Questions to Ask Before Financing Your Car

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Asking questions are the most important thing you can do when purchasing a new car, especially when purchasing from Buy Here Pay Here lots in Phoenix AZ. When browsing different financing options, types of vehicles to choose from, or dealerships to buy from, any question can be the difference between fully understanding a certain process and signing paperwork that you cannot financially support. The experts at Auto Action have come up with some tips as well as a list of the right questions to ask your dealer when the time comes to get serious when purchasing a vehicle. These tips, along with knowing your financial obligations, will save you from surprises later down the road.


Avoiding Financial Term Confusion

Car financing has always been a confusing deal, especially for those who are new to buying a car on their own. You may not be too familiar with financing terms and find the paperwork to be stressful, repetitive, and seemingly endless. Whatever you do, don’t be embarrassed to ask any questions relating to what something means in terms of vocabulary or anything you sign on paperwork.

 

Obtaining a Truth in Lending Disclosure

This is the time where no question is a bad one. You’re dealing with your hard earned money and your new car. This is not an investment to take lightly when it comes to understanding every part of the deal. In turn, car financiers and lenders are required by law to offer full disclosure on all aspects of lending agreements. With that, always make sure dealers from any of the Buy Here Pay Here lots in Phoenix AZ provide you with a Truth in Lending Disclosure, otherwise, it may be wise to consider taking your business elsewhere.

Asking the Appropriate Questions
Even after reading a Truth in Lending Disclosure document in full, you may still have some lingering questions. Here are some questions you should consider asking when finalizing a deal in order to make sure that you understand fully all vehicle financial obligations you will soon have:

  1. What is the exact price I am paying?

  2. What is the real interest rate?

  3. Can I pay the loan off early without penalty?

     

Interested in learning more about the processes that come with purchasing a new vehicle? Are you ready to start the search for your new vehicle? Contact one of our Buy Here Pay Here lots in Phoenix AZ experts today by filling out the form on the right!

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