Finding (And Paying For) Your Dream Car
There are typically two parts to the process when getting your dream car or truck: finding it, then figuring out how to pay for it. Here are some tips to help you keep the process shorter and easier.
The Search
Finding the vehicle you want has become easier with the introduction of AutoMatch [link], available through Cinfed.com. AutoMatch allows you to search for local vehicles by features like:
- Make & Model
- Manufacturer & Year
- Vehicle type/style
- Mileage and other factors
The goal is to find the vehicle that’s the best “match” for your needs, your timing, your monthly payment, and your lifestyle. It’s provided at no-cost with no annoying pop-up ads or distractions like other car-buying sites. Financing options are listed with each vehicle and a payment calculator will help you estimate costs.
You can also research a vehicle’s service history and take a virtual test drive. It’s a powerful, flexible tool that’s a one-stop shop to help you quickly find the car or truck you want.
Planning For Financing
A little planning can ensure you’re prepared when it’s time to make a decision. Keep these considerations in mind:
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Down payment: how much will you pay up front - a large amount or none at all? The larger your down payment, the smaller your monthly payments will be.
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Term of loan: how long until the loan is paid off? Longer terms, such as 75 or 84 months, mean lower monthly payments, but you will pay more interest over the life of the loan. Shorter loan terms can increase the amount of your monthly payments, but you’ll pay it off sooner and therefore pay less in interest.
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Interest rate: a percentage point or two can substantially affect your monthly payments, saving you (or costing you) hundreds of dollars. The interest rate you’re offered is determined by several factors, including your credit score.
A helpful first step in the process is a loan pre-approval before you even start shopping. Pre-approval reduces your stress considerably: you already know what you can afford and you won’t spend as much time in the finance manager’s office at the dealership. In addition, you can negotiate with confidence, knowing that your financing is already in place.
Cinfed’s “Fast Lane” pre-approval program literally provides a blank check that you can bring to the dealer’s lot.
Crossing The Finish Line
You’ve had your dream car or truck in mind. To make it a reality, you have to complete both the search and finance challenges. With the right tools and support from Cinfed, you’ll be assured of satisfaction when you cross the finish line.