Vehicle financing can only become a tricky subject when you are not informed about your rights and the process used to acquire the finance. Often the buying and financing of a vehicle is associated with unnecessary problems and for a successful vehicle purchase you need to get several things in place like choosing the right car, getting a good price and find funding for your purchase in the most affordable way. Therefore it pays to know how to negotiate the deal and get the best auto loan.

Here are 5 questions that you need to ask yourself before signing those final auto loan papers:

  1. Did you negotiate for the total price, which includes insurance on the vehicle and any additional fees on top of the sticker price and did you make sure that optional products such as an extended service contract and a guaranteed auto protection is something that you want? If not, do not sign for them!
  2. Are you sure that you did not over-commit yourself on the final amount and that you will be able to afford what you are spending?
  3. Did you include all motoring costs such as fuel costs, maintenance and security along with your monthly payment into your budget?
  4. Does the financing method suit you and are you informed on if your auto loan has a fixed interest rate or is it linked to the prime interest rate?
  5. Did you read the entire contract carefully and did you ask questions about the terms of the contract before you sign?

It’s always good advice to shop around when you want to finance a vehicle and to compare the terms that are offered by more than one creditor. Buying a vehicle can end up in a nightmare or it can give you the satisfaction of driving that car you have always dreamed about. The bottom line is that once you sign the contract, you are legally obligated. Contact us at Earn-a-Car today for any other questions you might have about auto loans and finance today!