When buying a new, or new-to-you, car is on the horizon, it’s critically important to find the right financing option for your purchase. Choosing the wrong lender could mean thousands of dollars spent on a very large purchase that you might have been able to easily avoid. A little bit of homework, well before you ever set foot at a dealership, can help to alleviate this very common problem. Remember, dealerships almost always offer some type of in-house financing program. But, they don’t always offer the best terms. You can consider their program as a last resort if you don’t find anything better, but never consider it as a first option before you do a little leg work.
The first thing you’ll need to do is estimate the amount of money you’ll need to borrow to purchase the car you want. You can head over to Cars.com to estimate the cost of the car based on make, model, trim, year and more. If you have any down payment funds saved, you can factor that against the total amount that you will need to borrow. You will also need to remember to include costs for sales tax, car title and license which are often rolled into the transaction at the dealership.
Finding the right car lender begins with knowing what your options are. You might have a great relationship with a local bank in your community where you’ve had accounts in … [Read the rest]