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More and more Americans are trying to repay car deals and loans on time. Although this figure is still low, it must be on the rise.
To get the best car deals and loans, you need to do enough homework. Here are five things you should do:
- check your credit report.
A report was obtained from three major credit reporting agencies: Experian, Equifax and TransUnion. use annualcreditreport.com The website, which was established by the federal government for this purpose.
Credit.com Gerri detwailer, consumer education director at the U “I found a mistake when I went to buy a car a few years ago, and if I don’t fix it, it will cost me a lot of money.”
Detweeler recommends that you also check your credit rating. If you can get a loan, the interest rate you will get will be based on your score.
You can do it in Credit.com , creditkarma and creditsesame are free to receive your credit rating. Some credit card issuers also provide this service. It won’t be exactly the same score that the lender uses, but it will give you a good idea of your position.
- the car deals and loans demand is the best price for the three companies.
You have three more goods to get a good deal with your new car, so why don’t you pay it for three loans? Most people don’t like it. They went to the dealer without doing any homework.
“It just means you have a goal on your back,” said Liz Weston, a personal finance columnist and author of debt processing “If you don’t do enough homework before buying a car and don’t put the loan in order, then the bad things will happen to you.”
According to the center for responsible lending, a non-profit organization, 80 percent of car buyers finance at the dealership. Perhaps it’s the convenience or temptation of advertising that offers incredible low interest rates. Remember that those ultra-low rates are only applicable to customers with high credit ratings.
Credit unions and community banks are the best start. They usually offer the best car loan rate.
- choose the shortest loan you can afford.
As cars become more expensive, car loans are growing. Now you can pay for that new car for seven, eight, or even nine years. The longer the term, the less repayment per month, but it will increase your total cost.
“In the long run, you’re sure to pay more because these long-term loans usually have high interest rates,” consumer reported to Mike Quincy of the auto company. “Try to limit your car loan to about 48 months. This is the best time you can buy a car. “
Yes, that means higher monthly supply, but you’ll get rid of debt faster.
The FTC has a worksheet that can help you compare financing options with different terms.
- beware of the wobbling financial scam.
You sign all the documents, get the key to your shiny new car and drive home, assuming the deal is done. A few days or weeks later, dealers called to say they could not get financing approval at an agreed price.
They say you have to return the car to the dealer or negotiate a new loan with a higher interest rate. If you don’t, you may lose your savings and replace it with the old one, and you may even be charged a rental fee for owning the car. In the face of this, most people will yield.
- don’t worry about the monthly supply.
Many people think that if they can afford the month, they buy a very cost-effective car.
“It’s a huge mistake,” said Jack Gillis, author of the car book 2014.
Buying a new car usually takes three negotiations. It includes the price of the car, the value of replacing the old with the new and financing. They need to be separated.