5 Tips to Finance a New Car

Thinking about financing your next new car? You’ve come to the right place! We at Feldman Chevrolet of Highland have put together this guide to financing your next new car, which is packed with helpful information about the financing process.

Shoppers in the areas of Highland, Hartford, and Milford should read ahead to learn more about how to finance your next new car!

1. Put Together a Budget.

The first thing you need to do is determine a budget. Take a good, hard look at your existing expenses as well as your take-home pay, or how much you make after taxes. It’s recommended that you spend between 15-20 percent of your monthly take-home pay on vehicle expenses. This includes monthly payments as well as gas, insurance, and maintenance. You can do this quickly and easily on our site with our car loan calculator.

2. Don’t Forget Additional Payments.

On top of your monthly payments, there are a few other payments that you’ll need to make throughout the process including:

• Title and registration fees
• State sales tax
• Documentation fees

If you can, you should pay for these fees separately and/or with cash, so you don’t need to pay interest on them.

3. 

   Consider a Large Down Payment.

One more payment you’ll have to make throughout the new car buying process is a down payment. This down payment should be at least 20 percent of the car’s total value. However, you should consider putting more down upfront if you can, so you can pay off the vehicle quicker. Paying more upfront can also lower your interest rate.

4. Make a Next-Car Wish List.

To ensure that you stay within budget, make a next-car wish list. Start with things that you can’t live without like three-row seating, a certain towing capacity, or four-wheel drive. Then, add things you’d want to have if your budget allows like surround sound audio, an extra-fancy infotainment system, or leather seating surfaces.

5. Shop Around for Financing.

There are a variety of ways that you can finance your next new car. One of the most convenient ways to finance a new car is through the dealership you’re buying the vehicle from. However, you should explore other options—such as third-party lenders like banks and credit unions—before you settle into a payment plan.

Working with the financing team at the dealership can also open doors to a variety of payment options, as these finance experts likely have connections with all types of lenders throughout the community.

Finance Your Next New Car Today!

We at Feldman Chevrolet of Highland are thrilled that you stopped by today to learn more about financing your next new car. After reading through this helpful guide, we hope you’re ready to take the next step.

Our dealership is home to a full-service financing center where you can put together a payment plan for your next new car. Shoppers in Highland, Hartford, and Milford should give us a call today to schedule a time to come in to meet our finance team and to take a test drive!