The Best Financing for Your Next Car

The Best Financing for Your Next Car

The Best Financing for Your Next Car

One of the most frustrating aspects to buying a car is figuring out what you can afford and matching up a vehicle that meets your needs and wants with a monthly payment you can comfortably pay on time, every time. Simply by conducting some research you can save yourself some hassle and maybe some embarrassment.

A solid rule of thumb to estimate how much of a vehicle you can afford is to assume your monthly payments will be $30.00 for every $1,000 you finance.

For example: You want your payments to be no more than $350.00 per month. You can spend $11,600 on a vehicle and feel confident you can afford it. You now know, that anything priced under $11,600 is going to have an even lower monthly payment. Of course, actual payments may vary on credit score and the term of the loan. Wouldn't it be great to have the pleasant surprise of lower payments than you budgeted for?

As always, do your homework! Make a trip to visit your credit union or local financial institution and talk to them about a loan. They will give you a thorough break-down of financing options that will fit in your budget.

Keep in mind; most lenders have lower interest rates and longer available terms on newer vehicles, but newer vehicles tend to be more expensive.

Now you're armed with a very powerful tool for some healthy competition between national lenders. Ask the finance department at the dealership if they can beat your bank's interest rate. At the very least you know what you get done through your banking institution and there's nothing to lose. This tactic could save you thousands of dollars over the term of your loan.

Once you have this pre-approval in hand, you can march right down to your favorite dealership, possibly get an even better interest rate, and pick out the perfect vehicle that meets all your needs and wants in the price range you have prepared.

The most efficient and thorough way to purchase a new or used vehicle is to always do your homework first. Avoid picking out the car first and then stressing over the financials. Handle the financing from the get-go and then pick out a car that fits your budget.

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