5 Essential Things to Know About Car Loans

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Unless you’re sitting on plenty of cash, you’ll likely need to finance your new car. There are plenty of options available for car loans, and that can make things tricky – especially if you’re trying to decide between new or used or bank or dealer financing. Below you’ll find out the essential things to know about car loans so you can make the best decision for your needs.

Financing Options

There are a variety of ways to secure financing. You can go through a dealer, your own bank or credit union, a used car lot or even take advantage of the increasing availability of online financing. Keep in mind that a dealer offers manufacturer incentives, while banks and others can’t do so.

Your Credit Matters

Anytime you take out a loan, your credit score plays a key role in how much you will pay. If you have great credit, your interest rate will be lower. However, if you have bad credit, the interest can increase dramatically – especially if going through a bank or dealer. In these situations, online financing might offer lower rates, so make sure you do a bit of research before you choose how you’ll finance.

Know Your Budget

Before you ever step on the lot, make sure you already know what you can afford each month – and stick to it. Salesmen work on commission, so their goal is to sell you the highest-priced vehicle by any means possible. Being able to tell them exactly what you’re willing to pay will reel them in a bit. However, you’ll also have to keep reminding them since they will try to push you into a higher-priced vehicle.

Ask Questions

All that paperwork can be daunting, so if there is anything you don’t understand – ask. There are many fees and other charges that might pop up, so you need to make sure you know exactly what they are before you sign.

Make Sure You Have Approval

You should always make sure you have the approval for the loan before you sign the contract or leave the lot with the vehicle. If you’re told that the salesman is waiting on the approval to come through, it means nothing is finalized. You should never leave your old vehicle and take possession of the new one until you know for sure.

Car loans are important and often necessary for most car buyers. If you are purchasing a used vehicle, make sure to contact YourMechanic for a pre-purchase car inspection to avoid buying a car with serious issues.


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Recent Pre-purchase Car Inspection reviews

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YourMechanic Pre-purchase Car Inspection Service

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4.9/5

Number of Reviews

4,358

Rating Summary
4,053
168
34
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4,053
168
34
34
69

Benji

21 years of experience
92 reviews
Benji
21 years of experience
Ford Thunderbird - Pre-purchase Car Inspection - Phoenix, Arizona
This is the second time this week that Benji has inspected a car for me before purchase. His reports are clear and thorough, saving me a lot of money from buying a lemon. He is dependable and honest. Even after the inspections, I kept contacting him with question after question. He answers them all and even sends me additional information. I totally recommend him!
Ford Thunderbird - Pre-purchase Car Inspection - Mesa, Arizona
Benji went through a flooding situation to inspect my car. His inspection was thorough and professional. I emailed him numerous times, and he answered each and every one of them. He even has a good sense of humor. Thanks to his hard work and thorough inspection, I was saved from buying a potential lemon. Thanks, Benji.

Attila

18 years of experience
487 reviews
Attila
18 years of experience
Subaru WRX - Pre-purchase Car Inspection - Elmwood Park, New Jersey
It was once of the best experience I've had buying a car. I felt more confident then nervous and I would 100% recommend this
Volkswagen CC - Pre-purchase Car Inspection - Little Ferry, New Jersey
Attila was absolutely amazing! Very knowledgeable and went over and beyond to give me clarity regarding a vehicle I am planning to purchase. He was very competent and did a thorough pre-purchase inspection for a VW CC. Excellent people-skills!

Breck

19 years of experience
562 reviews
Breck
19 years of experience
Chevrolet Express 2500 - Pre-purchase Car Inspection - Houston, Texas
I scheduled a pre-purchase inspection and was really happy with the quality of the inspection. Breck was actually running ahead of schedule which was fine and was also well communicated. The inspection was thorough including interior, exterior and undercarriage reviews both written, verbal and documented with photos. Also, Breck identified some potential issues that could cause a real headache with the vehicle.
Jeep Wrangler - Pre-purchase Car Inspection - Houston, Texas
Breck was timely and efficient. Very knowledgeable. After the inspection was complete, he took the time to ride along with me to pinpoint a noise I heard. Would definitely recommend and use him again.

Carlos

27 years of experience
280 reviews
Carlos
27 years of experience
BMW 330Ci - Pre-purchase Car Inspection - Brea, California
Carlos was very thorough with his inspection on this vehicle I’m considering purchasing. He took detailed information with pictures of any defects and an estimate to have things maintenanced. Highly recommended and I may have him maintenance the car if I should decide to buy it.
Toyota Camry - Pre-purchase Car Inspection - Baldwin Park, California
Professional and knowledgeable. Found problems quickly and explained to me what it means and what we can do. Highly recommend.

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