Shopping for Cars: 3 Ways You can Finance Your New Wheels

Wednesday, November 8, 2017, 6:00 AM | Leave Comment

At some point, taking the bus or asking a friend for a ride may not be adequate to meet your needs. Therefore, it may be necessary to buy a car of your own.

Let’s look at a few easy ways that you can finance your purchase whether you are looking to buy new or used.

Shopping for Cars: 3 Ways You can Finance Your New Wheels

  1. Get a Loan from Your Own Bank or the Credit Union

    If you have good to excellent credit, it may be possible to get a loan from your bank or the credit union.

    Loans for new cars generally come with lower interest rates than those for used cars. However, a lender may be flexible depending on how old a used car is.

    The biggest benefit of getting a loan from your own bank is that it gives you leverage when it comes time to negotiate with the dealer.

  2. Work With an Online Bad Credit Auto Lender

    If you have bad credit, it may not be possible to get a loan from your own bank or credit union.

    In some cases, the terms that you are offered may not make it worth it to do so if your application is approved.

    Working with a bad credit lender may make it easier to get the money that you need to cover the entire cost of the purchase including tax, title and dealer fees.

    Negotiating with a bad credit lender may also allow you to gain leverage over a dealer. This is because it can’t use your bad credit to negotiate a deal that may not be in your best interest.

  3. Dealers May Offer Their Own Financing Options

    A dealer may be able to offer you loan terms through a lender it owns and operates such as AutoStart.

    This may be ideal for those who don’t have a credit history and are having trouble getting a loan large enough to meet their needs.

    It may also be ideal for those who may be able to get better terms with a cosigner or other flexible payment arrangements. Self-employed individuals who have decent credit may also benefit from flexible payment arrangements that a dealer may offer.

Buying a vehicle should be a fun and fulfilling experience. Obtaining financing before you head to the dealership may make it easier to enjoy the process of finding a car that meets both your needs and your budget.

Once you find something that you like, all you need to do is fill out the paperwork and drive off the lot.

Author BIO

Meghan Belnap is a freelance writer who enjoys spending time with her family. She also enjoys being in the outdoors and exploring new opportunities whenever they arise. Meghan also enjoys researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook and Twitter.

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