If you’re thinking about buying a new car, it’s important not to simply rush in unprepared. Without the right research and background information, you could end up paying too much for your vehicle. You might even discover that the car has previously been damaged or stolen. Make sure you know the facts about any car you’re thinking about buying, and be prepared when you head to your local car dealership.
Understand the Vehicle’s Value
It can be hard to make a clear-headed choice about buying a car if you don’t know whether you’re getting a real price. Take some time to learn about normal pricing for a vehicle of this make and model, especially if you’re buying used. The condition of the car can have a significant effect on price. Be willing to shop around and determine what the asking price for similar vehicles in your area may be. This information gives you a good place to start when it’s time to bargain.
Check your Credit History
Good credit could get you better financing rates and even a better price, but you’ll need hard facts if you want to use your score to your benefit. Obtain a copy of your credit history from a major reporting agency to ensure that it is accurate and that you don’t have any unexpected black marks on your record. If possible, spend a little while before you buy your next car working on your rating. Simply obtaining and using a credit card regularly could boost your score a little. If know your credit score isn’t the best, obtaining a report will give you a clear idea of how far the damage goes and what you might expect to pay for your new vehicle.
Know How to Obtain Financing
Almost every car dealership has a bargain with local lenders to provide especially low rates, but that doesn’t mean you’ll get those rates on your financing agreement. Before you go into the dealership, you should talk to independent lenders and find out what kind of rates and terms you can get on your own. Go over any financing paperwork offered by your dealer to ensure that it provides a fair rate; after all, if you don’t like what the dealership has to offer, you can simply come back with your own independent financing options.
Understand Your Rights
Most car dealerships are honest and straightforward, but you can’t always rely on this. You should know what kind of information you’re entitled to before you step into the lot. This includes information about whether the vehicle was previously a rental, as well as specific data about its history, such as the Ontario Used Vehicle Information Package. It’s also a good idea to have a Vehicle Information Number search and a search to determine whether there is a lien or other entanglement on the vehicle. The dealer is required to provide most of this information by law, but it’s still a good idea to protect yourself against unscrupulous sellers.