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Kyle's Corner
Lowering the Finance Cost on Your Next Vehicle Purchase
By Kyle Busch
In regard to national financing versus local financing, it can be useful to determine what the cost of a loan would be from the national sources, but accept a loan from a local source if the loan cost is comparable or nearly comparable between the two.
Compare the APR (annual percentage rate) that each of the sources will charge for the loan. The cost of a loan is negotiable; therefore, be certain to inform each source what the others have to offer. In addition to the loan's APR, remember to also compare the other costs associated with a loan, such as loan insurance and loan processing costs.
Be certain to read and understand any fine print contained in the loan contract. Insist that the loan contract give you the option of making payments early and that the payments will be applied on the loan principle with no penalty or extra cost if you pay off the loan early.
Do not settle for a vehicle that does not entirely meet your transportation needs because of low dealer or manufacturer incentive financing. Sometimes dealers or manufactures offer extremely low APR financing on vehicles that the dealer is having a hard time selling. That's why it helps to have initially identified the correct vehicle before encountering the sales pitches and other influences of buying a vehicle.
