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Must Know Facts Before Buying A Car.
You want to buy a car. The first things you need to know is the type of car you want. If the reasons to buy the car are perfectly valid the next thing would be to see it you have the cash to purchase the car. If you are a first timer into the world of finance then you may be taken for a ride. If you are a student or have no established credit history then the barriers to your car ownership are still more, unless you have enough cash to make an outright purchase.
One Time Expenses
Budget versus style should be balanced when you cannot afford a luxury segment vehicle.
• The rate of your car depends on the variety of car you want. Budget models range between ,000 and ,000. Sports car and other vehicles may cost up to $ 50,000 and more.
• The cost of a decent stereo system, interior systems like leather seating etc. will only drive up the costs.
Recurring Expenses
1. What are your car financing options? There are a wide range of auto car loans. If you are looking for the best car loans you could find major loan sources on the internet. These offer cheap car loans as they do away with commission agents. Other factors you need to look at are insurance quotes. A few of the recurring expenses would be
• The monthly installments that you need to pay are a recurring cost till you clear off the whole credit for the car. It is in the best option that you finish these payments within a 48 month period if you can. In case of longer periods the APR is higher.
• Insurance is dependent on a number of factors like model of the car (more expensive cars have higher premiums), age of the car (older cars have lower premiums), driving record (bad driving record pushes up the premium), etc. Even your age, gender and home state has a bearing on the insurance premium. Insurance costs are paid throughout the lifetime of the vehicle and generally ranges from 0 to 00 per year.
• Gas expenses will be around 0 to 00 per year, depending on your cars fuel efficiency. Mileage depends on the type of vehicle you choose. SUV’s may take up more fuel while a car takes up lesser fuel for the same distances.
• Maintenance is another important factor in costs. The expenses would be related to oil charges ( per 3,500miles), new batteries, servicing charges (0 per check up) and parking charges.
Look Out or you’ll be ripped off
They have been major rip offs in the auto industry. Search the net and hear more about these before venturing out to buy a car so that you are not the next person who is conned.
• Buy cars online through major online agencies. This will also reduce the costs considerably as it will bypass commission agents/sales persons who raise the cost and can even convince you to get something not worth a buy so that they earn huge profits.
• At the automotive office all you need to provide is a verification of your identity. Do not allow the car dealer to run a credit check on you if you are getting your own car finance. Credit checks are only done by banks and other financial agencies and not your car dealer.
• Negotiate on the price of the car as maximum as possible. See quotes on the net and other magazines and if any dealer tells you that the net is different and those cannot be given then do not believe them. You would rather contact the persons on the net and get a quote from them.
• Do not take a car if the dealer assures you that he will get a lower APR for you. Take your car only after all the negotiations and contracts have been signed. Later you may be able to get an auto-refinance for a lower APR if you have a good credit score.
About the Author: http://www.autofinancemart.com gives you the various options of car financing. Finance calculators, loan sources , etc. are covered in depth. Look at the where and how’s to get your car loan.
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