Top 5 Biggest Mistakes to Avoid When Buying a Car

1. Monthly Payment

The first thing that you should never do when you try and buy a car is to think regarding monthly payment. There are not many people who can walk into a car dealership and write a check and buy a car. People who sell the cars know that as well. They also tend to rely a lot on this particular as far as their sales pitches are concerned. This is perhaps one major reason why in most such cases the argument is based on how much you would be able to pay in a month. At the time of negotiation, the dealer would do anything it can to make the car fit into your monthly budget.

It could adjust the rate of interest on repayment, give you a longer period to pay the loan back, or even restructure the payment in such a way that it fits your budget. To start with, it might not look like a big deal. However, even a year extra on the car loan or a few additional percentage points on the rate of interest on repayment could add plenty of dollars – to the tune of a few thousand, in fact – to the total money you pay for the car.

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Save On Your Education So You Can Borrow Less

Educational expenses have always been high, but they are becoming much higher because of for-profit institutions. A student can easily obtain a student loan even if that person does not have a job or a clear way of paying it back.

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Let’s Be Real: What Kind of Car Can You Actually Afford?

Every person on the planet probably wishes that he or she could walk into a dealership and leave with a Lamborghini or a new Corvette at the very least. However, those folks have to face the reality that they may never be able to obtain such vehicles.

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