Finance Blog


3 tips on getting the best deal on a car loan

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There are several ways to get the best deal on a car loan, and it’s important that you take a careful look at all of them to see what works for you. Car loans don’t have to be stressful, and you can keep them down to a price range you’re comfortable with. Here are three important tips to help you get the best deal you can.

  1. Make Sure Your Credit is Good

If you check your credit report before you head off to the dealership, you’ll be in a better position to know what you can afford. The better your credit the better your interest rate and terms, all other things being equal. Good credit can also help you get preapproved for financing.

  1. Pick a Shorter-Term Loan

You can often finance a car for more than five years now, but that doesn’t mean you should. Sure, your payment is lower. But you end up paying more in the long run. Choose a loan that’s no longer than 48 months if possible, so you can pay off your car in a reasonable period of time.

  1. The Monthly Payment Shouldn’t Be Your Focus

A lot of people assume they got a good deal on the car, because the payment’s affordable. But that’s not necessarily the case. You could still be paying too much, and you want to be sure you understand the total price of the car, not just how much it costs you per month.

By working with us at Palmetto Citizens Federal Credit Union, you can find the Columbia SC dealership you like and the car you want, all while getting a great price. Come see us today, and let us help you get into your next vehicle.


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