Purchasing Tidbit January 2022

HOW TO SHOP FOR A CAR LOAN

Whether you're a paragon of virtue when it comes to your credit, - or not - there are steps to take before borrowing for a car that will help you make sure that you are offered fair terms and that you don't borrow more than you can afford:

  • Review your credit report and score
  • Improve your score
  • Set a loan budget and stick to it
  • Make the biggest downpayment you can
  • Don't focus on just the monthly cost
  • Get preapproval from your bank
  • If your credit isn't great, check out deals from car manufacturers
  • Consider buying a used vehicle
  • Report suspected discrimination

Source: Consumer Reports January 2022

 

Date: 
December 6, 2021