Considering the purchase of a used car? Wondering what to do if you don’t have enough money to pay the entire purchase price?
You can finance the purchase of a used car through your bank, credit union or a dealer.
Here are some basic terms to know and questions to ask as you begin the process …
We know: The Basics of Financing A Used Car
Important Facts to Know Before You Finance
Financing means you pay more money.
When you finance the purchase of a used car, you are borrowing money to pay for the car. As a consequence, you will end up paying loan fees and interest on the money you borrow. That means the car will cost more than if you paid for it in cash.
Four things to think about before you finance.
Shop around, compare and negotiate.
Loans are like any other product. You can get a better deal if you shop around. And don’t be afraid to ask for discounts or reductions.
Here are some of the issues you should understand before you sign a loan agreement: