Next to a house, a car might be the most expensive purchase you’ll get for your family. Like most big-ticket purchases, it takes careful planning and a lot of discussions. It can also be an overwhelming experience, especially if you’re buying a car for the first time. One way to make things easier is to get it through a car loan. Such loans allow you to purchase a car and pay for it in installments. You only need to shell out money for the down payment, and then pay the rest in monthly amortization for a certain number of years. There are two ways to get a car loan: through banks and through vehicle dealers.
Whether you get financing for your dream car through your local bank or a trusted car dealer, weigh your options carefully. And keep in mind that, as long as you keep your credit history good at all times, taking out a car loan is fast and easy.
These FN articles have more money tips that you can use:
- Money Matters: 5 Tips on Getting the Right Financial Advisor
- Budgeting 101: 15 Tips for Wiping Out Your Debts
- 10 Secrets to Financial Security
- Not Just a Pipe Dream: 12 Tips for Buying Your Dream Home
(First published in Good Housekeeping Magazine, Good Family section as "Drive Your Own Car--Now!" in June 2007; adapted for use in Female Network)