Car News Articles 
 Alternative Fuel Vehicles
 Automotive Articles
 Car Buying Tips
 Car Financing (29)
  Car Warranty (5)
 Car Insurance Articles
 Car Maintenance
 Car News
 Car Racing
 Car Repair
 Car Safety
 
 Driving Economically
 Environmental Issues
 Exterior Car Care
 Garage Know How
 
 How Car Stuff Works
 Motorcycle Articles
 Road Trips
 Traveling with Kids
 Younger - Older Drivers
 
 Amsoil Synthetic Oil
 Article Archives




spacer
spacer
Car Buying Tips >> Car Financing



Spring Car Shopping? Take Care Of Financing First

Spring car shopping? Take care of financing first and know what car payment you can afford. Don't forget to include other costs in your plans, costs like car insurance and car maintenance.

(BPT) - Auto shows dotting the country paired with rising temperatures leave many people longing for a new car or truck. But purchasing a new vehicle is a complex process - one that doesn't start with finding the right car, but with making sure your finances are in order. It's important to plan ahead so there are no surprises during the loan application process that leave you stranded without options.

Long before you hit the dealership, sit down and go over some important variables. First, determine your budget and what you can realistically afford. Remember, your car payment may be the largest consideration, but it's only one part of the total monthly cost of owning a new vehicle. You must factor in gas, insurance premiums and regular maintenance to get an accurate amount. Once you know your magic number, stick to it so you don't get in over your head.

After you have a general idea of what you can afford, you should check your credit to see if you are a good candidate for a loan before you start shopping. A good first step is to check your credit reports. Is everything accurate? What is your debt-to-credit ratio? Are there items you want to work on before applying for a car loan?

While proactively reviewing what's on your credit report is one of the fundamental ways to get a loan with preferable terms, it doesn't tell you what your credit score is. To obtain your credit score and stay on top of your financial health, become a member of TransUnion Plus. TransUnion Plus gives you access to your credit report, your credit score, and the ability to track all your finances, such as your checking, savings and 401(k) accounts, so you can manage your money seamlessly, plus you get credit and identity theft protection.

Once your credit score and credit reports are in order, and you can feel confident about your ability to get a loan, there is another thing that financially savvy drivers should do: research financing options. Many people find the car they want and finance through the dealership, but these drivers may be missing out on other options that could save plenty of money. Shop around to see who has the best interest rates, determine how much you want to put down and decide what length of loan term works best for you. Also, remember to ask about pre-payment penalties - you shouldn't be punished for paying your loan off sooner than promised.

Before you take your first test drive, take some time to decide between new and used vehicles. While a brand new vehicle with a great warranty has its appeal, it also has a high level of future depreciation. Because the rate of vehicle depreciation tends to be steeper during the first year or two, purchasing a slightly older car may be a better value in the long run, depending on how long you plan to own it. Research your options before making any decisions, including certifications and extended warranties.

If you're young or are recovering from poor credit, you may find that even after going through all these steps, you still don't qualify for a car loan, or if you do, it's not enough or the interest rates are incredibly high. One option for people in these situations is to get a co-signer for the loan. Consumers should be cautious when co-signing a loan because a co-signer accepts the same responsibility for the loan, so if one person defaults, it can affect both people's credit. Make sure if you need a co-signer, or even if you're asked to be one, that you know the person well and he or she is trustworthy and reliable.

After you get yourself in shape financially, it's finally time to hit up the auto shows and car dealerships to negotiate a deal. The only thing better than driving your new dream car is having the ability to pay for it without extra financial stress.







Related Articles:
Getting a Good Deal On A Bad Credit Auto Loan
Would I Qualify For A Bankruptcy Auto Loan?
Auto Refinancing Puts Gas Money in Your Pocket
Financing Your Next New Car
Shopping for a Used Car Loan
Clean Up Your Credit For A Better Auto Loan Rate
Refinancing Your Car Loan
Refinance Car Loan
Car Finance Loan: When You Can't Just Wait to Buy a Car
Three Steps to Saving Money on New Car Financing
Using An Online Car Loan Company
You Can Get An Auto Loan Without A Credit Check
Looking For A Great Auto Loan Rate
Save Money By Refinancing Your Auto Loan
There is A Car Loan Out There Just For You

spacer
sdg
make image
model image
zip code


Stay Updated!


Car Financing
Related Articles
Spring Car Shopping? Take Care
Car Credit And Financing Facts
Before Applying For Auto or
Car Financing Tips To Know
Car Loan Calculators
Getting a Good Deal On
Would I Qualify For A
Auto Refinancing Puts Gas Money
Financing Your Next New Car
Shopping for a Used Car
Clean Up Your Credit For
Refinancing Your Car Loan
Refinance Car Loan
Car Finance Loan: When You
Three Steps to Saving Money
Using An Online Car Loan
You Can Get An Auto
Looking For A Great Auto
Save Money By Refinancing Your
There is A Car Loan
spacer

Feed Button



Car Insurance Info | Newsletter | Car Classifieds | Online Car Rentals
Auto Pictures | Link To Carjunky.com



Complete List of Article RSS News Feeds


Copyright © 1999 - . CarJunky® All Rights Reserved.