Will You Finance Your Cash For Clunkers Car?
Helpful Tips For Financing Your Car Purchase:
Pay as much of a down payment as you can, remember the borrower is slave to the lender. Take your $4500 cash for clunkers credit and add cash to that as much as possible. Make your car payment as small as possible and pay it off quickly.
Don't buy too much car for your budget. Trading a paid off clunker for a new car with high payments will leave you car poor. The idea with Cash For Clunkers is to save money not to put your financial health at risk.
Don't lease your new vehicle. Car leasing is a rip off, if you have to get a car loan always finance at the lowest rate vs entering into a rip off car lease.
Lastly, if you have a lot of credit card debt, consider putting off that purchase of a new car and drive your clunker while paying off your credit card debt. Don't let the offer of government money keep you from goals of getting out of credit card debt.
Look for financing incentives from your dealer. Chrysler is offering 0 percent financing and many others like Toyota, Honda and Ford may also offer low cost car loans as well as the cash for clunkers program.