Properly navigating automotive financing [Video]
Posted on Thursday, September 8, 2016 at 1:51:47 PM
Car buyers need to ensure that they understand every single piece of their automotive financing programs, as hidden costs can end up buckling the budget before long. With such a diverse range of loan options available today, this can be a bit trickier, but knowing the areas where fees and other charges remain hidden can help to avoid a headache down the road.
CBS19 recently listed some of the key matters that need to be identified before signing on to a car loan program, including common charges such as credit insurance protection and negative equity financing. According to the news provider, some loans will also include surcharges or demands for extended warranties and guaranteed auto protection.
Furthermore, the news source stated that payment penalties should be understood, as well as opportunity costs and, more notably, the interest rate on the loan.
If car purchasers want a professional guiding them through the financing process, they should consider working with a local, community bank. These institutions tend to provide a more personalized, customer service-oriented touch than their larger, national counterparts.