Things to Consider before Buying or Leasing.

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Determine How Much You Can Afford

Before you finance or lease a vehicle, you must be fully aware of your financial situation to make sure that your income can cover your monthly living expenses plus car payments. If you are looking to finance your vehicle, keep in mind that the total amount to pay will depend on several criterias, such as the final price that you negotiated, the APR (annual percentage rate) and the length of your contract.

Let’s talk about what negative equity means when it comes to your car loan. If you owe more on your car than its calculated market value, then you have negative equity in that car. Keep this in mind when you’re planning to use your current vehicle as a trade in on your car purchase. Now, having positive equity in your car means that its market value is higher than what you owe.

Shopping for new car

Long car loan contracts make it very hard to reach positive equity on your vehicle. Don’t give up just yet. The dealer might cut you a deal where your car loan includes paying off your old car. Although this might be an option, you must also attempt to pay off whatever you owe on your current vehicle before signing a new contract. Negative equity can impact your credit score/rating.