Is it time to think about car finance? It looks like it might be for many people.The website YesAuto UK reports that people are embracing online car buying instead of in-person shopping, which makes sense as we continue to focus on social distancing, health and hygiene.Car finance is one of those big life events – whether you are “kicking the tires” in the showroom or on a dealer’s website.  

It all starts with making sure we get the best car finance possible on the vehicle we want.  Then the next step is figuring out the car finance and negotiating your car purchase.We all make the best decisions we can with the information we have available to us. It is in that spirit that we share some ideas to consider when deal a car finance. 

Once you have a sense of what kind of monthly payments your budget will allow, think about if you would like to buy new or used.  Does it make sense to buy or lease? What financing options are realistic for you based on your income and credit? 

 It can be helpful to keep in mind a few “rules of thumb” when thinking about buying and leasing a car.   While there are no hard and fast rules, there are some general points to consider. Buying a car is typically a good option for someone who will continue to drive it several years after the loan is paid off, and/or will be driving more than 15,000 miles per year. Leasing a car can be better suited for someone who wants to experience that “new car feeling” every 2-3 years and will be driving fewer miles.  It’s useful to remember that when leasing, above-average mileage could result in additional usage fees that add up quickly. Monthly payments and depreciation are also considerations when deciding between buying and leasing a car. 

Now that you have thought about options to consider during the car buying process, the fun can begin in looking at vehicle models with the latest bells and whistles.   Most people find that it is helpful to take the needed time, without rushing to an impulse purchase. When you exercise patience, you can be sure about your choice. 

It’s a more relaxing experience when dealers let you take your time. When the timing of the purchase works for you, it’s a more enjoyable journey.  As we noted earlier, many people are shopping online as well as in-person — this helps you compare prices for similar models. Tools like Kelley Blue Book can be helpful in determining the value of a car. Again, time is on your side!  This is a big decision and you should proceed at your own pace. 


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