Driving an unsafe car is something that many people do daily. Most believe that their credit isn’t good enough to get a new car. Getting a car loan is easier today than it has been in the past. If you do your homework before hand, you’ll walk into a dealership confident in knowing exactly how much car you can afford and which interest rates and rebates you qualify for.
Here are a few tips on making your car buying experience run smoothly.
Know your credit score beforehand.
Just as some people think that their score isn’t high enough, others assume that it’s higher than what it actually is. Be sure to take advantage of sites such as myFico.com or creditkarma.com, which give you your credit report and score for free.
When you have your score, figure out what your interest rate will be.
MyFico.com also has a free auto loan chart, which shows you the interest rate you can expect to pay based on your credit score. Knowing your interest rate, you’ll be able to break down payment into 48, 60 or 72 month payments, giving you an even more accurate idea of cost.
Save money.
A low credit score does not automatically disqualify you from getting into a newer, safer vehicle. Having a trade-in or a large down payment will help you in securing a new car at a lower price. Edmunds suggests putting down 20% on a new car and 11% on a used.
Be honest with the dealership.
After doing all of your homework, you’ll know where you stand financially. Be upfront with the dealership when you walk in. We want to work with you and help you into your new car. If we’re all on the same page upfront, it’ll save everyone time. Come into us with your financial background and let us know what you’re looking for in a car. By working together, we’ll be able to get you and your family into a vehicle that makes you feel safe and secure.
Lia Auto Group 