The average vehicle in America is over 10 years old, and interest rates have bottomed out while the economy continues an upward swing. With that, it’s easy to understand why many people are looking for a car or truck. Finding new and used vehicles is easy, but finding financing can be difficult. Read on for some tips on buying a car from Wommack Chevrolet that suits your budget and your driving habits.
Build Wealth By Buying Used
Regularly maintaining a used vehicle is one of the most prudent financial decisions you can make. By buying an older car and keeping it on the road, you can save $200 a month or more over the cost of buying or leasing a new car. Invest that money in stocks, and over five years you’ll have over $14,000 saved.
Even if you believe that buying a used car is the right decision, you still may wonder how to get financing. Traditionally, smaller lenders have provided better service, but that’s not always true these days. Local, small banks actually charge an average of 60% more interest than credit unions and national banks, but credit unions offer longer repayment terms.
Be Ready With An Offer
While you may be able to get manufacturer financing if you have exceptional credit, Chevrolet Dealer financing is another option. Use the following tips to maximize your financing.
* Ask for preapproval. Most credit unions and banks offer preapproval on auto loans, meaning that they’ll verify your disposable income and credit history meets loan requirements. Secure financing makes it easier to negotiate a low rate when you want dealer financing.
* Do your research. The more you know about your chosen car’s fair market value, and the more you know about buying a car, the easier time you’ll have negotiated with dealers.
* Have a plan. It’s easy to get in trouble if you allow a salesperson to pressure you, but it’s easy to avoid pressure if you have a plan in place. If you don’t get your desired deal the first time you shop, go to another Chevrolet Dealer and seek a better offer.
Finding a new or used car can be tricky, but it may be easier if you know what you’re looking for. Persistence, preparation and knowing how to budget can help you avoid a financial burden while getting the car or truck you need. You can follow them on Twitter.