| Pop Quiz For First-Time Car Buyers |
10 Jun |
If you are considering buying a car for the first time, you might not know where to begin. Making such a major purchase is most likely the first step in your financial life, so it is very important to take it seriously.
That’s the word from the experts at a national consumer education campaign called AWARE (Americans Well-informed on Automobile Retailing Economics).
To help first-time auto buyers navigate the financing system, it has put together this pop quiz:
• Do you have a budget? If you don’t already have one, create one. It will help you determine how much car you can afford. Don’t forget vehicle-related costs outside of a new car payment, particularly insurance costs. Premiums for many young drivers can be as much as the monthly car payment. Don’t forget to include maintenance, gas and taxes.
• Have you pulled your credit report? Your credit history may affect your finance rate, so it’s a good idea to get a copy of your free credit report before heading to the dealer. Go to www.annualcredit report.com for yours.
• Have you shopped around? Do some homework before you decide which car to buy and where to buy it. Call your bank or credit union. Talk to dealerships. Print out all quotes and keep them in a folder that you bring with you when you shop for the car. Whether you finance through your dealer or elsewhere, there are typically no penalties to refinance if you’re not satisfied.
• Do you know how finance rates are determined? Vehicle financers use a number of factors to determine the finance rate they will offer you, including your credit score, the price of the vehicle you would like to purchase, manufacturer incentives, the amount of your down payment, your debt repayment options and the length of the finance contract. The rate offered to you may be negotiable.
• Is there someone you could ask to be a co-signer if needed? If you are under the age of 18, are currently not employed, do not have a credit history or your credit history is not good, you may need a responsible person to co-sign the finance contract for you.
• Do you know the difference between leasing and financing? Know what an APR is? Credit insurance? Guaranteed Auto Protection? You need to educate yourself on these terms and understand the value and price of aftermarket products. If you don’t want something, don’t sign for it.
According to Eric Hoffman of AWARE, if you answered “no” to one or more questions, go back and hit the books before you buy a car or truck. Said Hoffman, “Consumers, especially those at the beginning of their financial lives, need to be vigilant about understanding the vehicle-financing process. If you make mistakes along the way, they can follow you for years.”
Tags: Americans Well Informed On Automobile Retailing Economics, Auto Buyers, Automobile Retailing Economics, Car Payment, Co Signer, Consumer Education Campaign, Credit Score, Debt Repayment, Finance Contract, Finance Rate, Finance Rates, First Time Car Buyers, Free Credit Report, Insurance Costs, Insurance Premiums, National Consumer Education, Pop Quiz, Repayment Options, Time Car, Young DriversRelated posts
read comments (0)| Car Dealer The Safety Measures And Benefits |
17 Jan |
Car dealers sell new cars and used cars. They offer maintenance services for the cars that they sell, sell spare parts and process warranty claims. The car dealers who sell used cars usually have cars from various manufacturers. The new car dealerships are usually franchises associated with one or two manufacturers. There are also places where dealership is merged. Thus a single owner controls a chain of dealerships from various manufacturers.
Almost all the car dealers offer financial services like loans and lease. In order to avail the car loan, it is necessary to know your credit score. Scan your credit report carefully before purchasing a car. The credit score helps you to understand the mount of interest that you will have to pay. Before visiting the car dealer, it is best for you to line up used car auto loan financing.
When you visit a car dealer know specifically the actual cost of the car that you are going to buy. Find out from the car dealer the actual amount that will be allowed for trade-in, and the details of finance contract. Never sign a contract before going through it carefully. Do not allow the car dealers to pressurize you into buying a car. If you feel uncomfortable with any part of the financing part, move out for a better option elsewhere.
The car dealers, by providing maintenance and repair services, bring the customers back to the showrooms to view new models. Since the internet offers opportunities to increase the profit potential, many car dealers have come up with online marketing services. You no longer need to visit from place to place to buy your car. With the help of online services, you can buy, sell new or used cars, interact with the car dealers, and schedule a service for the maintenance of the car.
The car dealer ensures that every car they sell meets their quality and safety standards. All the new and used cars are checked by a team of mechanics, and quality control managers. There are car dealers who ensure that you are fully confident with the controls of the new model before your drive out of the show room.
Online information his helped to boom the service of car dealers. People can now select from a wide range of new and used cars just by clicking a button, sitting in a comfortable atmosphere of their home. The online car dealers provide you with detailed information on each and every type of cars that they sell. You will get all the information you require on the color, model, accessories, size, and price of the car. This helps you in judging your budget and selecting one that will suit you and your pocket. You can even get the detailed direction of the car dealership from your home.
Tags: Car Auto Loan, Car Dealer, Car Dealers, Car Loan, Credit Report, Credit Score, Finance Contract, Financial Services, Loan Financing, Maintenance Services, Marketing Services, Mechanics, New Car Dealerships, New Cars, Purchasing A Car, Quality Control Managers, Safety Measures, Safety Standards, Showrooms, Spare PartsRelated posts
| Car Buying Tips And Lemon Law Tips. |
16 Jan |
Salesmen are more willing to haggle prices to close the deal when in the holiday season, as most people are too busy to think about buying a car at that time.
Another time that is the best for getting a good deal is the period from July to October. Dealerships are trying to get rid of their inventory to make way for the new year models.
Do some research online, and get some quotes optimally along with some good rebates or incentives. Print out your results from the lowest quotes and bring it with you to your local dealer. Showing them the lower quotes might compel them to give you a better deal. If not, shop around some more.
Visit FightingChance.com This site has great advice, as well as incentives and rebate offers. You may be able to save thousands of dollars on your car purchase.
A good tactic is to bring a copy of your credit score with you to the dealership. It can lower your interest rates on your car loan.
Be suspicious of any ‘bait and switch’ tactics, such as some odd change that occurred after you initially discussed the car with the dealer. Some unscrupulous dealers will use your preference for a particular car as leverage in convincing you to stay with your choice; although, unfortunately there has been some ‘unforseen’ change in the price or deal you originally discussed. Stick to your guns and remind them that is not what was agreed. If they don’t back down,or at least give you a concession, then it is up to you if you want to accept the difference.
A rule of thumb is to never wait until your car is broken down and you are desperate not only are you not thinking as clearly at a time like that, but the salesman may sense your desperation and take advantage of you. On such a major decision, try to force yourself to take action when you realize your car has issues, but while it is still running.
Do your research before going in and subjecting yourself to high-pressure tactics. Don’t fall for any deals where you are required to make an on the spot decision. This is a big commitment and you need to be on top of the game.
Tags: Bait And Switch, Car Buying Tips, Car Loan, Car Purchase, Concession, Credit Score, Desperation, Holiday Season, Incentives, Lemon Law, Leverage, New Year, Pressure Tactics, Rebates, Rule Of Thumb, Salesmen, Switch Tactics, Tactic, Thousands Of Dollars, Unscrupulous DealersRelated posts
