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Car Financing: Deal
built 238 days ago
When buying a car, don't be misled by cost comparisons between financing and paying cash. Many car dealers now use fancy computer printouts to show that financing a car is a better deal than paying cash for it. Beware. The numbers may look good, but the bottom line isn't. Although there may be good reasons to finance a car or other expensive items, it's not usually because it saves money. Be skeptical, then, if an auto dealer claims that financing costs you less than paying cash. Information telling the whole story may be missing.
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Financing a car is common, but that doesn't mean you shouldn't understand the various financing programs. There are a lot of options―and even pitfalls. A little studying and research on your part will help you strike a better financing deal.
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[One] key preparation before buying a car and obtaining financing is research. Research cars and their pricing at sites like Cars.com, InvoiceDealers, CarsDirect, Edmunds and Autoweb. These sites can often provide the complete details on car styles and handling, car pricing, dealer cost, and more. Use your findings as a basis for all dealings with salespeople.
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Just like preparing yourself for the purchase of the vehicle is extremely important in determining the kind of deal you get, preparing for the financing of the car is equally important. It is highly recommended that you do your homework before you do your actual car shopping. Check your credit in advance so that you can eliminate any errors or discrepancies as quickly as possible. Compare rates and the various plans that are available so that you will be ready to move should you find an exceptional deal on the car.
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Dealership – Most of the time, you can finance the car through the dealership where you purchase the vehicle. Sometimes dealers advertise low-interest loans to attract customers. In general, the rates are higher because they are playing the middle man for loan companies, so they want to make money off the deal.
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When they get into the dealer’s finance office, many car buyers make mistakes that will cost them hundreds—even thousands of dollars over the life of a loan. Call 12 For Action tells what to look out for.
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