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Kyle's Corner
Lowering the Finance Cost on Your Next Vehicle Purchase
By Kyle Busch
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 two or three vehicles in a particular category that meet your transportation needs. This enables some latitude when shopping for the vehicle.
How Much Can You Afford?
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. Down Payments and Loans
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 o Ask.com and specify "automobile financing sources."
