Happy Female Customer Shaking Hands With Salesperson

Driving a good deal on a new car

So you’ve decided to buy a new car. You’ve chosen the make, the model and most importantly, the colour!

Yet what is just as important but nowhere near as exciting is the financing.

How much do you want to spend? How much have you saved? How much will you need to borrow?

It’s easy to get caught up in the moment and be persuaded to sign up to the first loan offer that comes across the table.

This is when you need to stop and take a deep breath.

The first thing to remember is the agreement you make with your lender today will be the one that will last until the loan is paid out.

Getting it right at the start could save a lot of angst and worry down the track.

So what should you ask?

  • Start with choosing a lender. Go with one you know or trust. That way you’ll be in safe hands.
  • Make sure too, that you can keep in touch with your lender if you need to. Knowing that help is just a phone call away makes a big difference.
  • Once you’ve made that decision, now look at the types of car loans. Standard ones with regular payments are popular but so too are leases with a balloon payment at the end. Neither one is right or wrong, so look at the fine print to make sure you get the right one for you.
  • Now is a good time to check for any hidden fees or charges and don’t be frightened to ask for these up front as it your hard earned money that will be paying the loan.
  • And, finally look at the “add ons”. Some are worth considering like extended warranties and car alarms. Others are just chewing up your hard earned cash.

It’s that age-old saying of don’t sign anything unless you know just what you are signing.

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