You Want A Pretty New Car?
Car loans and car payments, that is what that pretty new care is really all about. It is quite easy to mistake it for something different, but to get that new car in the best way possible is to have the creditworthiness that can support low payments, low-interest rates, and a lender who is HAPPY to do business with you. It is easy to see buying a car as utilitarian, wish fulfillment, and so many other things, but what getting a car really is when we sum it down to its nuts and bolts could be called a business deal.
The lender is in the business of taking the least amount of risk, and lending money to earn interest. You are in the business of not getting your ideal car, but getting your ideal car loan. Knowing your role is the most important thing in life, it does not matter if it is choosing a career, a partner, or getting a car loan, you must know your role and your job.
Do You Want The Best Deal?
Do you really want the best car loan or are you in such a rush that you must have that car ASAP? If you want the best deal, then you must shop around for the right lender. You also get hit with the reality of all car loans and credit, and that is that it really is all about you. It is all about what you have done up until this point.
Did you pay your bill on time, do you owe money, how much of your credit do you use each cycle (utilization), do you have defaults, bankruptcies, charge offs and any of the other terrors of lending? One thing about your credit is that it can always be improved so that you can get the right car loan, it just might take time. Everyone cannot wait, and for those people, they simply need to find the best lender who will underwrite their loan based on the credit they have NOW. Others could benefit from repairing their credit. Know your role.
Are You Willing to Take Your Time
Impulse shopping is a thing, and it does not matter if the prize is big or small. There is a no larger impulse buy for most people than a pretty new car. They end up in the dealership, they’ve done their homework on the car and can tell you every last thing about it. What they have not done proper homework on is how they intend to pay for it.
The salesman talks to them about their in-house financing, and how they can get them to the PERFECT payment amount. For most people who are lost in the trance of impulse and desire, this is all they need to hear. We instead think that you should have your financing sorted well before you go to the dealership so that you won’t be tricked by low monthly payments while ignoring a HUGE interest rate, and a 6-7 year loan cycle!
Don’t just know about your ideal car, know just as much about your ideal car loan structure.