Shopping for a Car? Be Prepared
The warmer months are usually a preferred time for consumers to shop for a new vehicle. With the current climate of the automobile industry being quite competitive, it is important to go into a dealership prepared. Here are a few tips to help make sure you purchase the right vehicle at the right price for you.
Shop Around
It may be convenient to buy a car from the first place you find, but that could end up costing you more. Luckily, the internet is a great place to shop around, and you don’t even need to leave the comfort of your own home. Shopping around online will help you compare multiple vehicles and different features, so you can feel confident when you walk into a dealership.
Know Your Budget
Determine a number that is comfortable for you and stick to it. Many dealerships will try to stretch your budget, but you will be the one making the payments – not them. Getting a pre-approval for an automobile loan can also help you stick to your budget. You can apply online at: PittsfordFCU.org/Auto.
Pay Attention to Purchase Price
This falls hand in hand with knowing your budget. If you are working with a dealer, they may ask you what you would like your monthly payment to be. They will, more than likely, be able to get you into a car for that monthly payment, but they may do so by extending the monthly payment. What does that mean for you? It means that in the long run, you will pay more in interest if you have a longer term. It is important to focus on the total cost of the vehicle, as opposed to just monthly payments.
Always Test Drive
A car may seem like the perfect fit while conducting your research, but no amount of research will tell you how you will feel once in the car. As with anything, there will be differing opinions and preferences while researching vehicles. Although you may think a car seems great on paper, you may change your mind once you get behind the wheel.
Love Your Current Vehicle?
Consider refinancing your automobile loan to help reduce interest expense.
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