Thursday, August 08th, 2013 | Author:

When you need to replace your current vehicle, money is an important consideration in your choice. Before you go shopping for an SUV, van, or Chevy Malibu in Wheeling, IL, it is important to have made decisions regarding your finances. Going armed with your financial decisions already made gives you confidence and power when working with a dealership’s sales rep. Therefore, before you go test driving a car, consider the following financial tips:

  • Determine how much you will spend.
  • Remember add-ons and taxes.
  • Look for financing options.

Determine Your Spending Limit

This is the very first step to take before test driving or even looking at a new car. Otherwise, you might get your heart set on something that you cannot afford. Begin by calculating your income and expenses. As you analyze those figures, realistically set a maximum amount for a car payment. Resist the temptation to spend all the extra money in your monthly budget. You never know when you will have to pay for an unexpected medical expense or a new kitchen appliance.

Remember Add-Ons and Taxes

Based on the amount that you have to spend on a monthly payment, you can find vehicles that fit within your budget. It is important to remember, though, that the cost of the vehicle is not the only thing that determines the monthly payment. You have to remember to include variables such as the interest rate you get, taxes, and the costs of any add-ons. Of course, if you have a down payment, you will be able to afford a more expensive car, and any amount that you put down will not be subject to interest.

Look for Financing before Shopping

When you have figured out your budget, you can begin to search for financing. Check with your bank or credit union. Check with dealerships that sell a Chevy Malibu in Wheeling, IL. Check on the Internet for different lending options. Different financing options cater to different needs. For instance, some specialize in helping customers with little credit or bad credit. Others cater to those with excellent credit. Looking at several places may take a little bit of time but will ensure you get the best interest rate possible.

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