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Are you a first time car buyer? Is this the first time you’re applying for an auto loan or lease? Learn the basics of auto financing, from checking your credit score to filling out the paperwork and getting approved for a car loan or lease.
Auto Loan Don’ts
Don’t Shop Too Much For Your Auto Loan Every time you apply for an auto loan, it affects your FICO/credit score, usually in a negative way. It’s important to shop around for the best deal, but too much shopping could hurt you in the long run. Keep your auto loan applications down to three or less to minimize the effect on your credit score. Do all your applications in the same week, so[…] Read More.
What Not to Do When Applying For a Car Loan
Don’t Bite off More Than You Can Chew When deciding how much you can afford for a car payment, take a realistic inventory of your expenses. Take a notebook with you and write down everything you buy for a week or two, that way you’ll be able to come up with an honest budget for your new car. Your credit score will be best if your expenses are only 30% of your income before taxes. You&r[…] Read More.
What You Need to Know Before You Apply For an Auto Loan
With the economy going through some major changes right now, car shoppers should know that they can’t just go to the dealer, pick out the car they want, sign the paperwork and drive it off the lot. “The days of no money down, walking onto the lot with checkered credit are over,” says John Ulzheimer, president of consumer education for Credit.com and […] Read More.
What NOT to Say When Buying a Car
Honesty is the best policy, right? Not when car shopping. The sales process is a mind game and if you’re good at the game, you can get a good deal. The salesperson is trained to look for certain clues from you. They will try to qualify you in their mind with what kind of car you are looking for and more importantly, how much money you want to spend. The salesperson then uses this informati[…] Read More.
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