If you want to save more money when buying a car, you have to do more than simply striking a good deal with the salesman. A car loan mistake can cost more and will eat the savings you haggled on the purchase price. You have to make the right decisions to save thousands of dollars.
A common mistake on a car loan is negotiating the monthly payment instead of the purchase price.
You can be trapped if you purchase a car based on the monthly payment amount. It’s good to know how much you can shell out each month but do not give the salesman an idea of this amount as it may jeopardise your capacity to haggle for a lower purchase price.
If you give this information, the dealer can include other costs, such as extended warranties, higher interest rates and add-ons like car paint sealant and fabric protection. Dealers may write other fees in the contract through official-sounding names and you may not even notice this.
What can you do?
If you would like to know more about car loans, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
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Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.