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Auto Loan Buying Tips
By Duane Lipham
Auto Loan Buying Tips
by: Duane Lipham
Have you ever felt like you bought an auto and financed it and don't really know if you got the right
price or financing arrangements after it was all over? Well, don't feel alone. This is a common
experience for many people who make auto purchases.
Guidelines for negotiating the car price can be found elsewhere, but we want to share some helpful tips
on getting that vehicle financed at the best rates and terms for you.
The first step is to make sure that you negotiate the car's price separate from the vehicle financing
arrangements. Most dealers want to lump it all together because they can hide quite a bit of the actual
price of the vehicle in the loan contract, and they will usually just try to meet a monthly payment figure
that you can live with rather than disclose all the details about the loan.
So your work actually should begin before you ever visit the dealer lot. Try to determine beforehand
what vehicle(s) you are interested in buying and become familiar with the average cost for that vehicle,
either online or locally. Then make sure that it will fit your budget. Most financial experts recommend
that you shouldn't spend more than 10% of your monthly income on vehicle costs, including the loan,
gas, repairs, insurance, etc.
Since you now know the price that you want to pay, you need to find out what the loan will cost, so visit
some auto loan websites and/or local banks, and apply for an auto loan. See what rates and terms
they offer you. Much of that will be determined by your credit history. If you can get pre−approved for a
Auto Loan Buying Tips
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loan, all the better.
Experts also recommend that you try to put at least 20% of the car price on the loan as a down
payment toward the purchase of the vehicle, either in cash or in the tra