The Best Way to Shop for a Car
Are you thinking about getting a car and got stuck thinking “How can I do this in the best way possible?”
Getting a new car is a significant move in our lives, after all, it requires a big investment. But you don’t need to despair because we are going to give you essential tips on the best way to get yourself your new car.
We will teach you how to research, analyze the cost, and last but not least, negotiate for a vehicle. Several Americans make big mistakes when buying cars, and we don’t want this to happen to you.
1) Research for Vehicles
First of all, you need to choose what type of car you desire. Is it a new car and needs to be cheaper? Is it a family car? Is it a sports car? Is it an SUV? Think about what you want your car to have and start the searching. You can search for photos, learn about the features of the cars on the automaker’s sites. Make a list of the ones you liked more and let’s go to the next step!
2) You need a pre-approved Loan before going shopping. This is an essential step!
You might be thinking why is it so important, right? Well, getting a loan from outside the dealership will invite you to think about How Much you Can Afford.
Thinking about this crucial question will prevent you from getting some vehicle you can not afford and getting in debt in the future. Search for banks, credit unions, or online dealer for this task.
Another important feature of getting a pre-approved loan is that you get to know about your credit, if there is a problem you will be able to improve your score and shop with the best rates. Some dealerships can ask for a higher rate if you have a low score.
If you got a pre-approved rate you can use it to bargain for a lower rate on the dealership itself, which might propose the lowest annual percentage rate.
We advise you to ask for a loan duration that’s no longer than 60 months. You can combine a forward payment of around 10% with gap insurance or new-car replacement insurance coverage. That lets you keep more money in your pocket for emergencies.
3) Go to the Dealership
So at the dealership, the first step is to start with the price of the vehicle you are buying.
The salesperson at the dealership will often want to know if you’re planning to trade in another car and whether you’re also looking to get a loan through the dealership.
Don’t answer that because they might increase the interest rate or overrate your car to make extra money. Talk about the car price first, once you settle on a price, then you can talk about a trade-in if you have one.
If you have a trade-in, check online before going shopping. Look at the free pricing guides, research how much people are asking for your car model. This knowledge will assist you in establishing your expectations of the car’s worth and may give you an indication of the offers you’ll receive.
Important tip: don’t be hesitant to give up or to buy the vehicle at a good price without the trade-in. You have lots of other good alternatives these days.
4) Research before purchasing any extras at the dealership.
If you just bought the car, the first thing some dealerships will do is to try selling you extended warranties, tire security plans, paint assurance plans, and gap insurance.
After closing the deal, some sellers have the chance to make extra money on overpriced equipment. That’s why you have to search for trustworthy dealerships. One of the main values of Larry Puckett is honesty, and we will serve you the best way possible.
LONG TERM LOANS
The difference between the seven-year loan and the five years one is that the five years have higher monthly payments when compared with the seven one. But in a long term, the seven years loan is more expensive.
A five-year loan is excellent for new cars because the rates are acceptable and if you need to sell your vehicle in the next five years, will still be in high-grade shape, having a good market price.
If you are going for a used car, you should finance it for only three years, which is 36 months. One reason that makes sense is that if your used car breaks down and isn’t worth fixing you’re more likely to have paid off the loan by that time.
Attention: Read carefully the contract, so people don’t change the terms without you recognizing it.
Gap insurance is the type of coverage you will use if your car gets wrecked. It will cover any difference between the purchase price of your car and the new car if your conventional insurance doesn’t pay for a complete replacement.
5) Locate and Test-Drive the Car
After getting to the dealership you need to follow these next steps to make sure your car is all you were expecting and take it home with you!
- Check if the car is still there, it might have been purchased lately and the site may not have been updated.
- Before buying, ask if there are add on installed. This may increase the price, or you may prefer the vehicle original as it came from the factory.
- Make an appointment before going to the dealership, if you suddenly get there the sellers may be occupied. Weekends tend to have more clients.
- Schedule a date for your test drive. Doing this your car will be waiting for you. Trying to do a test drive without an appointment may end up in you waiting for the car to get from another test. Early in the week and in the morning are good times.
- Spend time driving the vehicle, don’t just go for a spin around the block, feel your car.
- Ask yourself the next questions:
-Are the handles easy to manage?
– Is there ample load space?
– Will a baby seat fit? If you have a baby, bring your child’s seat and test it.
- And finally, don’t ever feel persuaded to acquire the car at that moment. You can take a night to think it over but know that the car may not be there when you go back!