Buying a motor car can be an exciting - and stressful - purchase. Getting your "wheels" - whether it's for the first, second or tenth time - can be fun... but negotiating with car dealers and lenders can be a rather painful exercise. So how can you get the motor car you want, and also have the means to pay for it with one of the low interest car loans available? Read on - I have some critical car loans information to share with you.
Before you do anything, it's vital that you thoroughly appraise your current household spending. You basically want to work out what you can afford. Not just when it comes to plunking down cash for a motor car, but also to meet any repayments required if you need to borrow from a car loan company. So take an objective view of what you spend on food, housing, clothes, entertainment, etc - plus what you might need for any unwelcome surprises e.g. a surprise bill - and then see what you would be comfortable with in terms of making regular payments each month for a specific number of years.
It's crucial that you also allow for the charges involved in keeping your vehicle on the road. These are your insurance premiums, petrol/gas costs, and the expenditure required to keep the vehicle in, at the very least, a roadworthy condition. You may also need to think about any additional costs that you may have (or have not) been planning on: window tinting, converting the car from running on petrol to gas, or any kind of remodeling.
When you've worked out what you are able to purchase - taking the interest, insurance, running, maintenance and any other expenses into account - you're ready to begin looking for a car. At this stage, it's imperative that you avoid getting sweet-talked by auto dealers who "appear" to have the complete package for you: the car you want AND no credit car loans or seemingly low interest car loans. If it sounds too good to be true, it probably is! So before signing on the dotted line of any purchase agreement or auto financing agreement, read the fine print. Plus, use a car loans calculator to identify the real difference between the financing package offered by the dealer and those offered by other auto financing companies. Armed with this car loans information you're ready to negotiate... or say "no deal".
When you like the look of at least two different car financing options, make an appointment to see the lenders in question. By talking with them about your circumstances, they may even agree to a loan arrangement that is more tailored to your needs.
Once you've done all these things, all you need to do now is buy the car you want and take out a car loan with your preferred lender. And then drive away, knowing that you have found a car you can afford!
