36% of car buyers took out a finance agreement because they couldn’t afford to purchase a car otherwise according to AutoTrader.
Financing a car spreads the cost of an expensive item over several months making it more affordable. Before signing on the dotted line, you agree an affordable fixed monthly payment with the dealer or finance company that you can budget for each month.
As with any financial contract, keeping up with the regular monthly payments will only serve to enhance your credit score. The better your credit rating, the lower interest rates you’ll be offered on future finance agreements.
There are plenty of ways to finance your new car. To get the best possible auto loan, start by checking your credit report and credit score. A good credit score gives you more choices and can help you get better loan terms. Investigating car loans from your bank, credit union and online lenders before you visit an auto dealership will give you a clear idea of your options
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Financial experts have long said that that 20 percent is the magic down payment number when you’re buying a new car. But the vast majority of people are making far smaller down payments.
With dealer-arranged financing, you obtain financing from a lender through a dealership. The dealer collects information from you and forwards that information to one or more prospective auto lenders.
If you were pre-approved for a loan from a bank or credit union, ask the dealer to match or beat the loan rate and terms.