Get the Loan Before Car Buying
Posted by LorMet Webteam on Mon, Jul 19, 2010 @ 01:53 PM
With the economy as it is, many people are choosing to hold onto their cars for longer than they may have intended. Others are choosing to buy used cars rather then spend more money on a new one.
Questions While Car Buying
If you are shopping for another vehicle, there are things you can do ahead of time to make the process smoother. One question you need to consider if you already have a vehicle that you do not intend to keep is: Is it better to trade in at the dealer or sell the car yourself? When it comes to convenience, a trade-in is a no-fuss way to get rid of your old car. You can use the profit from a trade-in to offset the costs of the vehicle you want to buy. Trading in your car also can lower the taxes you have to pay on a new vehicle. On the other hand, you will probably make more on the sale if you sell your car elsewhere. The choice is yours and it depends on what you really want out of the deal. The key is that you decide before you go to the dealership to shop for another vehicle.
Another way to save both time and money is to get your financing squared away before you visit a dealer. This way you can focus on negotiating the price and not have to worry about other considerations at the same time. If you are concerned with getting the financing and getting the kind of price you want, you may find yourself frazzled and you do not want that.
LorMet Community Federal Credit Union offers car loans and loans for trucks, boats, motorcycles and recreational vehicles. The Credit Union offers 100% financing on new vehicles and will loan up to the retail value (as rated by NADA) of a used vehicle.