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Almost every aspect of our lives is in some way affected to the world of finance. The Personal Finance section of Auto Loans America focuses on anything involving personal finance including your auto loan, mortgage, insurance or credit cards.

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Car Buying Tips

Written by paul on May 10th, 2006 with no comments.
Read more articles on Car Buying.

  1. Know Your Credit Score: Knowing what is contained in your credit report and knowing your credit score is an important part of the car buying process. Walking into the dealership without knowing what is contained in your credit report can cost you hundreds if not thousands of dollars in additional finance charges. Knowing your exact credit score and the information contained in your 3 Bureau Credit Report allows you to negotiate the auto finance rate that the dealer/lenders offers you. You can get your credit report and score from all three bureaus by clicking here.

  2. Find The Right Dealer: Auto Loans America has a nationwide network of professional car dealers and lenders across the country,who specialize in providing auto loans for all types of credit situations, to help our customers get the best deal on the financing for their next vehicle purchase.
  3. Be Aware of How Much Can You Afford to Spend: When considering a new car purchase it is important to be aware of your spending limits. A good rule to use take 60% of your gross monthly income and subtract all of your monthly payments like rent/mortgage, credit cards, personal loans, and personal obligations. Now take the balance and multiply by 40% and that should give you an estimate on what you can afford for a monthly car payment. Based on your credit history the bank may make your allowable payment higher or lower. Click here to try a great affordability calculator
  4. Get Pre-Approved: Being pre-approved for your auto loan is a great bargaining tool to help you get the best vehicle price from the dealer. Knowing you already have your financing in place before you start shopping protects you from overspending, and can minimize your required down payment. When you are pre-approved it forces the dealer to work within your budget.
  5. Negotiate A Fair Price: Research, the vehicle you want to buy. Know the value of the car. Know the history of the car. Know how well the car retains it’s value. These are things that will put you in a better negotiating position with the dealer.

Topics: Car Buying |

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