Lowering Auto Finance Costs Massachusetts

Save money on your auto loan when buying a used vehicle. Learn how to lower your vehicle price and get the best loan contract.

Local Companies

Murphy Motor Sales LLC
9780342-8369
556 River St
Fitchburg, MA
Buy Here Pay Here
508-322-8989
329 Maple st
Marlborough, MA
Community National Bank
(978) 263-8376
270 Great Rd
Acton, MA
Loan Neighbor
(617) 973-5788
60 State St Ste 700
Boston, MA
Moss Brian
(413) 732-5711
450 Main St
Springfield, MA
Mortgage Wiz Inc
(508) 885-0850
152 Main St
Spencer, MA
Enterprise Bank
(978) 262-0100
223 Boston Rd
North Billerica, MA
Allmass Mortgage Llc
(508) 473-0111
117 Water St
Milford, MA
Ups
(508) 543-1092
225 Foxboro Blvd
Foxboro, MA
Mortgage Networks
(978) 777-7500
300 Rosewood Dr
Danvers, MA

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Before making a purchase, especially a large one, most buyers ponder an equation that goes something like: What is it going to cost me, and will that equal what I am going to get?

Consider that equation when buying your next vehicle. Naturally, you want to get the most vehicle for the money you spend. Here are several tips that will help you to lower your transportation cost.

First, and foremost, consider eliminating some of the steep depreciation cost incurred during the first few years of vehicle ownership by purchasing a 2- to 3- year-old used vehicle.

The price can be further reduced by paying cash. However, if you need to finance your next vehicle purchase, consider doing the following to keep its cost closer to the "as if you were paying cash" figure.

  • Take the time to carefully identify your current and your future transportation needs, and choose an appropriate vehicle. Transportation represents different things to different people.

    For some drivers, it represents status in society. Other drivers place greater emphasis on reliably just getting from point A to points B and C.

    The more closely that you match your driving needs with the vehicle you buy, the more driving pleasure you will experience and the more likely you will want to hold on to the vehicle. When you reduce unnecessary vehicle trades, you save money.

    If you can't fully identify your transportation needs or the vehicle that can best satisfy them, consult the April issue of Consumer Reports at a public library.

    The publication groups vehicles into categories, provides frequency-of-repair information for many vehicles, and gives vehicle price information.

    It is a good idea to identify 2 or 3 vehicles in a particular category that meet your transportation needs. This enables some latitude when shopping for the vehicle.
  • Identify how much you can afford to spend per month on transportation. A rule of thumb suggests that the cost to rent an apartment per month should not be greater than 25 percent of your monthly net pay.

    The cost of an auto loan should not exceed 10 to 12 percent of your monthly net pay.

    In some instances, leasing a vehicle could be a better option than taking out a loan.
  • The vehicle down payment should be the largest possible, and the amount of money borrowed the lowest possible. In addition, borrowing money for the shortest period of time (i.e., a 24-month loan rather than a 48-month loan) will reduce the overall cost of the loan.
  • Identify the various loan sources such as banks, savings and loans, credit unions, and national lenders. For example, go online to askjeeves.com and specify "automobile financing sources."

    In regard to national financing vs. local financing, it can be useful to determine what the cost of a loan would be from the national sources, but accept a loan from a local source if the loan cost is comparable or nearly comparable between the two.

    Compare the APR (annual percentage rate) that each of the sources will charge for the loan.

    The cost of a loan is negotiable. Therefore, be certain to inform each source what the others have to offer.

    In addition to the loan's APR, remember to also compare the other costs associated with a loan, such as loan insurance and loan processing costs.
  • Be certain to read and understand any fine print contained in the loan contract. Insist that the loan contract gives you the option of making payments early and that the payments will be applied on the loan principal with no penalty or extra cost if you payoff the loan early.
  • Do not settle for a vehicle that does not entirely meet your transportation needs because of low dealer or manufacturer incentive financing. Sometimes dealers or manufacturers offer extremely low APR financing on vehicles that the dealer is having a hard time selling.

    That's why it helps to have initially identified the correct vehicle before encountering the sales pitches and other influences of buying a vehicle.
  • ...

Click here to read the rest of the article at YoungMoney.com.

Featured Local Company

Murphy Motor Sales LLC

Voted best used car dealer in New England.

9780342-8369
556 River St
Fitchburg, MA
http://murphymotorsalesllc.com

We offer quality used cars, trucks, vans, suv's, and motor scooters. Buy here pay here. Guaranteed financing. Full service, service department.

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Related Local Event
New England International Auto Show
Dates: 12/2/2009 - 12/6/2009
Location: Boston Convention & Exhibition Center
Boston, MA
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