New Car Financing Options for the Everyday Family on the Go {Guest Post} | Epic Mommy Adventures

New Car Financing Options for the Everyday Family on the Go {Guest Post}

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The thought of a brand new car is enticing to many people. Not only do they like how the vehicles look, but they also feel a greater sense of assurance that the cars will last them for awhile. Despite how enticing new cars can seem, some potential buyers balk when they see the price sticker attached. If you want a new car but are having some trepidation about the price, you can consider some methods that still allow you to have a safe and affordable ride.

Private Sale

If you choose a private sale, you may not find a car that is brand new, but you can still potentially find one that is relatively new. For example, the car might have last year attached to it instead of this one. With a private sale, you generally have more room for negotiation. The seller has more at stake if you do not purchase the car since he or she will have to find another buyer, which is different from a dealership where people walk in all day to check out cars. While you may have greater negotiating power, make sure that you proceed with caution. Make sure you meet with sellers in a public area, and absolutely do not go alone.

Financing at a Dealership

A popular option is to finance your car at a dealership. Some dealerships, like a St. George Subaru dealership, know how important financing is when buying a car. In order to do so, you will likely need a down payment. If you are trading in a car and the value of that vehicle is high enough, then you may have the ability to use the car as a down payment. That is not a guarantee though, so you must conduct some research on your specific situation. After you make the down payment, the rest of the car’s cost will be divided up into monthly payments. The amount of months that you spend making the payments varies. Usually, you do not go beyond the six year mark. The car is yours, and at the end of that period, you will be free of payments until you decide to pursue your next car.

Leasing at a Dealership

Some people choose to lease a car because it is generally less expensive than financing. The dealership may ask for a down payment, but you usually do not need to put down as much as you would with a finance agreement. The periods for a lease tend to not exceed three years, and the monthly amounts are smaller than for a finance agreement. A car lease is very much like an apartment renter. At the end of the lease period, you will return the car to the dealership unless you decide to buy it out.

Credit Issues

In order to finance or lease a car, especially at a good rate, you generally need to have decent credit scores. Therefore, pulling a copy of your credit report is a smart decision when you are thinking about buying a new car. In the event that you cannot qualify for a program at the dealership, you should start to look into programs that are made for people with bad credit or no credit. If you choose one of these opportunities, make sure that the entity has a good reputation as you do not want it to scam you. Furthermore, understand that you may be subject to higher interest rates because of your credit situation. You may decide to work on your credit situation and then apply again at the dealership later.

When you do not have the money to pay the sticker price for a brand new car, you can still browse a variety of options to get that vehicle.

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About the Author: Rachelle Wilber

Bio: Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter: @RachelleWilber

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About Natasha

Hi, I'm Natasha! I'm a 30-something Program Manager and blogger at Epic Mommy Adventures. Most importantly, I'm a single mom to my adorable son, who drives me nuts in one moment and melts my heart in the next. I enjoy sharing our epic stories, giving advice to other single moms, and sharing my co-parenting woes. I also share blog hops, giveaways, product reviews, and so much more. Join the fun!

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