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Aug-13-2018 16:45printcomments

5 Things You Must Do to Get a Lower Car Payment

Follow these car payment tips and you will thank yourself for making the right decision.

Salem-News.com

(SALEM, Ore.) - In every ten car purchases, eight are made on loan. If you're reading this, chances are an auto loan is your biggest financial obligation right now.

Most car loans are typically cleared in 72 months (six years) and I must say we spend much on interest. After purchasing a home, a car is the second most important asset.

Follow these car payment tips and you will thank yourself for making the right decision.

  1. Work Within Your Budget:

    Perhaps this is the most important consideration. Sadly, this is where many of us go wrong. Don't fall in love with cars way out of your reach. It's good to be ambitious bet there's a different between having enough money to buy something and affording it.
    In personal finance, they teach that you should never spend more than a third of your annual income on depreciating assets - with a car being one of them. I think this is a good rule of thumb to add to your arsenal. Not sure how much owning a car will affect your monthly expense? Visit https://auto.loan/calculator/, they give fairly accurate estimates. Do the math beforehand and you will never sign up for a financial fix.
  2. Shop Around for The Best Deals:

    What car do you want? Start by writing down all the cars you can afford and narrow down this list based on personal preference. Ideally, you should have three cars in mind. Look at various automotive websites. I prefer looking at auto forums instead. Here, various people give experiences and reviews on cars. Learn as much as you can. Read the local daily paying attention to the listings.
    When doing a monthly car budget, account for 5 percent miscellaneous charges. This allowance will account for gas and minor repairs (they come when we least expect them). Look at several websites. Get the best deal possible. Spend enough time researching and you will surely land a bargain.
  3. Assess Operating Costs:

    Cars need to be maintained. What other expenses come with owning a car? You will be required to clean it. Consider getting a handheld vacuum cleaner. You will save on monthly cleaning kits. Look at shifu, they've tried various vacuum cleaners and written reviews on the same. Visit your preferred auto insurance agency and get a quote. They will estimate your average annual insurance cost based on how many miles you cover.
    Unlike auto salesmen, insurance guys aren't sales hungry. They will give you honest opinions and may even share things you've never herds of. I learnt that the AC consumes a lot of gas and you're better off turning down the windows from a local car insurer.
  4. Secure Your Own Financing:

    Do you know why car dealers "recommend "certain financiers? Because they're getting their cut. They aren't just selling you a car, they're getting affiliate bucks when they facility auto loans. Sad but true. Make your own financing arrangements. Don't try signing up with their suggested financier. Been there, done that. Make an informed decision.
    Again, you should visit several banks and get the best loan possible. I often find credit unions charging up to 2 percent lower interests than conventional financial institutions. Check them out too.
  5. Look For Discounts:

    When it comes to saving on a car payment, there's no substitute for hard work. You have to spend time looking for great deals. You already saw an ad showing that they've slashed interest rates. You could even save more by negotiating. Most auto dealers give discounts to military personnel and students.
    Inquire on eligible discounts. In fact, you could even "stack" discounts for added savings. I often get better deals near end month Car bazaar salesman often receive higher commissions for meeting their monthly target. At this time of the month, they're usually hungry for more sales. There are less likely to strong arm you in a bid to get higher commissions.
    Take your time during the test drive, Check if all lights are working as advertised and if it drives smoothly.

Source: Salem-News.com Special Features Dept.

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