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Save money on gas by purchasing a passenger car instead. It's easy enough to rent a pickup truck when you do need this. Think of the vehicle needs that you have on an everyday basis, not the occasional want.įor example, if you don't regularly haul large items, you probably don't need a pickup truck for everyday use. The more discerning you are, the harder it is to find a good deal. Try not to attach yourself to only one type of vehicle or one make and model. Research Your New Vehicle and Stay Flexible Go for a car loan with a bad credit score and plan on paying more per month, being asked for a sizable down payment, or have a loan that lasts more than five years. You can shave thousands of dollars off the total cost of your car simply by qualifying for a better interest rate. That includes making sure there are no delinquent payments on accounts, cutting down credit card debt, or reducing the amount left on mortgages or student loans.
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If you don't have a credit score of at least 670, work on your credit before applying for a car loan. Lenders want assurance the risk of default on the loan is minimal, and they reward buyers with good credit with the best rates. And a good credit score is key to minimizing that burden. One of the most significant issues with a loan is how much interest you'll be charged when you finance a new or used car. If you get pre-approved for an auto loan, you can also take advantage of good financing deals from private sellers. In terms of the loan itself, it's best to keep the loan to 48 months or fewer, and the monthly payment shouldn't go over 15 percent of your monthly take-home income. That will allow you to get competitive interest rates from the dealership versus your pre-approved rate. If you don't have the cash for a new car, get pre-approved for an auto loan with an outside lender before going to buy.
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Get Pre-approved If You Aren't Paying All In Cash If you pay with cash on a used car, you won't pay the interest, and you won't be paying for as much depreciation either. In other words, you'll lose about $17,400 within a short time after making the deal. A $30,000 vehicle loses about $13,700 in value during that same loan period. The average car depreciates about 20% in the first year and then 15 percent each subsequent year. If your interest rate on your car loan is 6.9 percent, you'll pay over $3,600 in interest by the end of the loan period.īut that's not all the extra money you'll pay. When you pay interest on an item that actively depreciates, you're not just losing money once, but twice. One of the cheapest ways to buy a car is to pay cash. As car prices escalate, here are some ways to get the most for your money and get the best car for the best price. The average vehicle transaction was about $41,263. Kelley Blue Book says that across all types, new cars cost an average of 5.43 percent more in 2021 than they did in 2020. Whether buying it outright with cash or paying over a length of time when you finance your purchase, you're going to pay a pretty penny for your new Honda, Toyota, Nissan, Kia, or Hyundai. Moreover, consider leasing instead of buying a new car to get a car for a cheap price.Ĭar buying, whether new or used, requires a significant outlay of cash. To get a car for cheap, repair your credit prior to getting pre-approved for an auto loan and research the cars that interest you before heading to the dealership, or save your money and pay for your car with cash.