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Biggest Car-Buying Blunders

Even if you find the perfect loan, you will still have to make sure you make the right decisions on the actual purchase of your vehicle. Washington Car Loans has compiled some of the most common buyer mistakes.

1. Obsessing over one model. It’s not uncommon for car buyers to get hung up on one car and overlook other comparable models that can provide better value. Fixating on a particular car can be especially problematic if it is not conducive to your lifestyle. For example, a racy two-door coupe might turn heads, but it won’t accommodate your family of four.
2. Not doing your homework. Whether you’re shopping for Washington car loans or new cars, research is critical. Look into prospective vehicles’ safety records. Check out reviews in car magazines and from current owners. You might also check the manufacturer’s website to review what options are available and what you need.
3. Buying too much car. Dealers will try to lure you into buying more can than you can afford with deceptively low monthly payments. Washington car loans with ridiculous interest rates and obscenely long terms can still offer somewhat low monthly payments, so don’t be fooled. A good rule of thumb to use when looking at cars and Washington car loans is that your payments should not take up more than 15% of your after-tax income.
4. Not test driving the vehicle. You wouldn’t buy a suit or a pair of shoes without trying them on first, and you certainly shouldn’t buy a car without test driving it first. Go into the test drive with a list of features you want. Take the time and do a complete test drive—it should take at least thirty minutes. Take the car out on the highway and on surface streets, if possible.
5. Starting negotiations at the sticker price. If you are a smart buyer, you will have your Washington car loans lined up before you start to bargain, and you will ignore the MSRP of the vehicle. The MSRP is actually the ceiling price you should pay for the car. A better jumping-off point for negotiations is the invoice price of the vehicle. You can find this information online.