At this point in the car shopping process you’ve made your initial visits to at least three car dealers and have gotten them to give you their best price plus any administration fees. And you’ve gotten them to put it in writing somewhere even if on the back of a business card.
It helps them learn what your services are like, if they haven’t ever been coached before, or have been coached in a different style. It helps them gain trust and familiarity with you.
We felt reasonably equipped to go out to face the dealers, and were tremendously surprised to find out we weren’t. We had picked out the cars we wanted, but they (the dealers) had a different agenda.
Car Hire Purchase. Here you pay a deposit which can be many thousands and then pay the balance by instalments. This deal will be offered by banks and craigslsit posting for car dealers combined. This is an easy way to buy a car and is readily available from many outlets. There is a problem with it in that the vehicle does not belong to you until you have paid off the finance. You need permission of the lender to sell it. Also if you fall behind with payments the car can be repossessed and sold leaving you to pay the balance not collected plus costs.
Land based, that is, your local bankers will ask you a whole lot of questions that should be supported by unlimited number of papers. They will also ask you for the quotation/estimate from the car dealer, other than focusing on your credit record. They may also need some surety. Too tedious task! Isn’t it? Why go for such lengthy process if you have much easy options available. Yes. We are talking about the small auto loans.
Don’t let the car salesman swindle you. Salesman are great at faking sincerity to earn your trust. You need to protect your own interests, no matter how nice the salesperson seems.
If you decide to pay the set ‘balloon’ payment you keep the car. Alternatively, if you have kept the car in good condition and stayed within set mileage limits, you can return the car and the deal is closed. None of you deposit or payments will be refunded but the advantage is you will not have to make up the shortfall if the car is worth less than the GMFV. Finally you can use the difference between the balloon figure and the value of the car as a deposit on a new car. This is only possible if the car is worth more than the balloon payment. Although this is usually the case you should be aware that it is not guaranteed.
Road trips can be very long depending on your destination. It is important that your car is able to withstand the distance without breaking down. Find a reputable dealer of Edmonton cars and start your road trip today.