Does the prospect of applying for auto finance seem daunting? It did to me at least, until I simply had to buy a new car last year, and arrange for funds for the same. Over here, I will chronicle some of the points that I followed to make the entire auto financing and car-buying process a whole lot easier.
I have always been tremendously fond of my dad’s red Chevrolet. It had been a constant companion of mine over the better part of the last couple of decades. So, when it started to show signs of wear and tear, I did not even consider getting a new car, and disposing of the old Chevy. I was not exactly sure of how to go about for getting auto finance at affordable rates, and that held me back too. However, when the old vehicle finally gave up the ghost last Christmas, I was practically forced to sell it off. Thanks to the expert advice of my neighbor Mr. Mulliner, I was able to arrange for easy car removal for cash, and get access to convenient financing sources, for buying a new vehicle. If you are looking to profitably dispose off your old car, and buy a new one in its stead, you can follow these tips that I found to be really useful:
Get in touch with junk car dealers – If it had not been for Mr. Mulliner, I would never have known that there were so many companies that dealt with cash for cars in Hamilton, my home city. I got in touch with them, got proper quotes from four such companies, compared among them, and chose the one that was offering me the best deal. In case you do not have a friendly neighbor to guide you through – all that you need to do is search on the web for good junk car dealers in your locality.
Source of auto finance – It never makes any sense to have confusions regarding what should be the source you should approach for auto finance. I was fortunate enough to find a car dealer who was also offering financing options on relatively easy terms. You can also consider taking car loans from banks and/or specialized credit institutions. Taking the advice of a qualified financial consultant can also prove to be advisable in this regard.
Have all your documents ready – I was not initially sure about the nature of documents that were required for getting my auto finance application sanctioned. Since I have a business of my own at Hamilton, I was required to produce valid ID-proof and address-proof documents, along with other, business related papers. If you are a salaried professional, then too you will need to keep certain specific documents ready at hand. Consult your auto financier regarding this matter – just like Mr. Mulliner did on my behalf!
Buy within your budget – My old Chevy had, as a parting gift, helped me get a pretty decent amount of cash for car removal. There were no difficulties in getting adequate auto finance either, and I could easily buy a swanky luxury car. However, it is always prudent to be aware of your means, before you actually spend money on a new vehicle. Remember, just because you have access to the requisite auto finance does not mean you should splurge unnecessarily.
- Repayment terms – Now comes the (arguably!) toughest part of auto financing – following the repayment schedule. From the very outset, I had agreed to make my payments on a monthly basis, and have, till date, never missed a single payment deadline. If you do not want get yourself tangled in a maze of late fines and other complications, I would suggest that you should stick by your payment schedule at all times too.
Do not treat your old car like a piece of trash. Keep it well-conditioned, and you will probably be able to arrange for some good cash for car removal for it. Follow a systematic procedure for getting auto finance, to avoid problems. Doing so helped me in easily buying the new car of my choice. I still love my old Chevy though!
Author’s Bio: Rickey is a well-known writer. He regularly writes on the web, on a range of automobile and finance issues. Over here, he provides some handy pointers for getting auto financed in an easy manner.