Georgia Online Auto Loan Advice and Tips
Know your budget.
Financial planning experts say you should spend no more than 12 to 15 percent of your after-tax take home pay on a car.
Don't be in a hurry.
If your 12 to 15 percent doesn't add up to a whole lot, you have two choices -- spend less on your car or save up more for a down payment (to lower the monthly bill). Why get stuck in a beater when a little saving can get you a better car? Better yet, remember that when it comes to bad credit car loans, the bigger the downpayment, the easier it will be to obtain financing.
On a five-year loan, if you drop the monthly payment by just $16, you'll save nearly $1,000 over the life of the loan.
Don't freak about paying what's essentially a bad credit tax.
On a three-year loan, the difference between a 16 percent rate and a 6 percent loan is less than a daily run to Starbucks.
Know the difference between "Interest Rate" and "Annual Percentage Rate."
The interest rate is what the lender makes; the APR is what you will pay. Because interest is compounded, and because the APR includes fees, the dealer may talk about the low interest rate, but your APR inevitably will be higher.