Excerpt from: Car Loans Canada -- Getting a Good Loan
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| August 08, 2006 | | A resource on "How Financing Works" and some points to consider before contacting a dealership | Auto Financing can be difficult to understand. I have attempted to give readers an arsenal of resources to help in the purchasing process, and this article is of particularly high calibre. The article goes into depth about "How Car Financing Works" from picking a finance source, to determining your rate, to dealer financing, to tips to help you shop for your loan. Also included is financing termanology, where common terms are explained. The cheat sheet underlines critical aspects of the buying process, that I would like to reiterate as well as add to. Some key points to consider before speaking with a dealership include: - Ensuring your credit report is up to date and error-free
- Know your monthly budget, including car payments, insurance and maintenance. Also know the total price you can spend on a car.
- Visit the manufacturer's website to find out about special deals or incentives. As you are offered them at a dealership, you know from where and how much any special deals given to you by the dealership come from.
- Research the features and prices of the vehicle you want on manufacturer sites as well.
- If you plan on trading in, find out the value of your trade-in
- Test drive the car you intend to buy, and if its used, take a look at "Buying a Used Car" at ConsumerAutoDigest.com, on what to look for.
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