If you’ve ever shopped in the car market, you already know that you’re bound to spend a large amount of money, and most people need to take out a loan. Since cars are a major purchase it is important to do your research before stepping foot onto a car lot.
Determine your budget
While most of us have our eyes set on something new and shiny, the reality is that you won’t be able to keep the car for long unless you can afford to make the payments. The general rule is to spend no more than 25% of your monthly household income for all the cars in your household. If you need help finding out how much car you can afford use our convenient auto loan calculator located on our website at https://centralnational.com/promos/17-2-summerauto/.
Know the car’s value
Once you’ve found your car it is important that you know what you’re paying for. Checking a website like Carfax is a free and simple tool you can use to check the history of the vehicle. The salesperson is likely to try and sell you on all the fancy bells and whistles, but don’t fall for it. The big touch screen and back up camera might look really nice, but they’re also unnecessary expenses that can drive up the price of the vehicle quickly. Keep it simple and your wallet will thank you later.
If you watch television you’re sure to have seen at least 100 different commercials for car dealerships. What do they all claim? To have the “best deal!” Every dealership is different, so research all possible discounts in advance. Once you know what you’re willing to pay for the vehicle you’re ready to negotiate with the salesman. Go in confident and be prepared to say no if they offer you anything above what you can afford.
Purchasing a new vehicle should be an exciting time in anyone’s life and not a stressful task. Being properly prepared can save you both time and money. Contact one of our consumer lenders at your local branch today, or apply online at https://centralnational.com/apply/personal-loan-apply.asp to get started.