A car is a necessity to most of us. We depend on our vehicles for commuting to and from work and transport family and children to events, extracurricular activities and for pleasure outings. Most of us aspire for a comfortable, spacious, reliable and good looking car. With the multitude of choices in models and segments, making the right selection in picking out a car is a difficult one. If the consumer overlooks other factors and concentrates more on the trendy looks, the consumer could go over budget and make a regrettable choice. Most consumers use auto loans from banks, credit unions or dealerships to finance their car or vehicle. There are certain factors to remember when negotiating purchase for a vehicle:
* As most customers would be using auto loans to finance their purchase they often make the mistake of solely concentrating on the monthly payment for the loan. Salespeople will be aware of this fact and once they determine how much you are willing to pay monthly as repayments on auto loans, they will negotiate a deal to suit that. By tweaking the interest rate, offering longer term on auto loans, you can be convinced you can purchase any vehicle on the lot. However, in the long run with enhanced interest rates and longer terms for repayment you can expect to pay a lot more for your vehicle adding substantially to the total cost.
* New cars may be attractive to purchase but should not be considered investments. The depreciation for a new car can be in the range of 25-40% in the first two years. If you are looking for a bargain, it is better to buy a relatively new, pre-owned vehicle so that you can avoid bearing the initial cost of depreciation. Opting for an extended warranty for your used car, would work out to be a cheaper and more practical choice.
* Always purchase a vehicle to suit your needs and family size.
* When you purchase a vehicle, there are a number of hidden costs associate with it. Gas consumption, insurance premiums and maintenance costs will add to your monthly car payments. When choosing a vehicle consider these factors before making a final decision.
* Always put some cash down for your new purchase. While your car dealership may offer numerous incentives, do not fall for the zero down payment strategy.
Consult your local bank or credit union for your auto loans. Wichita, KS residents can get favorable terms for auto loans and personal loans.
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