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Let's say you've battled for the best deal and finally agreed to a price you can live with on your next used car, used truck, or used van-- time to breathe a sigh of relief, right? Not exactly. Did you know that if you finance a used car through a dealership, the finance person is usually working on commission? That means that the vehicle financing
deal you get is still up in the air, although they'll never tell you
that. Those things that get added on in the final stages of the deal
(extended warranties, undercoating, alarm systems, insurance, etc.) are
often what the dealership makes the most money on. It's the car finance-office person's job to upsell you on those items AFTER you've agreed to a price for the car with the salesman.
In this article, we'll cover the choices you have for car financing,
what determines the interest rate you get, and how to determine if
you're really getting the best deal, as well as some scams to watch out
for. We'll even give you a cheat sheet to take with you when used car
shopping to help you figure out things like whether taking the rebate
or getting the zero-percent interest deal is best.
If
you're like most people, paying cash to buy a used car just isn't in
the realm of possibility. And even if it's in the realm, you may not
want to deplete your savings account to buy a used vehicle. This means
that you're either going to be leasing the car, or opting for car financing.
If you're buying, then you're probably financing it through the
dealership, a bank or credit union, an online financial institute, or
maybe even a family member.
While leasing is good for a lot of situations, it's a whole other animal, so in this article, we're focusing on car financing.
If you know you want to finance your used car rather than pay cash,
then you need to do your homework and decide how to get the best
financing deal.
If you do have the money to pay cash for your used car and are considering doing
it, how do you know if it's really the right thing to do? Here are some
instances when paying cash really is in your best interest.
- If you could pay more interest by financing that amount of money
than you could earn if you invested it or kept it in a savings account
of some sort
- If you don't have a very good credit rating and would have to pay a high
interest rate to finance
- If you have a lot of debt already but enough cash on hand, and don't want to further damage your credit rating
But if you're like many people, you probably need car financing.
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Note from yourusedcarsontario.com
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When you are selling your used cars in ontario, you have the backing of OMVIC. Make sure that you read through our articles and that you don't end up with a lemon. Used cars ontario will post articles every week, so come back often.
If you haven't guessed it yet, we are supporters of Shop Auto. They offer a great selection of used cars in ontario and you will see that you can search through thier classifieds very easily.
With shopauto.ca and yourusedcarsontario.com, we plan to be rated #1 in Google, MSN and Yahoo search engines, especially when looking for keywords like, used cars ontario,
used trucks, used vans, used suvs or just simply cars, trucks, vans, suv
classifieds in ontario.
Please enjoy our website. We will be posting an email address soon, so
keep watching. |
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