A friend of mine who has been using the same old car since university time decided to make his new year resolution to buy a bigger and better car. Since he has never paid car loan (his dad bought the car for him and he has been using it ever since), I suggested that he should look around for good quotes on car loans.
Of course he has to make sure that he has enough money to pay for the downpayment for the car of his dream. My opinion if you could afford to pay more for the downpayment, the better it will be for your finance in the long run. You could save a lot over the 5-7 years of the repayment period on the interest imposed.
My experience in getting my auto loan was not very hard since at that time I was virtually debt free..heh! And the car that I decided to buy was within my income range. But if there was one thing that I should have learned better now is to get a better interest rate, with a longer repayment period, those difference rate of 1-2% really makes a different to your wallet actually. I wish during my time there is such thing as car loan blog so that I could read and gather more information.
I hope I could take a ride in that new car soon..heh!
