| Ahhhh, that new car smell...It's great
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| | lower can save you over $700 on an
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| isn't it? But it comes at a premium. We
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| | average priced new vehicle, over the life
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| all know that it's cheaper to buy used
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| | of the loan.My advice on this would be to
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| instead of new, but if you still don't
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| | go after those low APR loan offers that
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| think you can live without that fragrance
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| | the dealerships sometimes have. You know,
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| of a new car (the real one, not the one
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| | the "buy now and receive 2.9% apr for up
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| you buy from Wal-Mart in the little spray
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| | to 60 months" type of offers. That can
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| can) - then at least think about
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| | save you some big bucks, lets take a
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| following these steps first:1. Research!
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| | closer look...How much money can lower
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| If you absolutely have to have a new car,
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| | interest save?Ok, lets use an interest
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| do yourself a favor and spend some time
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| | rate comparison loan calculator and plug
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| at and research some of the cars that you
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| | in some numbers, and see what we
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| are thinking about buying. If you have a
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| | get.Example 1 - lets say it's for a Chevy
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| specific car in mind already, be sure to
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| | Impala:Loan amount: $25,000
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| research the other cars in its class as
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| | Regular interest rate: 6.9%
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| well. You might even find another one you
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| | Special low interest rate: 3.9%
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| like better and is rated higher from
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| | Loan length: 5 years
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| consumers, has higher crash test scores,
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| | Total savings with lower rate:
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| better resale value, higher mpg's, or
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| | $2,073.94That's right, for this example
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| whatever else floats your boat.2. Once
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| | the lower interest rate would save you
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| you have decided on a car, Edmunds has a
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| | more than $2k over the 5 year length of
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| great feature for pricing - it's called
| |
| | the loan. That money would be much better
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| True Market Value. That is basically how
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| | off sitting in an interest bearing bank
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| much other people are paying for that
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| | account, don't you think? Just for kicks,
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| specific car. This can give you great
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| | lets do a higher priced vehicle with the
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| leverage when negotiating the price on
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| | same comparison criteria...Example 2 -
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| your new vehicle. But you also must keep
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| | Let's say you want a Tahoe instead:Loan
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| in mind that it's not a definite price
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| | amount: $45,000
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| level, but more of a guide for haggling
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| | Regular interest rate: 6.9%
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| with the salesman about the price.3. Dare
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| | Special low interest rate: 3.9%
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| I say the "L" word? Loan! There I said
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| | Loan length: 5 years
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| it, whew. Once you have settled on a fair
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| | Total savings with lower rate:
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| price for the vehicle you are buying,
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| | $3,733.08With example 2, you would save
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| it's time to think about how you're going
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| | almost $4k in interest over the life of
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| to pay for it. Since most of us don't pay
| |
| | the loan. That would be a nice down
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| cash for new cars, most likely you'll
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| | payment on your next vehicle don't you
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| need to obtain a loan for your new ride.
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| | think?There are many different things
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| If so, then you need to pay close
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| | that factor in to what vehicle you
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| attention to the interest rate on the
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| | actually end up purchasing - comfort,
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| loan. This is not something that can
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| | resale value, safety, style etc. Just
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| normally be negotiated, but you still
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| | make sure you add "research" and
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| need to be aware of what your interest
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| | "interest rate" to that list, and stay
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| rate will be - even 1 percentage point
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| | informed!
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