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Recap - Step Four:
Preparing To Buy Your Car

Determine the Invoice/Wholesale Price:

Arrange your Auto Insurance:
  • 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.
Consider leasing your new car only if:
  • You know you will keep the car for only 2 or 3 years.
  • Your accountant or other financing professional advises you to lease.
Sell your current car:
  • 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 Financing:
  • 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.
Arrange your Down Payment:
  • Have about 10% of the sticker price in cash, factory rebate and/or trade-in equity.


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