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TCALoans.com » Learning Center » Personal Loans » Bad Credit Auto Loans Part 1

Bad Credit Auto Loans Part 1

Second to purchasing a home, a car is usually the most expensive purchase many people will make. According to the National Automobile Dealers Association, the average price of a new car sold in the United States as of January 2018 was $31,400. Because a car is a major purchase, it’s important to understand how to get the best deal.

Buying Your New Car

Consider your needs then look into car models and options that meet these needs. Decide how much you’re willing to spend on the car. By doing your research beforehand, you’ll save yourself from making an impulsive decision when shopping. You’ll also know that you got a good deal. Among the most overlooked factors is the financing. Many opt to go in with a bad credit auto loan, so they are ready to negotiate.

Consider these suggestions:

Check information on the Internet that explains car model’s features, options, and prices. You can also check dealer’s websites for more information on availability and pricing in your area.

To get the best price, shop around. Compare models and prices at showrooms as well as in ads. It is also wise to contact car-buying services and broker-buying services to make comparisons. Auto loans are usually much better than dealer financing.

Prepare to negotiate prices. Dealers expect negotiation and are often willing to negotiate between 10 and 20 percent on their profit margin. Oftentimes, this is the variation between the MSRP (Manufacturer’s Suggested Retail Price) and their invoice price.

Regardless of whether you finance your car or pay cash, the price will be a factor in the dealer’s calculations. Important to remember is that price affects what your monthly payments will be. Negotiating price can save you a lot of money.

If you’re unable to find what you want on the dealer’s lot, you may want to consider ordering your new car. Ordering your new car may come with a delay but could save you money if the cars on the lot have options you’re not looking for that can raise the price of the new car. However, there are times where dealers want to quickly clear out their current inventory, so it may be possible to negotiate a great deal if there is an in-stock car that meets your needs.