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Buying A Vehicle

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If you are going to be purchasing a new vehicle, consider shopping for that vehicle online using the Internet. The Internet allows you to shop more locations for your purchase than would otherwise be possible. In general, you may obtain a better price via the Internet than by directly shopping at any given dealership.

Be sure to make your own financing arrangements rather than relying on financing from the dealer. The finance manger at a car dealership is there to make sure that the dealer makes a profit on financing the cost of the vehicle. The rates he or she will come up with will typically end up costing you more over the long run than the rates you could negotiate with an independent bank or (better still) credit union. Unless you can get a 0% rate from the dealer, on-site financing overwhelmingly benefits the dealer and not you.

The same advice applies to "buy-here-pay-here" car dealers. "Buy-here-pay-here" dealerships typically attract consumers who are credit-challenged and would have difficulty obtaining financing elsewhere. These outfits should be avoided whenever possible. Not only will they overcharge you on financing rates, but the vehicle prices offered at such dealerships are typically grossly inflated and higher than they should be. You will end up paying more interest than you otherwise would have on a vehicle that is not worth what you have paid for it. A better option for those with poor credit histories is to seek out alternative financing options at a bank or credit union where you have an account.