Whether you’re buying a car for the first time or the fiftieth time, it can be a scary process, especially since there are so many dos and don’ts of car financing you want to watch out for. Here are some things to do, and not do, before you head to the dealership and while you’re there.
1: DO research what car you want and what you can afford each month before you go in. You want to have an idea in mind about what you’re going to get, how much it will cost you each month, and how much insurance will cost, and then stick to that budget.
2: DO understand credit and how your credit score will factor into a bank’s decision to lend to you. If you have poor credit, look into dealership programs that can help you get approved for a loan or get a break on costs.
3: DO know whether you should buy or lease. Both have their benefits and downsides, so check out this page for more info.
4: DON’T go into the dealership without first researching loan options on your own. It’s better to go with a bank you trust and handle the financing yourself, but if you have trouble, the dealership may be able to find something for you.
5: DON’T trade in a car for less than what you owe on it. The rest of the amount owed will be combined with your new loan.
If you have questions about anything related to auto financing, our team at Bob Sight Ford is happy to help, so give us a call!