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Car Buying Guide

There is a saying that goes: „If you fail to plan, you plan to fail". This is true for buying a car and getting an auto loan too. If you want to guarantee yourself the best car deal you need to do some things before you even start looking for a car.

First, check your credit report and credit score.

This is one of the biggest mistakes most first time car buyers make; they apply for new car financing without knowing what their credit score is. Always inform yourself about the state of your credit history before you apply for a car loan. Review your credit report and if there are any errors or inaccuracies in it fix them. Learn what you credit score is (whether it is good or bad) and what interest rate you can expect for such credit score.

Generally, you should try to make your credit score above 680 if you want to benefit from a low rate car loan. If your score is less than 550, just wait to apply for a new car loan after you repair your credit.

Additionally, have in mind that those unusually low APR car loans that are advertised (such as 0% rate, 1.9% rate, etc.) are offered only to people with great credit score (typically above 720), on new car loans (typically 1 to 3-year loans).

Second, check the online car loan rates.

Don't jump on the first offer and be prepared before you go to any car dealer. You should know what APR interest rate you can get according to your credit beforehand. Too many car buyers have been overcharged by at least 3% on their auto loans at the dealership because they have failed to do their homework.

Don't let yourself get into this statistics; instead, use online car loan payment calculators to compare different auto financing quotes so that you can choose the best car financing deal. If the interest rate your credit can get you does not correspond to your means, take your time to improve your score before you apply for a loan.

Third, choose the right car model for you.

Spend some time researching the various car models available before you begin your car shopping trips. Compare their pros and cons depending on your needs rather than your wants (at least if you care about your budget). Once you have narrowed your choice to a few models, ask friends who own such cars about their experiences with them and/or read reviews that include road tests and service histories about the particular model.

Next, choose the right time to buy the car of your choice.

The two great times to buy a car are the last days of December and the period between July and October. Since at Christmas car dealers have fewer customers (everyone is buying Christmas presents and few people buy cars) they tend to cut prices. The prices are also lower from July to October since this is the time when car dealers sell off their old car models to make room for the new ones.

Finally, watch the total cost of your car ownership.

The price of the car itself is not the whole picture. The total cost will include what you pay for your car plus financing, insurance, warranties, as well as any repairs and maintenance. When you compare different offers include these in your calculations or you will risk losing what you save on the purchase.

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