Arrange car loan before purchase
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Long term loans may not be a good idea if you plan to trade the car in after three or four years at that point you may still owe more on the loan than the car is worth. The loan term can run one to seven years. number of payments and total cost of the loan (a lender can make this calculation for you).down payment your approximate monthly payment.
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Loans are available from several sources, including credit unions, banks, savings and loan institutions, and dealers. These pricing guides are often available at your bank, credit union, on-line through the internet, or your local library.īefore visiting a dealer, you may want to consider researching the various auto loan options that exist in today’s market. Several additional car pricing guides (such as the Kelly Blue Book and the NADA Official Car Guides) also assist you in determining the value of a used car or your trade-in. These pricing guides can assist you in determining where to start your negotiations. You can obtain information about how much it costs a dealer to buy a particular model and optional equipment (called invoice cost) by consulting a number of publications and services including Consumer Reports Magazine, Edmunds True Market Value, and The Car Book. Dealers will often refer to a car’s “sticker price” as the amount you have to pay, but often the dealer is willing to sell the car for less. General car buying tips and suggestions can also be found through several state and federal nonprofit organizations and agencies including the Federal Trade Commission, Washington State Auto Dealers’ Association, Washington Law Help, and the Washington State Department of Licensing.Īfter you determine your needs and what you can afford, you should research the market value of the various makes and models before you start looking for your car in order to avoid paying too much for the car you buy. We have provided a host of information regarding your rights and responsibilities in Washington State’s auto market. You will find the process much easier if you also understand that you have the right to shop and compare not only your local auto dealers, but also your financing and warranty options. What is my monthly budget for car payment, gas, insurance, and maintenance?.Some general questions to ask may include: It is important for you to identify your automotive needs and budgeting restrictions before you begin the process of obtaining a new, used, or leased car. To see specific information regarding practices that would be considered a violation of the Consumer Protection Act, please see our Before you Buy site. The following is a basic guide to purchasing a new or used vehicle. It will also significantly decrease the odds of you falling victim to those wishing to take advantage of you or your family. By educating yourself on your personal needs, and your rights and responsibilities as a consumer, you will significantly lower your chances of financial risk.