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Do This Before You Meet With Your Car Dealers

Used Car Lot
By: JOHN LLOYD

The goal of car dealers is to meet your needs. The best way for them to do this actually starts with you. Before you meet with them, it pays to do a little homework, and there are a few things that you should know before meeting with car dealers.
Your Credit History and Score
This is the first piece of homework that you should do. It will dictate everything else that figures into your purchase of a vehicle. Obtain a recent report from one of the nation’s many major reporting agencies. The outcome will let you know whether or not buying an automobile is even a viable option for you. However, an unfavorable report does not necessarily mean that you cannot buy a vehicle – but you will probably be required to pay more money. At any rate, having this information is a huge step in preparing you for the transactions that will follow.
Your Price Range Affordability
Based on your income and armed with your credit score, you can figure out how much money that you are able to spend. This will narrow down your choices of a desired vehicle and how you can finance it. Peruse the Internet and newspapers to learn which automobiles are aligned with your budget. Do not overextend yourself just to avoid embarrassment during the business transaction or because you have been approved for a loan that’s higher than you anticipated.
Specific Financing Terms
Most people don’t have the luxury of paying for an automobile with cash. Therefore, financing through car dealers, banks, credit unions, or other sources is the ideal way to facilitate payments on it. Full disclosure is the key to understanding the promise that you are entering into. Here are some terms that you should familiarize yourself with:
Annual Percentage Rate (APR) is determined by your credit history, the length of time it will take for you to pay off the loan, and whether the vehicle is a new or used model. The interest rate can vary greatly.
Introductory Rate Offers refer to low interest rates on a loan for a specific period of time. There are also offers for 0% interest rate. After the specified time expires, a new rate will be in effect based on your credit history and down payment.
Manufacturer’s Suggested Retail Price (MSRP) is also known as the sticker price. You always have the right to negotiate on the price displayed, and nothing beats a failure but a try.
Having all the information that you can prior to making this important purchase is crucial. It eliminates misunderstandings and uninformed decisions. Do the homework necessary for getting an A+ with your car dealers.
For residents of NJ, car dealers are never far away. Learn about your available resources by visiting http://www.mymetrohonda.com.

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