Purchasing a new car can be a financial burden for a lot of people. The good news is that it doesn’t have to be. With the many financing options that are available these days, people with good credit, bad credit, or no credit can get a car. The following four tips will help you to save some money in the process.
There are so many people who want a new car and they want it now. If you can practice a little patience, chances are that you will not pay quite as much as the next person for a new car. Although car dealers seem pushy, they are actually quite patient and know that car buying is a game. They will wait for you to come around because they want your money. Be more patient than they are, and you will win the game.
Shop At The Right Time
Car dealers often find that the weeks between Thanksgiving and Christmas are typically slow weeks. This is because most people don’t buy their loved ones cars for Christmas and are too busy shopping elsewhere in preparation for the holidays. This makes it a great time to shop for a car. Many car dealers will be so anxious to sell a car during slow periods, that you will have a better chance at getting the car you want for a good price. Another good time to shop for a new car is late September when folks have settled back into school and work after a busy summer. They are focused on something else and typically not thinking about a new car purchase.
Save For A Down Payment
Obviously the bigger the down payment you have, the smaller your monthly payments will be. When you speak to a lender about your auto loan, you will let them know the price of the car and the amount of your down payment, and they will make the terms of the loan off of that information. By saving up a down payment for a little while, you can save yourself some serious money.
When dealing with a car dealer, be prepared to walk away from their offers. The trap that many consumers fall into is that they think the car will not be around if they take time to think about the purchase, or they think that they will never find another car for a better price. The truth is that when you walk away, the dealer loses money. They will be willing to negotiate with you, and if they don’t, the next guy will. Before you buy a new car, be sure that you prepare and gain some knowledge on the subject. Before you shop, determine how much you can save up for a down payment and talk to a lender to find out what the terms of the auto loan will be.
- License: Creative Commons image source
Chris Stevenson writes articles on behalf of Credityes.com, a company that specializes in bad credit auto loans. Our goal is to help our clients get into the new or used cars they want, in the most affordable manner possible.