CONSIDERING A CAR LOAN? SOME THINGS YOU SHOULD CONSIDER

When you are shopping around for a car, it is a no brainer to comparison shop for the best deals in town. You will also look at popular online forums to learn about the reviews of various car makes and models. In some cases, you may even look to rural cities or provinces for deals. However when you are about to get a car loan, how often do you look around for the best deal?

Many consumers do not consider shopping around for a car loan and this can have some financial implications.

Car loans are a big financial investment and it is important to shop around to find out what you can realistically afford. If you do not do your homework and shop around, you may end up pushing your bank account to extinction.

So when you go car shopping, consider the following tips to help you get a car loan you can afford:

Look at your whole financial picture

A car loan is more than monthly payments. You have to consider how long you will be paying your loan as well the interest attached to it. You can negotiate lower monthly payments and a longer term however in the long run, you’re paying more on interest.

Know your limits and stick to it

Create a realistic budget that incorporates the purchase of your car and your projected car loan payments. Your budget should include your household expenses too. Also tack on how much you intend to spend on gas on a weekly basis, your expected car insurance costs as well as overall vehicle maintenance (oil changes, tune ups, minor repairs etc.)

Before you sign the dotted line

When you have agreed with your lender the terms and conditions of your loan, make sure you read everything you sign. It is never a good idea to sign anything without understanding the terms and conditions.

Grab a life line and change your life

If you tried to negotiate a car loan for a car you are thinking of buying however you reviewed your budget and financially there is no way you can buy a car and keep up with your loan payments, it is time to seek the advice of a trained credit counsellor. Don’t worry, you are not alone, many consumers are in the same boat as you. It can be difficult to manage your debt on your own. You can call and speak to a credit counsellor who will help you manage your debt. If you want to put your mind and stress level at ease speak to a counsellor right away by calling 1-888-696-9376.