What Are Your Car Financing Options For Your New Ride?

Buying a new car is exciting. This, however, does not make it a simple process. If you’re like most people, you will need to think long and hard about how you will finance your purchase. You do not want to spend more than necessary simply because you did not take the time to consider your options and get the best possible deal.

Ideally, a car purchase will be transacted using hard cash. You may have been lucky enough to win the lottery, or you may have saved up enough cash to buy a new car. This makes the car-buying process a lot easier, as the only thing that’s left is to shop for your new car.

cash

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On the other hand, a lot of us will need to finance our car purchase through other means. In such a case, you have two major options: dealership financing and bank financing. Ferman Lao breaks them down and offers helpful advice on both options:

Car ownership 101: What’s the best financing option for you when buying a vehicle?

…Financing is convenient, and has the advantage of allowing you to acquire a new car and pay for it over a period of time without putting a big dent in your cash flow. But the reality is that not everyone is qualified for one.

You’ll need to be able to make the monthly payments and have a minimum amount of monthly income to qualify for an auto financing package. Moreover, you need cash up front for the down payment, chattel mortgage fees, and insurance costs…

Now, how much money for down payment? It depends on your chosen vehicle and where you’ll get financing. And you may get financing from either a dealership or a bank. Read full post here…

A lot of buyers will choose a dealership financing option because it’s convenient. They get to drive off the car lot with their new car and the contract entailing their payment plan. In fact, a lot more buyers are getting new cars through dealership financing, according to the FLA.

car dealership

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However, you may not be getting the best deal if you simply go for the car dealership closest to you and sign a contract with them. It’s advisable to visit multiple dealerships and find out their auto loan options. Ken Garff offers his suggestions on the questions you should ask at each dealership you visit.

Five Questions For the Car Dealership Finance Manager

Buying a new car can be an exhausting process. Many people spend months researching and test driving a variety of vehicles before they finally make a decision. Then, they choose a dealer and spend another full day negotiating and closing the deal. By the time most buyers make it into the office of a car dealership finance manager, they’re ready to roll over and take a nap…

These five important questions should elicit all of the information that a customer might need to know from their finance managers. Click here for the 5 questions…

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It’s worth noting that while car financing today is readily available, many Americans struggle to make their car payments on time, and the number may just increase. The best advice when financing a car purchase is to ensure the repayments can fit into your budget. Here are 10 tips from Tara Mello to get you started:

Top 10 tips for buying the right new or used car in 2016

If you’re planning to buy a new or used car in 2016, take the time to do your research before heading to the dealer.

Buying a car is typically the 2nd most expensive purchase anyone makes, next to buying a home. Making such a large financial decision in a weekend simply increases the chances you’ll be unhappy in the long run.

Follow these 10 tips to make sure you buy a car you can afford and choose a model that you’ll be comfortable driving for years to come. Read the 10 tips here…

Car financing should be given just as much consideration as buying a new home. You cannot do it in a rush and expect your decisions to be financially sound. As such, arm yourself with all the right information and you are sure to get the best deal.

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