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Financing your dream car

Published by sam - 31/08/07 - 07:08:28 am

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Excited to drive the hottest ride in the city but do not have the money for it? Consider the following to finally get your dream car:

Do your homework. Checking the Internet and newspapers, contacting car dealerships, credit unions, and local banks will help you to see what kind of deals you can get. Knowing also offers from a car dealer’s competition will help you during negotiations.

Plot your budget. A good rule of thumb is roughly 20% of your net monthly income can be used for car amortizations. Once you have the figure, stick with it. Apart from down payment, estimate early on expenses for licensing, registration, insurance costs, gas, maintenance, etc. Through this, you should have a ballpark figure of the budgeted amount you need for car payments.

Compare interest rates. Many car buyers focus on getting the lowest possible down payment. But by doing so, you will end up paying more in the long run. Most auto dealer financing plans only show monthly amortizations. You need to find out what the interest rates are for each. Then check out what banks offer. Compare interest rates across different options to help you decide which is best for you.  

Prepare to deal with car dealers. Car dealers are professional negotiators. They have the upper hand. So the more you know and the more prepared you are – knowing exactly what car you want, how much you can afford, what extras you really want, how much it actually costs if you get the add-ons outside, and the like – the better off you will be.

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