How to prepare for your car purchase (infographic)
Here are four tips to keep in mind before driving off into the sunset in your new wheels.
How to prepare for your car purchase
- Make sure your budget is up to date. With a good understanding of your monthly income and expenses, you can better determine if you can fit a monthly car loan payment into your financial framework.
- Consider the other costs of vehicle ownership, like insurance, maintenance and repairs. Adjust your budget to include the monthly costs and start saving to cover the annual or infrequent expenses that occur throughout the year.
- Choose how you want to finance your car. A loan from your bank allows you to seek out pre-approval and rates before making your purchase, which can strengthen your ability to negotiate. Financing through a dealer could help you access specials or discounts, so research to see what the seller is offering.
- When it comes to current auto loans, keep refinancing in mind. You may be able to refinance to lower your monthly payment amount, adjust your rate or modify your loan terms.
Buying a vehicle can be a significant expense, as well as an exciting opportunity to find the right car for you. Research your lending options and evaluate your finances before test driving so you feel like you’re in the financial driver’s seat.
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