Get the Best Deal on a New Car

Posted on May 2, 2012

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Your financial plan doesn’t only involve securing a mortgage you can afford. While a home loan is typically the anchor for your financial plan, other assets and liabilities come into play, too. A certified mortgage planner can help you determine which assets and liabilities are wise for you and your overall financial goals. One area to make sure to be smart about is how to finance your car loan.

Roberts-chevrolet-kansas-city-truth-in-lending-show

A few weeks ago, we featured Jon David on the Truth in Lending Show. Jon is the Finance and Insurance Manager at Roberts Chevrolet in Raytown, MO. Jon sees customers every day who are looking for ways to get the best deal on a new car. He joined us to give listeners advice on how to not only get a new car – but one at a price you can afford that fits into your overall financial goals.

Get the Best Deal on a Car

Here were Jon’s suggestions for our listeners who are in the market for a new vehicle:

1. Know What You Are Looking For Before You Car Shop

Jon encourages those who are car shopping to know what you’re looking for. Are you in the market for a sports car or a mini van? How many people do you need to seat? What are some “Must haves?” These are all questions to think through before you hit the car lot.

2. How To Get the Best Price on a New Car

Do you know how to get the best price for a vehicle? Start with knowing the value of the vehicles you’re looking into Consumer Reports is a great place to start. Their list can show you a vehicle, and then list out any rebates, dealer incentives or holdback amounts.

3. Determine Your Interest Rate for a Car Loan

Like home loans, car loans also come with interest rates. These rates may vary based on your credit history. Know what type of interest rate and car loan you qualify for and consider getting pre-qualified for a home loan to make shopping easy.

4. Know About Extended Warranties

Determine the value of an extended warranty based on the car you purchase. An extended warranty on a used car may pay for itself with one costly repair. Weigh the pros and cons of extended warranties, and do your research, before you hit the car lot.

5. Know the Car Dealer When Buying a New Car

If you shop for a new vehicle at a local car dealership, you have the advantage of face-to-face communication and working with an individual to get the best car price.

These were just a few of the tips Jon gave our Truth in Lending Show listeners for getting the best price on a new car. Let us know if you have any follow-up questions for Jon!

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