Car Loan Shopping: Four Ways to Get the Car You’ve Always Wanted

Friday, October 14, 2016, 6:00 AM | Leave Comment

When looking to buy a new car, one of the things you will need to consider is how you will finance it.

Fortunately for consumers, there are a number of ways in which you can finance a car. With the right financing, you will be in a position to get a loan with a low interest rate, no prepayment penalties, and fast approval.

Here are four options to ensure that you end up with the best deal:

Car Loan Shopping

  1. Credit Unions

    One of the best ways to shop for a new car is to use credit unions, like Saginaw Medical Federal Credit Union. These are financial institutions that offer a number of benefits such as low interest rates and no prepayment penalties.

    With credit unions you will often be able to get an auto loan that has the lowest rates possible which will save you money.

    They also provide you with no additional costs as well. Therefore, it is a good idea to use a credit union when you are in the market for a new car.

  2. Dealer Direct Financing

    Using dealer direct financing is also a good option to consider when shopping for a new car. This type of loan is done through certain financial institutions which will allow you to get financing immediately.

    In fact, you will be able to get the entire loan arranged right at the dealership. This will save you a lot of time as well as allowing you to get a new car immediately.

    Along with arranging the loan on the spot, you will also get good rates on the loan as well.

  3. Personal Loans

    Another good source for financing a car is a personal loan. With personal loans, you will be able to get the financing you need very quickly.

    These loans offer fast approval, so you won’t have to worry about going through a lengthy evaluation process.

    Personal loans also offer very reasonable interest rates so that you can save money with this option.

  4. Shop at Certain Times

    As well as using options such as dealer direct financing, personal loans and credit unions, it will be a good idea to shop for a new car at certain times.

    You should know that consumers will usually benefit by purchasing a vehicle at the end of the week or the very end of a given month.

    This is beneficial because a lot of dealerships will often look to get rid of surplus inventory. As a result, you will be able to get a new car at the lowest possible price.

There are a number of ways to simplify the car buying process. Just make sure that you compare and calculate the short-term and long-term costs of each of these options before you make your final decision.

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