By Eve Chen () - May 3, 2019
You’ve successfully negotiated the purchase of your new car. Congratulations! Owning a car is a major source of pride and accomplishment for most Americans, and if you live in an area without reliable public transportation—a great convenience too.
Before you can lay claim to that shiny new (or new to you) car, however, there will be paperwork—especially if you are planning to seek financing. Mistakes can happen, and part of the responsibility for avoiding them lies with you. Make sure you understand everything that appears on your loan document, especially your monthly payment amount. Review the details carefully and be sure to ask for clear explanations that make sense to you before signing. Here’s a look at what to expect as part of your contract:
When reviewing your loan contract, don’t let high-pressure sales tactics dissuade you from asking questions! You should be clear on every line item listed and it should all fit together within the context of your discussions with the dealer. Also, keep in mind that it’s always a good idea to have a knowledgeable person with you when it comes to signing on the dotted line.