Financing
Your New Car If
you decide to finance your car, be aware that the financing
obtained by the dealer, even if the dealer contacts lenders
on your behalf, may not be the best deal you can get.
Contact lenders directly. Compare the financing they offer
you with the financing the dealer offers you. Because offers
vary, shop around for the best deal, comparing the annual
percentage rate (APR) and the length of the loan. When
negotiating to finance a car, be wary of focusing only on
the monthly payment. The total amount you will pay depends
on the price of the car you negotiate, the APR, and the
length of the loan.
Sometimes,
dealers offer very low financing rates for specific new cars or
models, but may not be willing to negotiate on the price of
these cars. To qualify for the special rates, you may be
required to make a large down payment. With these
conditions, you may find that it’s sometimes more
affordable to pay higher financing charges on a car that is
lower in price or to buy a car that requires a smaller down
payment.
Before
you sign a contract to purchase or finance the car, consider
the terms of the financing and evaluate whether it is
affordable. Before you drive off the lot, be sure to have a
copy of the contract that both you and the dealer have
signed and be sure that all blanks are filled in.
Some
dealers and lenders may ask you to buy credit insurance to
pay off your loan if you should die or become disabled.
Before you buy credit insurance, consider the cost, and
whether it’s worthwhile. Check your existing policies to
avoid duplicating benefits. Credit insurance is not required
by federal law. If your dealer requires you to buy credit
insurance for car financing, it must be included in the cost
of credit. That is, it must be reflected in the APR. Your
state Attorney General also may have requirements about
credit insurance. Check with your state Insurance
Commissioner or state consumer protection agency.
Our
site is designed to make the loan process
as stress-free as possible. No more moving from bank
to bank in search of the product that fits your needs.
Everything you'll need is right here, from calculators
that will help you determine the amount to borrow and
estimate your monthly payments, to a loan resource
center full of information, products and services that
you can use to your advantage.
Our
unique marketplace concept was created
especially to...
provide
you with the easiest, most convenient
way to finance your car
let
you choose an offer from up to four of the
nation's top-rated, most recognized lenders to finance your
car.
provide
you with great rates and terms
put
you in complete control of your borrowing
process.
