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Auto Loan Calculator 22G Auto Sales

auto loan calculator

Learn how much you can borrow and make sure your car payments fit your budget.

This Information and interactive calculators are made available to you as self help tools for your independent use & are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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If you've never purchased an automobile before, or even if you have, you should know that the process is pretty simple. Auto purchase is a major expense, and although many people assume that a vehicle is an asset and the reality is that you are paying for a thing, plain and simple, one that transports you from one destination to another. Automobiles don't gain value unless you get a classic and keep it, but even then you are probably putting a lot of money into the auto project. So in this case you need to take lots of care to choose a vehicle that suits both your budget and your purposes. Whether you go for a modern or you go for a classic model, there are things you need to know going into the process. Here are the key points to consider when you're planning to purchase a used car :

Get pre-approved

There are many options available for financing. You can finance through a dealer from whom you are going to buy your vehicle, and many consumers opt to go this route when purchasing a car. Other options are that your bank, credit union, or other trusted lending institution are going to give you a better deal as well. Of course, pre-approval also gives you a good idea of your budget going in. So before you even consider signing on the application, talk to lenders about getting pre-approved for a car loan.

Consider a certified pre-owned vehicle

Many dealerships now offer certified pre-owned automobiles for consumers looking to save some money on a recent model namely the warranty. The automobiles offered using such programs tend to be almost new, just one or two years old, and they are often vehicles that are coming off lease. This guarantees that vehicle is low mileage and are mostly having minimal or no damage. In short, you will end up with a new mode of transportation. In addition, the dealership will complete a full inspection and repairs.

Do your homework

As a responsible customer, it is your duty to perform some comparison shop in order to ensure that the vehicle you purchase is right for you and meets all of your needs. This includes all your considerations such as size and budget, but also aesthetic preferences, as a secondary concern. You'll have to weigh the pros and cons of comparable makes and models, poring over spec sheets to ensure that you are getting the best deal in the market.

Understand fees and extras

As a customer/consumer its your responsibility to ask for the extra cost and everything as at the end you are the only one who's going to suffer if you fail to understand all of the costs associated with purchasing a vehicle. So don't be afraid to ask the dealer or salesperson to go over every detail of the contract before you sign. Many of the extra charges associated with a vehicle purchase are negotiable. And those that aren’t may not be charged by every dealership or in every scenario. For this reason, it's very important to go through your contract line by line and asking for clarification if necessary.

Inspect the vehicle

Once you take possession of your new or used vehicle, you're pretty much stuck with it. So before you sign anything, insist on inspecting the car yourself. Even if you don't have any mechanical knowledge, you can either bring someone you knows has good knowledge or bring your personal mechanic to inspect the vehicle. You can also check for a dent or ding or if the floor mats are missing. You can identify a vehicle warning light on the dash. You can tell when the engine is idling incorrectly or other small defects that you are aware of. These are all things that could significantly impact your interest in a particular vehicle. So in addition to a test drive, make sure to thoroughly inspect any vehicle you're interested in purchasing.