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Auto Loans
When I made my most recent auto purchase (July of 2002), I researched
the car vigorously on the internet(and
still somehow managed to miss Edmunds.com ),
but I never even thought to research auto financing…Duh!
What was I (not) thinking? Don’t get me wrong,
I got a decent interest rate to finance my car through my local
credit union, but I'm fairly certain I didn't get the best rate
possible.
I don't exactly know why I didn't do "auto finance research",
but I didn't and I can't change that. What I can change is your
ability to do research auto financing and that's what I aim
to do. You are living in the information age, and information
is what you deserve. In fact, information is what you should
demand. Hopefully you wouldn't think of signing on that proverbial "dotted
line" for auto financing without reading the contract, and
you shouldn't consider any given contract without researching
all of your options, and options are all around you.
Many years ago, my father co-signed on
my first car loan, and I did not take that gesture lightly. Partly
because I saw it as some sort of "right of passage" (he
believed in me enough to put his own personal credit on the line
so I could finance a car), and partly because at the time (early
1980's) there wasn't any other option (known to me) for getting
a decent interest rate on new car (or used car) financing anywhere
else if you were a first time buyer, which I was.
What am I getting at? Well, it doesn't matter if you're a first
time car buyer, a last time car buyer, or any other buyer in
between. Don't think you are stuck with the "apparent" financing
that is being presented to you at any given moment. Sometimes
your credit union might have the best auto financing rate, sometimes
it may be a bank or the dealership, but more often than not,
your best option for auto financing is gonna be right here on
the
internet.
Whatever the case may be, whether you're looking for a Toyota, Honda, Subaru, Lexus, Infinity, or Cadillac,
you should never approach any loan for any car, new or used,
as your only option. You shopped around for a car (didn't you),
so by all means shop around for a car loan. Oh yeah. If it looks
like your best option is a co-signer and you've got one...don't
let them down. Pay your bill on time, every time... It's just
the right thing to do.
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