Monday, October 17, 2016

5 Ways for New Car Buyers to Save Money

Purchasing a car can be a big deal and it shouldn’t be taken lightly. Not only do cars cost a lot of money – they are also a big long-term investment. If you are looking for a loan, you are adding a whole new element into the mix. In the end, you may start to feel like you are in over your head. However, here is a number of ways to save money, so that you don’t feel like you are taking such a tremendous blow to your savings. Purchasing a car requires foresight, perception, and an understanding of the current economic climate. Here are five ways for new car buyers to save money.

  1. Purchase your warranty on the side. Everyone will tell you that a warranty is a good idea. How could it not be? Well, not only can a warranty add thousands of dollars to the sticker price of the vehicle – it could also cause your loan rate to jump if you are borrowing from a lender to pay off your vehicle. If you want to purchase a warranty – a factory warranty – you want to make a secondary agreement and purchase it as an accessory.
  2. Don’t go for all the bells and whistles. Car salesman will always try and push the bells and whistles. Also, they are extremely experienced at the car selling game, so you have to be extremely weary. You could wind up with accessories on your vehicle and have no idea that you paid extra for them. There is a strong chance that you don’t even need many of these extras, so it is worth it to simply ignore them.
  3. Make sure to have your auto loan secured before you start looking for a vehicle. There are a lot of lenders that you can choose from – regardless of your credit rate. Many of these companies have websites that allow you to ‘click here‘ for more info. You can get quotes and even read reviews. Out of all the car buying tips that anyone can give you – getting pre-approved is one of the smartest moves you can make. The last thing you want is to fall in love with a car you can’t own.
  4. Do your research. The last thing you want to do is put a down payment on the first car you fall in love with. There is not only a chance that you will fall in love with many cars, but once you do get to your final choice, you want to be sure that you get the best deal. So, make sure that you do your research and shop around – that is the key to getting the best deal.
  5. Don’t let the car dealer know that you have been pre-approved for a loan. If you want to pay more for a car, simply tell the dealer that you have been pre-approved for a loan and you will notice that the cost of the vehicle will suddenly rise. If you want to save money, you want to be sure to let the dealer know that you have a loan agreement after you sign a contract stating the final cost of the vehicle.

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