Buying a car is one of the biggest investments you’ll make, second only to buying a home. While paying cash would be ideal, the reality is that most people need a loan to pay for their car, whether it’s new or used. As something that accrues interest as you pay back over time, it’s important to be prepared.
Before you start your car buying process, there are a few important things that you should know about car loans.
- Know the right credit score
- Apply to auto loans during a 14-day time span
- Get pre-approved for your loan, then shop for your car
- Do the cost calculations before saying yes
- Understand dealership financing
For a more in depth explanation of each step, see Jessica Thiefels full article here.