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To buy or not to buy that should have been the question. The automobile is ranked as one of the largest purchases a person will make in their lifetime and will be one of the most expensive. More than a luxury a car is the necessity of an individual. Many a times having a perfect credit for buying a car poses a big problem. Buying a car can seem like a daunting task, but fortunately there are many options you can consider to accumulate or arrange money for purchasing the car. The foremost thing you must settle on is whether you want a new car or a used car. If selecting a used car or pre-owned as the dealers like to call it, be sure to know everything about the history of the car and don’t be afraid to ask questions.

If you have cash flow or credit problems, you can usually get the financing you require for the automobile you want and also help yourself re-establish your credit while driving your new car. One way is to search for agencies, which deal with Online Bad Credit Auto Financing loans. Such loans are available for customers who have poor credit or no credit. Bad credit car loans can be obtained online or directly form your local financial institution for new or used automobiles ranging from small, economical cars to sport utility vehicles.

Car dealers offer bad credit car loan programs tailored specifically for auto, car and truck buyers with credit problems, no credit, or unique sub prime auto loan requirements. Even though you will be paying more for this option, it is a good technique to improve your bad credit history and overcome financial crisis effortlessly in the long run.

Another option that you can go for is Auto Financing online. If you decide to buy the car and you want the dealership or bank to help you finance it to be able to spread your payment over a set period of time is a great option. Based on your credit score, an auto loan can be arranged through the dealership’s lending institution based on the negotiated price of the car and related expenses (sales tax, title and licensing fees). Most auto manufacturers have their own companies to arrange car loans for the individuals who want to purchase a car.

If you have sterling credit you might get a competitive interest rate and get qualified for special programs that will lower your monthly payments. On the other hand the dealer might charge a much higher interest rate for taking what is perceived as a risk on loaning you money if you have moderate credit, or no credit. Most auto loans are from three to five years, which translate into36 to 60 monthly payments. Different lengths of time can be arranged, if desired. The longer you take to pay off the loan, the lower the payments will be.

Also the amount of your monthly payment will depend on the interest rate, the length of the loan and the sum of your down payment. You must behave as if the car is your own including providing insurance, but from the initial purchase until you are done paying off the balance you owe on your car, the lending institution will own title to the car. Once all the payments are made you become the owner of your car.

Another alternative is to go for an Auto Lease. The dealer can usually provide you with an auto lease the car to you. The dealer will lease the car for you based on your credit score and the length of the auto lease you want. The dealer might contact numerous banks for this purpose. Each bank has different terms and conditions. You will need to decide how long you want to lease. Also, you need to decide how much you want to pay upfront.

Your contract will contain a residual price for the car you are leasing. When you have made all the lease payments, you can then buy the car for this residual price. You may also decide to return the car to the leasing company, but be aware that they may charge you for excessive wear and tear to the vehicle. If the car is in great shape, you can typically get your security deposit back or use it to start the lease of another new car.