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More money and finance tips from
Bankrate.com |
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Auto negotiating
When you're auto shopping, think of the purchase as three
separate negotiations: the price of the car, the price of
a trade-in and the financing. By lumping these three together,
the salesman's profit is more readily hidden. More
Bargaining for the best auto deal
How well you negotiate can determine the price of your new
car. Experts recommend: Never say yes to the first proposal,
make sure to flinch, make your offer and shut up. Never offer
to split the difference in price and save a small concession.
More
Rental car insurance
While most auto policies extend to rental cars, check
with your auto insurance agent about any limitations on your
coverage when you rent. If you rent a more expensive car than
you own and insure, make sure your policy will cover you if
there's a problem. Check with both your auto insurer and your
rental company before you drive -- it's the best way to be
sure. More
Night (auto) moves
Try shopping for a car late in the evening when the salesmen
are weary; it's a good time to bargain. But, always do your
homework -- check out invoice costs, incentives, rebates and
prices before you go. More
Auto loans for flawed-credit buyers
Banks, credit unions, and finance companies are all making
loans to people with flawed credit. The interest rate offered
to you depends largely on your credit report. Check your credit
report for accuracy, correct any mistakes, then shop around
for the best rate. More
Used-car shopping
With used car shopping, knowledge is the key to the best bargain.
The Internet is an excellent source of information, from pricing,
reliability studies and financing options, to tracking down
a specific car. Finally, you need a trusted mechanic to tell
you about the car's condition. More
Buying leased vehicles
Buying your vehicle after the lease ends can be a smart move.
Some key considerations: has the car required only a minimum
of unexpected cost and repair, does it still meet your needs,
and can it be bought for no more than $1,000 over its wholesale
value? More
Risk-based auto loans Risk-based
auto loans mean not only that consumers with good credit get
lower interest rates (they're considered a good risk) but
also that people with shakier credit can get financing because
there are loans especially for them (that cost more). Make
it work for you by shopping around for financing even if you
have so-so credit. More
Auto leases
Long-term auto leases lower monthly payments, but you'll pay
a lot more in additional costs. These costs include higher
interest, repairs beyond the three-year warranty, maintenance,
and charges for excessive wear and tear. And even with a five-year
lease you'll still need to pay a substantial amount if you
want to buy the vehicle. More
European delivery program
Several carmakers -- like BMW, Mercedes-Benz, Porsche, Saab,
and Volvo -- offer European delivery programs. You order the
car at a U.S. dealer, fly and take delivery at the European
factory, and then ship the car home duty-free. You can save
enough money to pay for a vacation while you're there. More
Auto ads
The fine print in an auto ad allows you to calculate the true
cost of a deal. Once you've done that, shop around for better
financing and study rebates and financing deals carefully.
If you go with the advertised deal, take the ad with you and
make sure the dealer keeps his promise. More
Auto rebates and discounts
The less appealing a vehicle seems, the more manufacturers
tack on rebates and discount financing to move it. As the
sports utility vehicle craze winds down, you may be able to
get a great deal. But, as many owners have found, all that
gas is going to cost you. More
Online auto loans
Online auto shoppers can easily find everything from car prices
to 'specs' to reliability studies. They can find financing
sources online too, but actual auto loan applications are
not widely offered. Most banks and major auto manufacturers
still prefer the standard person-to-person financing procedures.
More
Online auto shopping
Online car shopping allows consumers to research, price, and
purchase vehicles over the Internet without any dealer interaction.
Some online car shopping services even deliver the car to
the customer's home. The main drawback of all this convenience
is cost. More
Buying rental cars
Buying a rental car from a reputable company makes good sense.
They are attractively priced and have low mileage for the
most part. Plus you can generally get a detailed history,
complete with maintenance records. More
Competition brings out the deals
Fierce competition among automakers means lower prices and
bigger discounts for consumers. Stay alert, deals on auto
rebates and discount financing are always changing. Knowing
how a dealer sets his price is an essential bargaining tool,
even when there's a 'special' deal. More
Manufacturer's rebate
All auto shoppers -- those with good or shaky credit, first-time
or experienced buyers -- are eligible for a manufacturer's
offered rebate. But if you have shaky credit, you may not
get a super-low financing rate to go with it from that dealer
or manufacturer. You're better off taking a cash rebate then
shopping around for the lowest rate possible. More
Online auto sites
Online auto sites make auto buying and financing easier --
even auto manufacturers are increasing their online service.
Don't let your guard down too soon. You will still need to
negotiate the cost of the car, trade-in value and extended
warranties. More
Credit union loan rates
Credit unions commonly offer better auto loan rates than banks
or thrifts. Today members can generally get loan approvals
24 hours a day, conveniently pick up the check, then go on
to the dealer for a new car. Members can even have an auto
broker do their shopping. More
Steer clear of long-term auto loans
A longer-term auto loan drives down the monthly payment --
but the overall cost of the loan rises dramatically. Longer
loans also tend to have slightly higher interest rates because
of increased statistical chance of default. More
Auto negotiating mistakes
The most common mistake that auto shoppers make is assuming
that negotiation is not an option. The second most common
mistake is lack of preparation. Prepare by determining exactly
what you want, research what is a fair price and figure out
what's most important to you and to the seller. More
Returning leased vehicles
If you turn in your vehicle at the lease end, you can save
yourself some money with minimal investment. Reduce the vehicle's
use to stay under the mileage limit, and professionally clean,
wax, vacuum, and detail the vehicle. Plus, shop around for
any needed repair work (it'll be cheaper if you do it). More
Pricing auto leases
To get an accurate comparison on lease deals, you need to
compare them at no money down. If it isn't a good deal with
zero down, it's not going to improve when you put money down.
More
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