Some Auto Finance Information You Probably Never Knew

Getting auto finance seems to be very simple owing to the tons of prime time advertisements that depict a guy driving into a dealership and driving out with a brand new car. But reality cannot be any further from this. In reality when you drive into a car dealership to get a new car there is lots of paper work to be completed and if you do not have perfect credit there is a long and hard questionnaire to be filled out after which the guy at the dealership will ask you to wait some time for approval. Even if you do end up getting your new car in under 3 hours you are paying over 3% more in the way of interest rates as compared to if you got your loan from a regular auto finance company.

When the majority of people are in a hurry to get their auto finance they often go the route of instant auto financing. This type of auto financing does look appealing; after all you are getting auto finance in under 24 hours. But the ground reality is that you can expect to pay thousands of dollars more than you otherwise would with a regular loan. The reason behind this is that the auto finance company is taking a huge risk doing business with you primarily because they are not checking up on your credit etc.

When you need a new car it does pay to be patient and look out for the best auto finance you can find. Finding auto finance which is really good takes time but if you look at the money you end up saving it is well worth it. The money you save could probably be put towards something better such as your kid’s education or a down payment on your mortgage.

 

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