You may have heard people say that now is the best time to get a new car.
Well in a way it is, if you can afford to pay for one, if not than you should not even think about it.
For those who are financially able to pay for a new vehicle they need to make sure they have their facts straight if they want to get the best possible deal.
Overpaying on an auto loan may not be as big a deal as overpaying on a mortgage, but even a waste of $100 a month can add up to a waste of over $6,000 by the time you pay off the debt.
The reason we overspend is not because we do not get a good price on the vehicle or because we do not have the right contract in place.
The reason is because we go into the deal not knowing what we really need.
Dealerships have significantly lowered their prices in hopes of getting people interested and to sweeten the deal they have put out financing options that include no money down and even no interest on the first few payments.
Because that is the case then there are a lot of people who view getting a new car a can't miss move but in reality you can miss a lot.
Even though these loans do not require that you put money down it is really encouraged that you do.
The less money you borrow the less you have to pay back and it will make your monthly payments cheaper.
As far as the interest rates go, yes they will be low but if you do not have a good credit score than you can see them higher than they need to be and your insurance rates will go up as well.
That is why before you start looking for a car you need to check on your score and if it is low you need to get credit repair to fix it.
The great thing about credit repair is that it can fix your score in less than a month so you do not have to wait a long time.