If you are thinking about buying a new car, do your homework. There is a great deal on a car for you if you take your time. With 2009's available, dealers are still trying to sell 2008's. Dealers want you to buy today.
How much can you afford? Determine the amount you can truly afford. Then, think about spending 20-30% less. This may give you a little cushion should you find yourself financially strapped in the future.
Know your prices Check Kelly Blue Book for the Manufacturer's Suggested Retail Prices of any car you are interested in. This information is online at www.kbb.com. You may also find other sites have similar information.
How much will the car really cost? If you have a particular car in mind, and you have determined what it should cost you, also check the following: How much will the car cost with the interest you will pay? How much will it cost you with car insurance? Estimated fuel costs, oil changes, etc? Three years from now, will the car be worth what you owe?
Call a local Credit Union Call a local credit union, and find what their loan rates are for new cars. Realize you may need to join the credit union if you are not already a member, and you want their rates.
If you are not in a hurry to buy, become friends with a sales agent at the dealer you choose. Ask about repossessions, cars brought in from auctions, and demonstration vehicles. Most agents have other offers they might not bring up if you don't ask. Realize that the closer you get to their goal date, usually the end of the month, the easier it is to deal.
Check outside your area for better rates Check with any bank or lender you have used locally. Next, check lenders out of the area. There are lenders all over the United States who will take your information online or by phone, and might be able to beat the local rates.
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