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The prospect of a new car is exciting, but the prospect of getting taken for a ride because you don’t know your stuff? Not so much. Do yourself a favor and read up in advance, so you can stay in the driver’s seat throughout the process.
Here are a few tips that can help you save money when buying a car whether you’re shopping at your local dealership or online:
1. Calculate how much you can realistically spend on a car.
Just because you can get approved for a fancy schmancy new car doesn’t mean you should get that car. The first step of the car buying process should be budgeting. Our
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make it easy to experiment and compare different options. When calculating your budget for a car, also keep in mind up-front costs including your down payment (more on that later), registration fees and sales tax. Many of these fees still apply even if you’re buying a car online.
2. Secure your financing before you start shopping.
Whether you’re shopping online or at a physical dealership, it’s important to have your financing in order before you start the car-buying process. A lot of people default to financing options provided by the car dealer, but you may be able to find an even better deal if you shop around a little first. That way, even if you end up choosing a financing option through your auto dealer, you can ask them to match the lower rate. Pro tip: Lock in that great rate with a fast and free
Arrive at the car lot (or online equivalent) armed with information on everything from promotional offers to pricing of different features. Many places will offer cash-back promotions, student discounts or other incentives. Similarly, know what other competitors are charging for the types of cars you’re interested in as well as any must-have extras (like heated seats to help make Wisconsin winter just a bit more tolerable). Even if you’re shopping online, you can bring price comparisons for other similar cars in the area. Bring proof of the better offer, then let the paperwork do the talking! Look at you go, savvy shopper.
4. Put down as much money as you can afford.
Cars lose value quickly, which means it’s best to pay off your auto loan as quickly as possible – before the resale value becomes less than what you owe on your loan. One way to do this is by making a bigger down payment. Ideally, your down payment would be around 20 percent of the total investment. Beware: If you have good credit, you may not be required to make any down payment at all, but it’s a BIG risk. Our advice? If you’re in the market for a new car, or even if it’s coming down the road (pun intended), start setting money aside for the down payment with an
Again, you want to get the car paid off as quickly as possible. Period. A shorter loan term means you’ll pay a little more each month, but you’ll get the car paid off faster and pay less interest in the long-run. Less interest = more money in your pocket. That’s why it’s so important to budget in the beginning of the process – to figure out what kind of monthly payment on your new vehicle will be manageable for your budget and needs.
With these auto-buying tips, you can drive off into the sunset knowing you got a great car and a great deal. Ready to shop? We can help you get started with a
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Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have.
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What To Do If You Can’t Pay A Bill
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Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground.
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Helping Our Communities, One Person At A Time.
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Even in these challenging times, there's whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community.
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Tips for Managing Money and Paying Off Student Debt After Graduation
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Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation.
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How to Protect Yourself From New Scams
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If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for.
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5 Ways To Save Money During The Holidays
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With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun.
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How To Protect Yourself From Common Scams
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Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself.
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5 Self-care Ideas To Manage Stress This Holiday Season
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The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account.
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5 Tips To Your Home Improvement Sweet Spots
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Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”: those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter!
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The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the