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Finance Tips
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The way you have been told before is to refuse anything the finance-and-insurance person offers. The new way is best to listen to what the business manager has to say, some types of warranty coverages make sense.
The old school way of thinking is “Cash is King“. Some previous buyers believe that if you paid cash for your car you would get a better deal. That might be far from reality. Our advice is arrange your financing through your dealership, they can offer you a better price because the finance company gives them a kick back and would be willing to forgo some of it to you if you agree to there finance terms.
Most states offer no pre-payment penalties, so if you not satisfied with your current rate you can shop for better financing. Usually finance companies have a 45 day first payment schedule, so you have plenty of time to compare banks.
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The decision whether one should go for a auto loan, lease or pay cash for a vehicle is a choice hard to make. But, it is nothing impossible only if you find some time out and carry out a little research about the three. The information that you find, can help you reach a proper solution.So, lets get started with auto loan first and how one should go about finding the best rates for the same.
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Research a bit before approaching the dealer– The auto dealer will never come up with the best rate. This also has to do a lot with what kind of a credit you have. Expert advice says, talk with banks, credit unions and auto-loan companies as well. Also, make sure that you get the loan pre-approved.
Make Sure Your Credit Score Is An Impressive One– This is the most important thing for you to land the best auto loan. A good credit score will put you in the good books and in all likeness you will get the best rate possible. If the credit score is not impressive enough, then forget the best rates as you might fail to even qualify for the same.
Opt For Loan Terms That Are Not Too Long– Compressed time period helps in paying less in the long run. That is why when you are opting for an auto loan, make sure that you are going for a shorter period. In all likeness, the auto dealer will try to convince you for a long term, but do not fall in the trap.
Do Not Add on The Extras With The Auto Loan– Opting for the extras will inevitably make you pay a bigger interest in the long run. So, do not make that mistake. Extras like fabric protection, rust-proofing, painting might be purchased separately. But it is not a good idea clubbing these with the auto loan.
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Paying cash for the car is any day better in case the interest rate on your savings is lower when compared to the after-tax cost of borrowing. However, there are other reasons to go with this option:
There is no strict qualification process or conditions that you have to meet. Also, paying cash for vehicle does not need anyone to reveal the credit information.
There is no headache about paying late fees, bills and other added expenses.
Paying cash for vehicle is not a very time consuming process. If you go for financing the car, then it entails paper work and a lot of time to get it all approved. Things move faster when the deals happens with cash.
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