Car Buying

Notes

Beware of long (i.e. 7 year) loans
- Cars depreciate in value, unlike houses
- You end up paying for a car that has no value or less value than what you're paying
Get pre-approved for a loan before going in
- So that you know your interest rate
- The dealership can bully you into a higher interest rate if you don't come knowing what actual interest rate you can get
  - i.e. they might point out some recent late payments and give a higher rate
When you go to a dealership, only talk about price
- Other information (you're trading in, what loan you want) can and will be used against you by the salesman
After you get through the salesman, you still have to go back to some office to finance it. At that point is where you really have to be careful
- They try to add a bunch of add-ons
  - Don't buy the add-ons. They make them sound really good, but they're overpriced. And you can always get them elsewhere
- They add fees