getting the best deal, always compare lenders to see who has the best rates. Be prepared when buying a car to ask questions and compare the dealership’s financing to other lender’s auto loan quotes.

Don’t focus too much on the monthly payment. Your monthly payment depends on the price of the vehicle, the APR and the length of the loan. Just remember that by doing your homework, you could save hundreds maybe even thousands of dollars. Sometimes dealers offer very low financing for certain vehicles or models. However, they won’t negotiate on the price. You may be required to make a larger down payment in order to receive special rates. Sometimes it is more affordable to pay a higher financing charge on a car that's lower in price or to buy a car that requires a lower down payment. Check the numbers to see what works for you.
If you have a vehicle that you want to use as a “trade-in”, be sure to research the value ahead of time. Whether you go to your local library or go online, there are plenty of resources to help you find what your car is worth. Do not discuss trading in your old car until you have reached a negotiation on the price of your new car. Keeping the negotiations separate will help you get the best deal and save you money.

In the process of financing a new car, most dealers offer other services as well. Some dealers offer credit insurance in case you should become disabled or die before the auto loan is paid off. Make sure that you avoid duplicating benefits by checking your existing policies before you decide to buy credit insurance. Federal law does not require you to purchase credit insurance. So if your dealer requires you to purchase credit insurance, be sure that it is included in the cost of credit and not added as an extra charge.

Service contracts are also offered by dealers as well as by manufacturers and independent companies. Some service contracts provide coverage beyond the manufacturer’s warranty so read carefully when deciding if a service contract is right for you. New cars are automatically covered under the manufacturer’s warranty so purchasing a service contract only adds to the cost.

Before you purchase and/or finance you new vehicle, be prepared and weigh your options so that you can get the best deal possible. Read over your contract thoroughly and any other paperwork that you signed before leaving the dealership. Finding a new car is a challenge in itself. Know the steps to take to ensure that you are making the right decision and saving money on your new car loan.

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