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Buying A Car
Big Spends!
That’s it – you’ve seen it and you want it! There are so many ways that you can raise the cash you need to pay for those bigger purchases in life, but what are they? As well as some handy hints on saving you can find out about your borrowing and credit choices here. And you’ll be able to look into the best ways to find the best deals and hear how some of the illegal money lenders out there try to reel you in!
Buying a car is likely to be the biggest spend you can make after maybe a house. The worst part is that there are thousands of second hand salesmen out there who’s one and only goal is to stop you getting too good a deal! Well things are about to change, I’ve come here today to speak to a former car salesman who’s going to let us in on all their secrets!
Remember it’s far too easy to overspend on cars. Optional extras or even plumping for the next model up could be a stretch too far. Know your budget, shop around for the best way to pay and don’t be afraid to walk away!
Can you choose the best deal?
So, you’ve found the perfect car and you’ve agreed a price but you’re going to have to make some decisions about how you’re going to pay for it.
Can you get the best deal out of the salesman? Don’t forget those hidden costs and small print! Good luck!
Summary
It’s far too easy to overspend on cars and it’s really important to understand what you’re actually paying for and what the optional extras include. Take a look at the checklist below to remind yourself of the types of things you need to consider.
This is the first and most important step in the car buying process – you must know what you can afford. To do this you need to have a monthly budget, and then you can decide how much money you have to play with. Remember that there are long-term costs involved in buying a car – monthly repayments, insurance, petrol, servicing, and repairs….Make sure you can afford these costs every month.
Compare quotes on car loans to find the best deals; many will offer the same kind of terms so look out for the APR (Annual Percentage Rate). Don’t take a loan out for a longer term than you need to. The longer the term, the more interest you will end up paying. Go for the shortest term that you can comfortably afford.
You don’t have to take a finance deal from the garage. You can shop around for the best loan you can get to buy the car.
Make sure you check out your credit rating first as some deals might hike up huge interest rates on the back of a poor credit rating. The best thing to do here is get a loan agreement from a bank or other finance company.
Don’t buy on impulse; remember it’s far too easy to overspend on cars. Optional extras or even plumping for the next model up could be a stretch too far. Don’t be afraid to walk away and consider it carefully.
Read the small print and make sure you know the terms and conditions of the loan before signing. Remember you are responsible for any outstanding finance on the car and you do not own the car until you have made the final repayment.
Always look at what the warranty doesn’t cover, as some warranties aren’t worth the paper they are written on. If the warranty is a good one it should clearly state what is not covered. If the dealer is confident in the car he should give you a 6 month warranty.
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