This
is a classic scenario of what can happen when you do not have
your low rate car loan beforehand:
You search
and find a $15,000 car you like and you sit down with the
salesperson. The salesperson then asks you what amount you
are able to pay each month for a car payment. You tell them
"around $400/month". The salesperson goes in the
back and returns to tell you that you are eligible for an
auto loan at an interest rate of 10%. Then, they ask you if
you can afford a payment of $425/month for 5 years. You say
yes, they write up the deal, and you drive off in your new
car with a monthly payment of $425. What they did not tell
you is that your 5 year loan at the 10% interest rate was
for a loan amount of $20,000 - giving
you a monthly payment around $425... But the car was only
$15,000, right? Well, originally it was. Until you were tricked
into paying an extra $5,000 for your car! And
where does that extra $5,000 go? The difference between what
the car is worth and what you pay goes right into the salesperson's
pocket. It's a shady practice, but it happens every day.
If you
had secured your car loan financing ahead of time, you would
have been able to get your $15,000 car for $15,000 and not
a penny more. And guess what else... the monthly payment on
$15,000 at the same 10% interest rate, for just 4 years (48
months) is only $380.44. This is less
than the $400/month that you wanted to spend and you can pay
your car off a year sooner.
Don't
let shady salespeople overcharge you for your next vehicle.
Take control and get your loan financing now.
Fill in
the information above and search for a low rate car loan now.
Gain negotiating power by having your financing in order.
We understand that when you need a car, you need a car now.
That's why we help you search and find low rate car loans
whether you have good credit or bad credit. Get
an Auto Loan in 1 Minute! |
