How To Shop Around For Car Finance

by Pam on September 26, 2012

Buying or leasing a vehicle can take a lot of time and energy.  The good news is that you have some great resources literally at your fingertips that can help you to do your research more efficiently.

Leasing a Vehicle

There are some great apps that you can use on your mobile device that will allow you to compare car leasing deals.  If leasing a vehicle makes the most sense to you based on your lifestyle and financial situation, then make sure that the lease you select provides you with the greatest options and advantages.  Don’t just settle for the first deal you read about.  It pays to spend the time and weigh the pros and cons of each option.  Make good use of the apps and websites that are available to you.

Purchasing a Vehicle

If you are buying a vehicle, you will more than likely get the cheapest financing through a dealership.  They can often provide you with a low rate, or if you are lucky, an interest free loan.  Keep in mind, however, that you usually have to buy a brand new vehicle in order to take advantage of interest free loans.

It’s okay to rate shop.

That being said, you should still do your homework.  Do a bit of rate shopping by finding out what your local banks can offer you in terms of interest rates and other perks.  If you can find a better loan through your local bank, then go for it.  Even if you buy a vehicle at a dealership, you are not obligated to finance it through the dealership, so don’t let them pressure you.  Take your time and make sure you are getting the best vehicle at the best price with the best financing so that at the end of the day you don’t regret buying or leasing a vehicle.

Consider other financing options.

Think outside the box a little, too, when it comes to financing your vehicle.  You may be able to use a line of credit or borrow money from the equity in your home and pay less interest.  Be sure to consider all your financing options before signing anything.  If you already have a line of credit in place, find out what the interest rate is and compare it to a car loan.

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