About Me

Worth the Wait

Nearly seven years ago, I made one of the most extravagant purchases of my life. After a couple of years of saving money, I bought a shiny new silver sedan. This beautiful car was fitted with a luxurious custom grill. For the first several months, I constantly looked at my stunning new car through the windows of my back door. My acquisition was definitely worth the wait. I’m glad I waited to save the money needed to make a cash purchase. Now, I can enjoy my car without having to worry about monthly payments. On this blog, you will learn how to shop for the best car for your budget. Enjoy the ride!

Worth the Wait

2 Questions To Ask Your Car Dealer Before Commiting To Your New Vehicle

by Constance Bryant

If you are shopping for a new car, being informed about the financing options that are available to you is essential. For example, it is easy to be excited by the "0% APR" sign outside, but many individuals, even with a decent credit score, are not eligible for that rate. Therefore, before haggling over the price or showing how thrilled you are with the leather seats, it is a good idea to make sure that you really understand the details of your arrangement. 

Is The Loan And Price Of The Car A Done Deal When You Drive It Home?

It is easy to fall in love with your new vehicle and car dealers know that. As a result, it is not uncommon for you to be allowed to take a vehicle home for the weekend that you are qualified for. By the time you take it around town, show it to your friends and neighbors, and then come back to the dealership; it can be challenging to leave it there.

The trick is to simply make sure that the financing is guaranteed, at a rate and price you can afford, and that all of the paperwork is completed before driving it off the lot. That way, you have all the time in the world to show off your newest acquisition and you can be sure of all the pertinent details. A handshake agreement is not as safe as a contract, so hold out for the paperwork.

Are There Any Extra Fees or Penalties That Are Hidden In the Fine Print?

Regardless of if you got the 0% APR or you wound up with something a bit higher, there are often small fees that you may miss in the fine print. As a responsible car-owner, those extra fees should be understood and planned for. 

For instance, if you are able to pay off the vehicle prior to the deadline mentioned in the contract, you will probably see it as a good thing. Unfortunately, lenders might not share the same view and there could be an early payoff penalty that you would be responsible for. Obviously, a late payment would usually apply, even though you don't plan for that to ever become necessary. Just in case, ask the salesman who is working with you if there are extra fees, charges, or payments that would ever apply to your account, and if so, make sure you understand each one.

In conclusion, financing a vehicle today is more complicated than it was just a few years ago. Although the recession ended, a car dealer may still feel a bit leery about providing loans and some people are still having trouble making timely car payments. That means it is not always easy to find an affordable loan for the new vehicle you need, but it is possible.