You might not realize it right now, but now is truly the time to think about a car loan. Yes, we know what you’re thinking — we’re asking you to take on debt. That’s not really our style, but we assume that you’re adult enough to realize what you can take on and what you will need to leave alone. This is just one of those things that you need to focus on when the stars align just right — and with an uncertain economy, the stars are looking bright.
It goes back to supply and demand. We are in a capitalistic society. You’re going to eventually need a car, and the dealer is eventually going tow ant to sell it to you. Of course, if he can sell you more than one car during your lifetime that’s definitely going to be a good thing. But you do have a lot of buying power in a down economy. If you have good credit, you have even better buying power. Yet if you have credit challenges you shouldn’t just assume that you don’t get to do anything at all. You can still move around the credit market but you really might need to take on a higher interest rate. Crunch the numbers and really make sure that you are getting a good deal here — things that seem good at first can easily turn into something that really isn’t as good as you thought it was supposed to be.
You also want to make sure that you are taking a look at your credit. It’s easy to think that you know everything that’s on your credit report — but do you? Even if you are thinking about one credit report, you might be surprised to find that there are actually three credit reports. Your credit score is not the same across the board. So you need to look at every report and make sure that it does not have errors. If it does, you’re going to need to get every dispute settled before you apply for a car loan. Yes, it’s going to take a little more time than you might want to spend but you are better off doing it because you will have a much better credit score.
The thrill of getting a car means that sometimes we make mistakes without realizing it. You will need to have patience and still make sure that you’re looking at the bigger picture. Comparison shopping is definitely going to be the best thing that you can do when you really want to make sure that you drive off with something that not only looks nice, but it’s something that you know you can afford. The alternative would be to dive in, get a great car that speaks to you, but end up not being able to afford it in the long run. Don’t ruin your credit like that — you have more important things to do with it, you know!