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Important Tips to Be Able to Get a Loan for Your New Car

Posted by : Premraj | Posted on : Thursday, July 28, 2016

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The number of cars that are sold every month in this country is almost too big to grasp. It is common for it to reach nearly 20 million, with manufacturers offering interesting incentives, and lenders relaxing their acceptance criteria for new car loans in Orange County. If you are a car love yourself, therefore, now is the time to purchase your next car. However, just because there are many loans to choose from, you have to make sure that you get the one that is right for you. With the following three tips, you should be able to both get the car you love, and not break the bank.

1. Set a Budget

The most annoying part of buying a new car is that you have to be strict with yourself. It is all too easy to fall in love with a certain make or model, and to be convinced to get some extra features. Yes, this will cost you more, but what is a few extra dollars, really? The reality is that, once you start with that, there is no end in sight. Set yourself a budget and be strict with yourself – do not exceed it.

2. Plan to Make a Down Payment

The more money you can put down on a car, the better deal you will be able to get. Not only does it mean you have to finance less, hence leading to lower repayments, it also means that you are likely to get a lower interest rate. If you can put down 10% or more, the deals will get increasingly good. Yes, you can buy a car with no down payment at all, and there are actually some good incentives out there for you to do that. However, it is better to avoid this if you can. An easy way to make a down payment without touching your saving sis by trading in your old car, for instance.

3. Get Some Quotes

There are many different comparison websites online where you can see what sort of loan options are out there for you. Even if you don’t apply for one of these, choosing to stay with your dealer’s lender instead, these comparison sites will give you an opportunity to make sure you are getting a fair deal. What you will find, as well, is that it easier to find car loans with very flexible lending criteria online. If you have less than perfect credit, for instance, you are more likely to find something through them than through your dealer.

That said, you have to make sure that the lender is actually reputable. They should have a fully secure website (check for https in their URL), because you will need to submit some very personal information. Once you have added all your details, the finance company will be able to check over your details and determine which loan, if any, they will be happy to extend to you. You can then take this information to your dealer and drive off a new car owner.

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