Most Important Automobile Purchase Buying Facts to Remember
- Decide how much you want to spend on the purchase of an automobile.
- Pick an auto to purchase within your budget.
- Using the number you want to spend, now decide how much you can afford to spend for an auto loan.
- Be prepared with how, where, and when you will have the financial resources should you be required to have a down payment on the auto purchase. In the event you will be required to have a down payment, consider the dollar value you wish to spend, and consider twenty percent (20%) of that amount to be available for a down payment if required.
- A down payment requirement is relevant to your current credit situation. If you receive an online direct auto loan, you will not be required through the online lender to have a down payment, however, when using indirect auto lenders, more times than not they require some form of down payment.
- Go to: MyFICO.com . Know what auto lenders will be seeing when they review your credit history for approval.
- If need be, and you see through review of your credit that there is some clean up to be done, put off your purchase for 30 to 60 days to clean up your credit of inaccurate, untrue, false information.
- Take car buying notes.
- Research the auto choice you are considering for: (Need, Value, and Price Range)
- Compare the auto purchase you wish to make with other makes and models in the same category.
- Cars in high demand usually have the least consumer negotiation power.
- Newer, more expensive automobile's, are not always better.
- Weigh: value the value of the automobile with the need, beauty and status it will bring you.
- When purchasing a used car get the retail and wholesale value of your final automobile choice.
- When purchasing a new car know the True Market ValueT
- Apply for a direct loan through an online lender prior to going to an auto dealership.
- The approval from a direct online lender makes you a "cash" customer to the auto dealer.
- As a cash customer you NEVER have to release your Social Security Number to the auto dealer during negotiations for the purchase price of the auto.
- As a cash customer you ALWAYS want to request a "One-Pay Contract" if you have been approved for a direct online loan from one of our multiple direct lenders..
If direct lending doesn't give you an approval, "indirect" dealer financing is also a good alternative option if you have the knowledge you need under your belt when approaching the dealer and are completely aware of your financing alternatives. Back To Buyers Guide Main
