NEW YORK, NY / ACCESSWIRE / February 15, 2024 / All fifty states and the District of Columbia have "lemon laws" to protect car buyers. Sadly, these laws offer no help when it comes to problems encountered by the buyer if the consumer had done their due diligence. These problems include failing to budget and shop for the right personal loan to buy a car. This article will explain what car buyers should be aware of during the buying process.
Don't assume you know what you can afford
Assuming you can afford a $400 a month car payment without having first created a budget is a surefire way to create financial unmanageability in your life. It's important to crunch the numbers before planning any major purchase. Make a list of all your expenses, compare it to your monthly income, and come up with an amount that you can comfortably afford to invest in a car payment each month.
Don't rely on dealer financing
Don't go to the dealership before researching your own financing options. These alternatives could include getting pre-approved for auto financing or taking out a personal loan to buy a car. Many banks and online lenders offer both. Keep in mind that interest rates and fees for a dealer's in-house financing are often significantly more expensive than what you can find elsewhere.
Don't wait until your old car dies
The trade-in value of your old car will be higher if you can drive it onto the lot. Allowing it to die" before shopping for a new vehicle eliminates one of the best assets you have for getting a better deal. Many dealerships take a used car in lieu of a cash down payment. That's not likely to happen if you can't start the car and drive it. Don't wait until that happens.
Don't shop without choosing a target vehicle
Buying anything on the lot because the car salesperson talks you into it is a good way to catch a bad case of buyer's remorse. Know what you want before you go shopping. Do research at home on how much you should pay. Don't go car shopping without selecting a target vehicle or a selection of vehicles that you want to look at. This will save you time and money.
Don't buy the car without test-driving it
This one should be obvious. Never buy any vehicle without test driving it first. You might also want to have your own mechanic check the car out. They can do this after you buy it while the state's lemon laws are still in effect. They could also take that test drive with you. Most experienced mechanics can tell what's wrong with a car by the way it sounds and handles on the road.
Don't take the salesperson's word for it
Despite the common stereotype, there are many good salespeople out there who will work hard to find you the car that you want. However, keep in mind that because they are likely to work on commission, they might stretch the truth a bit when discussing performance or price. Don't take their word for it. Look for the same vehicle at other dealerships to compare prices and read any research you can find to confirm performance.
Sources:
https://www.progressive.com/answers/car-buying-mistakes/
https://www.kbb.com/car-advice/vehicle-lemon-laws-by-state/
CONTACT:
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com
SOURCE: OneMain Financial
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