Recap - Step Four:
Preparing To Buy Your Car
Determine the Invoice/Wholesale Price:Arrange your Auto Insurance:
Consider leasing your new car only if:
- Call your current insurance company and get a price quote for your new vehicle.
- Visit the websites of the major auto insurance companies and get online price quotes.
- Compare the rates and plans to choose the deal that's best for you.
Sell your current car:
- You know you will keep the car for only 2 or 3 years.
- Your accountant or other financing professional advises you to lease.
Arrange your Financing:
- Sell it yourself through a classified ad in the newspapers or online.
- Or have a consignment lot sell it for you.
- Or sell it directly to a used car lot or the used car department of a dealership.
- Or donate your car to your favorite charity.
- Trade it in to the dealership if you are willing to accept less money for it.
Arrange your Down Payment:
- Apply for an auto loan at your bank and/or credit union.
- Apply at reputable online lenders.
- Compare the interest rates and loan terms to choose the best financing deal.
- Get dealership financing if you qualify for a special low-interest or no-interest financing offer - or if they can beat the interest rate you got from your bank, credit union or online financier.
- Have about 10% of the sticker price in cash, factory rebate and/or trade-in equity.
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