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Chances are if you’re looking to get a new car, whether it’s brand new or just new to you, you’re probably looking at various options for car loans. Getting a car loan can be a real life saver in helping you get a car now when you really need it, even when you don’t have all the money upfront to purchase it. Before you look into options for car loans, you might want to review these questions that you’ll want to be sure and ask the loan agent before you sign any paperwork and move forward. You will likely be eager to get those keys in your hand, but by taking the time to ask these questions, you can help make sure you’re getting the best loan possible for your situation.
You’re probably already aiming for the lowest interest rate possible when shopping around for a car loan, but just be sure to ask the loan officer what the interest rate is that you’ll really be paying. You may see advertisements for low interest rates, but yours will depend mostly on how much you are able to put down as a down payment and how good your credit score is when applying.
Kind of penalties are associated with the loan should you sign on to it.
Ask what kind of penalties are associated with the loan should you sign on to it. For example, there may be some penalty fees associated with late payments or no payments. Be sure to ask about hidden charges as well that could end up being tagged onto the end of your loan term. Ask about those before you sign.
The total price you’ll be paying for the car when all is said and done and what the exact amount of each monthly payment will be.