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Mar 09 2018

7 Mistakes to Avoid when Getting a Car Loan

If you want to save money on your next car purchase, you need to do more than just negotiating the car price. A mistake on car financing can cost you extra money. It is possible to save by making the right decision.

•    Not Knowing Your Credit Score

It is important to know your credit score before making a purchase. You should have known about your credit score. It can be beneficial when establishing car terms and interest rates. You can get in touch with credit rating companies to get information about your credit rating.

•    Not Having an Alternative Financing Option

It is better to know about all of your options. Do not rely on a single source and research all your options. Call banks, credit companies, and other sources to get the best offer. It gives you more room for money saving.

•    Following Your Emotions

Research is the most important task of buying a car. Make it sure that you have done the research upfront and you know the car you want to purchase and what you have to pay for it.

•    Looking For a Long-Term Loan

It may be tempting to go for a long-term loan while paying short monthly payments. But, the difference can be clearly visible between a three year and five-year loan on the same car and price. You may have to pay thousands of dollars in interest payments. It is better to stick with a short-term plan if you can afford monthly payments.

•    Getting Expensive Payoffs

It is good for you if you can pay early. You can save money on interest by paying early. Avoid any offer that makes payoff costly.

•    Looking For the Car First

Some people start looking for a car before determining its price. However, it is not a good way. If you are looking for a good loan option, it is better to look for the financing rates first and evaluate how much you can afford.

•    Not Being Able To Walk Away

You are not obliged to stay if you have started negotiating at the dealership. You should be ready to walk away if you do not like the offer. 




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