Buying Your Next New Car
The purchase of a new car is something that we all look forward to but we all dread. Let me deconstruct this for you. The purchase of a new care is exciting and something that we all look forward to until we get down to the financing part of the deal. Here is where the dread part comes for most of us. It can be quite confusing and honestly a dreadful task. However, if you educate yourself a little before you go to the dealership you will find yourself a little more at ease when making your new car purchase.
The first and most important thing you must know before you walk into any dealership is how much car you can afford. In order to know this you will have to have some imperative information. The thing that will most affect your monthly payment is your credit score. Your credit score will determine your interest rate on your loan and depending on your credit score it could increase it greatly or decrease it greatly. The better your credit score is the lower your monthly payment will be.
Next, you will need to decide if you’re going to buy a new or used vehicle. It’s always tempting to buy a used car because they are priced lower than new cars. However, you must look at all sides of the spectrum. When you buy a new car you will be able to extend the terms longer that you would on a used car. For example, if you purchase a used car you will probably only be able to have the loan for sixty months, but if you purchase a new car you can go as far as seventy two months. The longer the term of the loan the lower your monthly payment will be and this will directly affect which car you will be able to afford. Any auto loans richland sc is a great place to start for your next auto loan.
The next thing you will need to take into consideration is the fact that when you buy a new car you get a better and longer warranty than you would if you purchased a used car. You may be thinking that you don’t need a better warranty or you honestly might not even care about a warranty right now. But trust me when your car breaks down, and at some point it will, you will have wished you would have thought about the warranty. Car repair bills can run anywhere between two hundred to two thousand dollars and if you don’t have a warranty that covers these cost you could find yourself unable to afford the repair bill or your car note or both. This could result in the car being repossessed and you will be back at square one. Depending on the brand of new car you choose to buy the warranty could be anywhere between sixty thousand miles and one hundred thousand miles. These kinds of warranties will cover you for years and years so you will be able to rest easy knowing that you are covered.