We know that having a car loan with the a low interest rate is important so you can make the most of your car buying budget. Here are a few tips when you are researching the best used car financing.
Five Best Car Buying Tips for 2017
- Decide what you're going to spend
You may fall in love with a car that will leave you eating Top Ramen. Fight the urge. How do you decide how much to spend on a car? A good rule of thumb is to limit your overall automotive expenses to no more than 25% of your monthly income. Don't forget to include insurance and fuel in your twenty-five percent.
- New, Certified Pre-Owned, Used
Ask your Gresham Ford Product Specialist what cars best fit your budget. Narrowing down the price and type of vehicle that you really want is important to having an enjoyable car buying experience. We strive to provide a no hassle, no pressure environment. See what others are saying about Gresham Ford and have faith that we want you to love your car - whatever it may be.
- Buy or Lease
This is another great question, to ask your Sales Professional to explain. If you are the type of buyer that drives a car until the wheels fall off; then the purchase option is most likely you best choice. Leasing a new car has lots of advantages including a full warranty and a lower interest rate but keep in mind that it is a long term rental and you will pay for what you use. This is a good option for people whose driving habits don't vary widely. There are many aspects to consider and your Sales Professional can help to explain each and how they may affect you in detail.
- Narrow the options - just a little but not too much
Start by deciding if you want a car, truck or SUV. Remember that each carries with it a set of maintenance obligations. For instance if you choose a truck; your fuel costs and insurance will be more and when you need to replace wear items like tires, they will be much more than for a small car. Take all these things into account when you are working with your 25% budget. Don't limit yourself to a specific model and year vehicle because then you may end up searching endlessly across the NW for a vehicle that is the right model and year but hasn't been well maintained.
- Remember to Bring Your Paperwork
In order to secure financing you will need to bring a number of items to the dealership. Partially because of the rise of identity theft auto lenders require additional documentation to ensure you are you.
Here is a short list of items to bring when getting an auto loan: Your valid drivers licenseValid Car InsuranceYour last pay stubA list of five references, their addresses and phone numbersThe address and phone number for your employerKnow your social security number