5 tips for getting the best deal when buying a car

Buying a new car is a big step, so you should do absolutely everything you possible can to save money

If you are looking at buying a new car, it is important that you take the time to consider some simple but effective tips that will help you get the best possible deal. A lot of people rush into getting this sort of loan, and as a result they end up regretting it. There are many different things to consider when making this type of major purchase, and the more information you get the better off you are going to be.

1. Put down 20 per cent

One of the best things that you can do to get a great deal on a new or used car is to make a down payment of at least 20 per cent. By following one of these car down payment tips, you will ensure that the interest rate on the loan you take out for your new car isn’t ridiculously high. If you want to save as much money as you can on your loan, it is crucial that you make your down payment as large as possible.

2. Shop Around

You will also want to spend some time shopping around looking at different cars and lenders before choosing one in particular. The more time you spend doing this, the better your chances are going to be of getting an incredible deal. The last thing you want is to choose just any lender, because you will almost certainly end up regretting it. A good lender can provide you with the loan you need at a reasonable rate with minimal fees.

3. Consider a Lease

Leasing a car could be the right way to go, depending on what your own financial situation is like. These days lots of people are leasing vehicles, simply because it can be a far more economical option. If you want to save money, this is definitely one option to think about.

4. Improve Your Credit Before Applying

One of the best ways to guarantee that you get a better deal on your auto loan is to spend some time improving your credit score. The higher your score is, the easier it will be for you to get an outstanding deal on your loan.

5. Take a Look at the Fine Print

It is also crucial that you take a close look at the fine print in the contract you are required to sign. Some lenders tend to sneak in additional fees and other things that you will want to know about in the contract, so make sure that you remember this. You never want to sign any document related to purchasing a car without giving it a thorough looking over first.

Buying a new car is a big step, so you will absolutely need to do everything possible to save money. The more time you spend finding out how to get a great deal on a new car, the better your chances will be of getting the vehicle you want without any regrets whatsoever.

The views, opinions and positions expressed by columnists and contributors are the author’s alone. They do not inherently or expressly reflect the views, opinions and/or positions of our publication.

You must be logged in to post a comment Login