Planning to finance your next new or used car purchase on the east Coast? Tread wisely because a misstep could cost you hundreds or even thousands of dollars. Don’t let the shiny paint and glittering chrome obscure your financial vision. Consider these five points.
- Your shopping for 2 things, financing and a car
- You want to look at the term of the loan, long term or short term
- You want to focus on a car that you really like, but you want to really focus on a car you can pay for
- Down Payments Drive Savings
When financing a car, a large down payment can initially sting, but it’s a benefit over the long haul. Cars depreciate and before you know it, you may owe more on a vehicle than it’s worth, known as “negative equity,” a side effect of long terms and small down payments.
- Great Math Beats a “Good Deal”
Automakers offer plenty of attractive incentives to sweeten today’s car deals, including cash rebates and zero-percent financing or special financing. But how do you know which deal is sweetest? Don’t guess; do the math.
Auto loans can be sourced through east coast dealerships, as well as from banks, credit unions, and finance companies, like us