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Smart Shopping & Consumer Psychology

Submitted by on Wed, 07/06/2005 - 12:10
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I wish to purchase a vehicle for $35,000. I have $7,000 available for a deposit.Within the next five months I will reveive $25,000 from an inheritance.I wish to purchase this car now. What is the most economical form of financing available to me whereby the car is paid off when I receive this inheritance.


Hi George

Welcome to the forums. It's nice that you are buying a new car for yourself. Before you do that, I will suggest you to do an extensive research in the car market and know the best financing option provided by the each lender.

Since your lenders will be evaluating your credit report, it is suggested to check your credit report for any mistakes that could prevent you from getting a loan or might make you pay higher interest rates. After you have a clean credit report from discrepancies, you will be able to shop and negotiate for loans in a fair way.

It is necessary to compare the sources that will be extending credit to you. You can acquire loans from any local car dealer, a local bank, credit unions, online (including national banks or newer cyber-banks), or friends and family. Comparison is a must because it will help you to figure out the facts and the risk factors before taking a loan.

It is necessary to evaluate your loan terms and identify the lenders which can determine the differences in the rates and fees.

Regards
Roxette


Submitted by roxette on Wed, 07/06/2005 - 14:28

roxette

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