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  1. Finances

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

Links

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Last updated 3 years ago

Podcast: Buying a Car With Confidence