By
Neil Slade Mansley
When it is time to get a new set of wheels, it's time to get a
new set of wheels! You do not want to be kept hanging around waiting for
some auto loans clerk (who is on commission) to make a decision as to
whether or not you get an auto loan! Here are five tips to help you out
when you go looking for that new auto.
1. Work out what you can afford to repay It may sound obvious but, calculate your budget so that you are not going to be overstretched. Then use any of the free auto loans calculators to estimate how much you can borrow. Once you know these figures you will be armed against the pushy sales man who wants to get more out of you!
2. Know your credit score/rating Check out your credit rating, ensure there are not any mistakes on it. This happens more often than you may think. Once you are happy that it is correct and in the best shape that you can make it you will then be ready to get an auto loan.
3. Get pre-approved for an auto loan. The loans offered by the dealerships are not always the best, or you may not always be offered the best loan deal that the dealership has. If you can turn up with a good pre-approved auto loan from another source, you can use it as a bargaining chip to see if the dealership will better it. If they will not better it then at least you know what you have to play with even before you go out.
4. Buy smart What I mean by that is know what you want and stick to it. Do not let them add untold "extras" to push the price up. If you can get the extras included in the deal then great, but do not get bullied into agreeing to have things you do not actually want or need!
5. Be prepared to walk away There are still deals to be had out there but you may have to shop around to find them. If the dealership is not offering you what you want, if they are pushing you towards a different vehicle etc. Walk away- they are trying to make a commission, they do not have your best interest at heart, they have their paycheck at heart!
When all is said and done, you have to look out for yourself. By making careful preparations before you go shopping you should be able to come home with the car you want financed the way you wanted.
1. Work out what you can afford to repay It may sound obvious but, calculate your budget so that you are not going to be overstretched. Then use any of the free auto loans calculators to estimate how much you can borrow. Once you know these figures you will be armed against the pushy sales man who wants to get more out of you!
2. Know your credit score/rating Check out your credit rating, ensure there are not any mistakes on it. This happens more often than you may think. Once you are happy that it is correct and in the best shape that you can make it you will then be ready to get an auto loan.
3. Get pre-approved for an auto loan. The loans offered by the dealerships are not always the best, or you may not always be offered the best loan deal that the dealership has. If you can turn up with a good pre-approved auto loan from another source, you can use it as a bargaining chip to see if the dealership will better it. If they will not better it then at least you know what you have to play with even before you go out.
4. Buy smart What I mean by that is know what you want and stick to it. Do not let them add untold "extras" to push the price up. If you can get the extras included in the deal then great, but do not get bullied into agreeing to have things you do not actually want or need!
5. Be prepared to walk away There are still deals to be had out there but you may have to shop around to find them. If the dealership is not offering you what you want, if they are pushing you towards a different vehicle etc. Walk away- they are trying to make a commission, they do not have your best interest at heart, they have their paycheck at heart!
When all is said and done, you have to look out for yourself. By making careful preparations before you go shopping you should be able to come home with the car you want financed the way you wanted.
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