For many
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process as you dream about the type of car or truck that you would like to
purchase. However, when it gets to the part in the process where you have to
think about financing, your attitude can shift greatly to dread and even stress.
The following paragraphs will address several key considerations to think about
before purchasing a vehicle.
Before purchasing a vehicle, it is essential
that you first determine your budget and find out what you can afford. Nothing
is worse that dreaming of vehicles that are out of your budget, and then looking
for a vehicle that is within your budget and finding that you are sadly
disappointed. When determining what you can afford, it is important to look at
the overall price of the car or truck versus the monthly payments. Although
monthly payments are a major factor, financing companies and dealerships can
make a vehicle seem much more affordable than it really is by stretching out the
loan payment period. There is a large difference between a 3 year and a 5 year
loan, and if you commit to an auto loan that is strung out for a longer period,
you may end up owing more on the vehicle than what it is worth.
One way
to determine what is within your budget is by researching car buying tools. The
Internet is a great place to start. Many banks and financial institutions such
as Bankrate have tools that help estimate monthly payments based on down
payment, sticker price
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Car buying tools such as this can give you a good ball-park of what may fit
within your budget.
After you know what you can afford, you'll need to
decide if you want to buy a new or used vehicle. Depending on your budget, this
may be a simple decision, but for the rest of us, there are pros and cons to
each purchase decisions. New vehicles typically come with a warranty, you are
sure that it has never been in an accident and hasn't been driven hard, and can
typically rest assured that it will last for years to come. However, the moment
you drive a vehicle off the lot, it depreciates in value and you will pay
considerably more for a new vehicle versus a slightly used one. On the other
hand
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price tag, and although they may have a warranty, you have to be more selective
and knowledgeable taking into consideration mileage, previous accidents,
maintenance records, potential repairs, etc. Nevertheless, there are many
quality used vehicles for sale that will prove to be a good value and
long-lasting.
The next area of consideration before purchasing a vehicle
is your credit score. Although nearly everyone understands the importance of
having a high credit score, many people are unaware of what their credit score
(i.e. FICO score) is, or even the range that they fall within. Banks and
financial institutions look at credit score to determine the type of risk that
they hold on lending you money; thus
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reasoning, it is vital to find out what your credit score is by ordering a
credit report. Then, thoroughly review all the information listed on the credit
report to ensure that it is accurate. If errors are in your report, dispute them
in writing or online through the credit agency. After that, make timely payment,
minimize debt, close unnecessary lines and credit, and refrain from applying for
new and unnecessary accounts. Because length of credit history is important, try
to maintain your oldest accounts.
Now that you have a thorough
understanding of your credit score and how it will affect your interest rate, it
is time to apply for auto financing. You may be asking yourself
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first place to start is by conducting an online search for an average daily or
monthly auto loan rate. Although vehicle loan rates vary depending on the
lender, your credit score, and regional factors, this will provide an average to
use as a comparison when looking at your financing options. Most financial
institutions offer Web site auto loan quotes and applications; on the other
hand, independent financing companies such as E-Loan also offer competitive auto
loan rates and are worth looking into. It is wise to obtain at least three loan
quotes to get an idea of what you are likely to be offered, and investigate an
extremely low APR (annual percentage rate) more carefully to make sure it isn't
an introductory rate which will increase over time.
After getting
approved for a loan you are ready to go into the vehicle dealership and start
the negotiation process on the purchase price of the vehicle. However, now that
you know what you can afford, understand the type of loan you are able to
obtain, and realize the types of vehicles that fit within your budget, you can
walk into the dealership confident and rest assured that you will be getting the
best vehicle for your situation. The process of purchasing a vehicle is meant to
be enjoyable
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will be able to make a wise decision without pressure from outside sources that
may not know specifically what you want or can afford.
Author's Resource Box
Elite Auto Loans specializes in helping online consumers find car loans to
make the dream of owning a new or used vehicle a reality! For more information
or to apply for an auto loan, please visit Elite Auto Loans.
Article
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