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Car Buying Tips
Page 3
- Call your insurance company first to make sure they will insure the car you are thinking of buying and also for a price quote what coverage will cost you for the new car.
- Never leave a deposit without getting proof of receipt stating full return of the deposit if the deal falls through.
- If you are going to finance a loan through the car dealership, discuss the financing AFTER you have set a price (in writing) for the car, and always read the fine print of the loan contract.
- You do not have to buy the Life Insurance (in case you die) or Disability Insurance or the Extended Warranty on the car as a condition of getting a car loan. Insert N/A (not applied) or put a cross through any blanks not applied to you.
- Watch out for 0 percent financing and no payments for a year. When your payments do begin, your car will have depreciated in value even more, which doesn't match up to the amount you still owe.
- You should consider buying Gap Insurance. Buy Gap Insurance through your auto insurance agent. Gap Insurance is less expensive through your auto insurance than the car dealership.
- Make your payments on time. Late or missed payments incur late fees, appear on your credit report and impact your ability to get credit in the future. Be aware that repossession (the creditor takes possession of your vehicle) can occur if you fail to make timely payments. It does not relieve you of your obligation to pay for the vehicle. The law in some states allows the creditor or assignee (bank, finance company or credit union) to repossess your vehicle without going to court. Talk to your creditor or assignee if you experience difficulties making your monthly payments to see if a repayment schedule can be worked out.
- If the dealer won't negotiate on price, leave. There are many more dealerships down the road.
- If you are buying a car based on the invoice price, and freight is already included in that price, make sure freight isn't added again to the sales contract.
- Negotiate, negotiate, negotiate.
Page 1 - Car Buying Tips
Page 2 - Car Buying Tips
Page 3 - Car Buying Tips
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