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Thu, 12 March 2009
Helpful Information – Buying a Car: Auto Loan Tips and Car Buying Tips
Learn to buy smart and save thousands by following our buying tips.
Buying a car is one of the most exciting purchases you can make. If you do a little research before your purchase you could save hundreds, if not thousand of dollars. Vehicles are not a good investment. The second you drive them off the lot, they lose value. By following a few of our buying tips, you will be able to make a smart purchase, save some money and enjoy your vehicle for years to come.
1/Do your research
It is worth your time to do a little research on the type of vehicle you are looking for. The internet makes it easy, offering information through websites like Kelly Blue Book and Cars.com. You can search these websites for free information on model prices, current values, features and more. This will give you an advantage when shopping for your vehicle. You will know in advance what the vehicle is worth and be able to negotiate a lower price.
Shopping for your auto loan online is not only convenient, but auto lender’s rates online are often much lower than auto loan rates at dealerships. Not only can you compare rates online, but there are auto loans available for all credit-types. And you don’t have to deal with salespeople.
Almost instantly, after you fill out your online application, you will receive your approval through email. You will then be mailed a check for a specified amount to be made out to the business or person selling the vehicle.
Should you decide not to use the check, you can simply disregard it. Getting approved for your auto loan in advance can give you an advantage when negotiating your final sale price.
3/Buy used cars instead of new
As soon as you drive a new car off the lot, you could be “upside down.” Meaning, you owe more on your auto loan than the vehicle is worth. New cars drop in value immediately. You will lose money by paying interest on something that depreciates. Buying a new car is very appealing, but if you buy a car just one year older, you will pay much less for it. When you decide to sell, it could keep you from being upside down. Also, vehicles that are only a few years old will still come with new car warranties.
4/Avoid auto dealer add-ons
Auto Dealer add-ons are costly and do not add any long term value to a vehicle. Additional features such as paint protectant, undercoating and alarm systems are other ways auto dealers make money.
Financing dealer add-ons will only add more to the balance of your auto loan, but no real value to your vehicle. If possible, find an independent auto accessory dealer which may offer the same services for less.