Save Money on Your Next Car Loan

If you’re like most people you’re all about saving money, especially with today’s economy. People who were worried in the past about being ‘cheap’ are now seeing the many benefits of being frugal and they’re starting to realize how very important it is to save those pennies and see how much you can do with them.

1100643 cars Save Money on Your Next Car LoanOne place you can save some money is on the next vehicle loan you get. First, you should never, ever just pay the sticker price. Dealers know that these things are negotiable, and if the dealer won’t budge from the sticker price, find a dealer who will. You should also be flexible on when you buy your car. If you purchase later in the month the dealer may have incentives running that will help him meet sales quotas. You can get a better deal on the last day of a month than you can on the first day of the next month, in some cases.

Another thing you should consider is getting a shorter loan term. Most car loans are five years, but if you can afford to make higher payments you can get one that’s three or four years. You’ll save yourself a lot in interest, which brings us to another way to save big – have a down payment. There are a lot of car loans that you can get with no money down, but you’ll pay more overall and your interest rate will be higher. It’s easily avoided. Getting pre-approved for a loan is also very helpful. It shows a dealer that you’re serious, how much you can afford, and that showing you cars won’t waste the dealer’s time.

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