Auto Loans Mistakes Commonly Made
Although it may seem like an auto loan isnt as big of a deal as other types of loans
, like mortgages, making mistakes can still be costly. When youre in the market for a new car, educate yourself about auto loans before you head to dealerships. That way youll know what you want and can make the wisest financial decisions. In particular, focus on avoiding some of these common mistakes people make on auto loans.Financing at Dealership: Although dealerships sometimes have great financing available, they can also have really crummy financing, too. Rather than automatically deciding to finance through the dealership, use our lender matching service here at CreditNowUSA to shop for auto loans before you look at cars. That way youll have an idea of whats available and can make the wisest financial decision.
Focusing on Monthly Payment: Many people measure a cars affordability by its monthly payment rather than the purchase price. Dont fall into this trap of neglecting the bottom line. Lenders can adjust a monthly payment by extending the repayment term, so a car with a monthly payment of $400 and a repayment term of 7 years will be far more expensive in the long run than one with a monthly payment of $600 and repayment term of 3 years.
Accepting Negative Equity: If you have a car to trade in and an old auto loan to pay off, you may find that your trade-in is worth less than you owe on the car. In this scenario, lenders may offer to roll the negative equity into your new loan. If you do this, youll owe more on your new car than its worth. Instead, try to make a large enough down payment so your new car is worth more than you owe when you drive it off the lot.
A little bit of savvy shopping can go a long way in the world of auto loans. Research whats available in advance, and choose the loan with the best combination of interest rate, repayment term, total cost, and monthly payment.
For more information, go to Auto Loans at http://www.creditnowusa.com/Auto-Loans
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