Car finance can be very expensive if you don’t bother to ask the right questions.
Here are 4 little tips that will save you money when looking for car finance.
1. What is the interest rate?
This is an important factor in car finance. In general, the total amount you will need to repay depends on how high the interest rate is, and how long the repayment term. Car finance interest rates can vary greatly from dealer to dealer. You can expect an interest rate from 9 percent up to 30 percent depending on the age of the car and your credit history. The interest rate can greatly affect the total price of your car loan so compare rates first before deciding on a dealer.
Factors that go into the interest rate formula include your age, your credit history, the age of the car, the make of car, the type of license you have, how long you have been driving for.
2. What are the penalties?
Dealers, like most lending institutions, charge certain penalties when you default on your monthly payment or when you do not stick to the terms of your car loan. You may even be hit with early repayment fees. This is when you pay off your car loan in full...
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