Purchasing a new car? Read this first.
A brand new car is one of the best ways to instantly raise your mood. The new car smell, the smiles of your friends, and just the way you feel by cruising down the street in a new set of wheels can be exhilarating. If you need a new car, or at least one new to you, and don’t have enough cash to just purchase one outright, consider getting a car loan.
There are different types of car loans offered by a number of financial institutions, from banks and credit unions to finance companies. The interest rates vary according to your credit score and by the type of loan you choose. The loans that do not require a great credit history or job security tend to have the highest interest rates.
Before going into the financing office at your car lot of choice, there are many things you should be aware of when it comes to cars. Car financing is not as simple as you may think. Here are 10 things you should know before getting a car loan.