Creative Ways to Pay Off Your Car Finance Quickly

Driving on a country road on a beautiful day.A lot of people will be aware of the fact that their car finance agreements will last for at least two or three years, with some motorists opting for longer finance terms in order to lower their monthly repayments.

As with any form of lending, interest is spread across the duration of the term, and you are always informed before borrowing any money how much the total interest is going to be on your loan. However, what a lot of financial institutions don’t make clear is that if you pay off any borrowing quicker, you will often have less interest to pay.

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Finance a Car the Smart Way

If you are looking for a new car, you are probably considering how you are going to get the money to pay for it. You could save up and pay cash for a new car, but most likely, you are going to end up having to get a loan. When obtaining financing for your car, you should make sure to avoid a few key mistakes.

Negotiate Price Of The Car Not The Payment

The first thing you do is negotiate the price of the car as opposed to your monthly payment. The reason is that the price on the sticker is not the price you should be paying. Even if you have to walk out of a couple dealerships to get your price, hold out for at least 500-1000 dollars less than sticker price. Your monthly payment is not going to equal the price of the car after interest and other fees are tacked on.

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