Most people today generally don’t pay cash when they are looking to purchase a new car. While I don’t blame you for not doing that, the purchase can be relatively large, and with today’s economy in the dump, you can get some great financing deals such as 0% and more!
When you’re looking to get financing for your new car, I wanted to show you 6 places that you should head to in order to get the money that you need in order to purchase your new vehicle.
#1 Check with the car company
If you know you’re going to purchase a Toyota, then I would recommend that you hop on their website, and see what kind of financing deals that they have. It will generally be advertised somewhere on the page. If the offer is 0% for the life of the loan, this is something that I would jump on in a heartbeat, because it’s not going to be beat!
#2 Head to a local credit union
What I have found from past experience is that you can get a lot more in terms of loan approvals with a credit union, rather than your large corporate bank. Since your credit union is smaller, and personable, you can most likely explain your situation, and have a better chance at getting approved, which is a plus for you.
#3 Try the corporate banks
I’m not saying that you shouldn’t try the corporate banks such as Bank or America, Wells Fargo, and others. What I’ve found from them is that the rates are generally high, and compared to the credit unions, you can usually get a better deal.
#4 Just pay cash
If you have the cash, then I would recommend going this route. Don’t drain your whole life savings, but rather, you may want to just find a way to put a lump sum down. You’re going to avoid interest rates and it’s going to give you a lot more power in terms of haggling for a car price.
#5 Consider your credit card
Yes, this one sounds kind of silly, but I would only recommend this for those that are going to put a big down payment down. Get a card that’s going to give you 0% for 6 or 12 months. If you can pay the balance back before that time period, then you’re going to be doing pretty good. The kicker here is to make sure that you get one with rewards and you can really take advantage!
#6 P2P Lending
This is the last route that I would go when looking for a loan. This type of lending is a cool way to get a loan. Whether you have bad credit, or good, you can get a loan at a very good rate. The way it works is that you’ll ask for a loan to the community. The community will then lend you the money at a particular rate. You will pay the money back and people will collect interest on the money they are lending out to you. Check out places like LendingClub for more information.
As you can see, there are plenty of ways to finance your new car purchase. Whether you have great credit, or bad, you will find that by financing your car by any of they ways mentioned above that you can get the car that you want!
