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Common Mistakes People Make When Getting a Car Loan

ยป Posted June 27, 2018Resources | Share This Post

Most people who buy a car borrow to purchase the vehicle. This can make it especially frustrating if the car you have purchased has repeated problems. In these circumstances, you may end up paying for a car loan on a vehicle that you do not feel is safe to drive. A California lemon law attorney can provide insight into what your options are when your vehicle turns out to be defective.

When you borrow for a car, you want to make certain that you get the right financing so your vehicle is affordable and so you do not pay a ton more in interest than is necessary. Unfortunately, many people who buy vehicles end up making big mistakes in the process. You do not want to be one of them, so you should review some of the most common car loan errors as identified by US News & World Report.

Common Car Loan Mistakes

According to US News & World Report, some of the most common car loan mistakes that people make include:

  • Not considering financing costs before going car shopping: For most people, securing financing is an afterthought. Car buyers normally pick out their car, shop for it, and then get financing at the end of the transaction. But, if you research financing options before you start the car shopping process, you can set a budget for the vehicle, check your credit score, and get pre-approved for a specific loan amount before you actually visit a dealer.
  • Not getting a pre-approved offer before negotiating a deal: When you get a pre-approved offer for financing, you have more negotiating leverage with the car dealer. If the dealer wants you to use their financing, they'll need to beat the terms on the quote you have already received.
  • Paying attention primarily to the monthly payment: You want to focus on the overall affordability of the vehicle, rather than just on how much it is going to cost you per month. By looking only at whether the monthly payment is affordable, you miss out on the big picture on whether the car is actually a reasonable deal or not. This is an especially big problem as dealers are trending towards offering consumers loans with much longer terms to make monthly payments seem affordable.

Now that you know the errors that are so often made by people who buy vehicles, you can avoid these mistakes so you can get a better deal on the car you buy.

Unfortunately, no matter how careful you are about picking a car loan, you could still find yourself with a car that is a very bad deal if the vehicle turns out to have serious defects. You should work with a California lemon law attorney to explore the remedies that are available to you if it turns out there are serious problems with a car that you have purchased.

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Posted By: Norma Molina