Do you have a vehicle that is on its last legs? Are you planning to get a new one as soon as possible? Are you trying to avoid car payments that you can barely afford? It's an unfortunate reality that you have to have a car in many places if you want to be able to do anything in your life. There are areas of the country that are too rural for bus service and/or taking a taxi everywhere isn't practical either. To that end, you'll want a good, reliable, vehicle that doesn't break the bank. Before you go car shopping, here are some things that you'll need to do:
Check your credit: When borrowing money, but especially with auto loans, a difference of just a couple points on your credit score can dramatically change how much money the bank is willing to lend to you. Unfortunately, it's also possible for a creditor to transpose numbers when reporting a debt to a credit agency. This could result in someone else's debt being listed as a debt of yours, lowering your score. There are many free sites online that will allow you to check your credit. Do so and then dispute any debts that you don't recognize in order to raise your score.
Set aside more money: As car repairs become more and more frequent, it can be difficult to set aside money for the down payment of future auto loans but this is something that is essential. The more money you have as a down payment, the larger of a loan that you'll be able to get. If you have no down payment at all, you may be restricted to obtaining a used vehicle that is barely better than the one you have now. Getting a better vehicle now will give you a longer time before you have to get a still newer vehicle.
Research prices: Just because you can afford particular auto loans doesn't mean that you should do so. Unlike almost every other purchase ever, it's expected by the seller that you'll haggle the price down before you agree to purchase a vehicle. They'll often list it at slightly above what it's actually worth so that they get its actual value once the haggling has been completed. Depending on the sticker price, you may only be able to knock a couple hundred off of what's being asked or it could be a few thousand. Regardless, you should always go car-shopping with the expectation that you're going to have to do some haggling with the car salesman.
Share26 September 2019
When I started thinking about my life, I realized that I was spending a lot more money than I should be every month on little extras. I wanted to streamline things, so I decided to start focusing on getting my finances in order. I started looking around my house, and I was pleased to discover that there were more than a few things I could sell for a little extra cash. I put them online, and I was amazed to see how quickly they sold. After selling some things, I was able to get my finances in order, which was a huge relief. This blog is all about getting your finances in order.