First Time Buyers Need To Do Their Homework

If you’re a first time car buyer, doing your homework is an essential thing. Many first time buyers just go to the dealer and find something that they want and the dealer offers to arrange financing. Sometimes this is a good thing, but there are unscrupulous dealers out there, too.

1086320 green machine First Time Buyers Need To Do Their HomeworkIf you let the dealer make your financing arrangements for you, make sure that you read the contract carefully, in full. Don’t worry about the finance person getting impatient or anything like that. Know what you’re agreeing to. Also, take a look at the amount financed, the length of the loan, the interest rate, and the payments. Make sure they’re what you were told they would be. Don’t get stuck with a big payment or a high interest rate because you weren’t paying attention.

Also, make sure that whoever the lender says will be approving your loan has actually approved it before you sign the paperwork and take the car. If you aren’t given proof that your loan was approved don’t sign anything and don’t drive off the lot in the vehicle. You might end up having to return it or the dealer may call you and say you can only get it with a much higher interest rate than what you originally expected. It’s not worth it just to get that new car, and you’ll be glad you took the time to get approved properly. You won’t be paying too much, you won’t have to give your new car back two days later because the financing didn’t go through, and you won’t get stuck with a car that you can’t afford.

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