Gardening, Photography & Home-Cooking are just a few of what I love doing!

Gardening, Photography & Home-Cooking are just a few of what I love doing!

Thursday, August 8, 2013

Important Items to Consider in Financing a New Car

When buying a new Chevy Cruze in Wheeling, IL, one of the most important elements to consider is how you are going to pay for the car. According to an article published by Kelly Blue Book, there are some things you should consider when working through the finances for your car. Three things they suggest are as follows:

-Carefully determine the amount of money you want to spend.
-Decide what to do with your current car.
-Use online tools to estimate your loan amount.

Your Price Limit

This step requires a careful, honest evaluation of your current financial state. Take a serious look at your monthly budget, and think about how much money you want to devote to a car payment. Figure out this amount before you start looking for cars. Many individuals get sucked into buying a car that they really cannot afford. Sometimes they try to stretch the amount of car they can purchase by choosing longer loan rates. It is better, however, to evaluate your income, and stay within a budget.
Your Current Vehicle

Unless you want to keep your current vehicle, you have some choices to make about how to dispose of your car. You can get the most money out of your current car by selling it directly to someone else. Selling your car, though, takes a lot of work. You need to clean it, list it, and be available to show it. If you have the time and energy to go through this process, you could make more money than using it as a trade-in. On the flip side, it does require a lot of work to sell a car, and for many people, time is money. If that is the case for you, your best option might be to use it as a trade-in.
Your Loan Amount

The next step is to calculate how much car you can afford. There are several online calculators that will help you determine your price range based on the desired loan payment. They also allow you to add in variables such as the size of your down payment and costs for taxes and licensing. Once you know the price range you can afford, you will know how many add-ons you can afford when shopping for a new Chevy Cruze in Wheeling, IL.

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