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Name: Brian Moody
Entry Category: Credit and Financing
#MoneyMinute Voting is closed
Hi, I’m Brian Moody with AutoTrader, and my money-saving tip has to do with shopping for or negotiating the price on a new or used car. When shopping or negotiating for the price on a new or used car, never go by the monthly payment — always go by the purchase price.
The truth is you can get a $100,000 car to cost just $300 per month, or you can get a $30,000 car to cost $500 per month. It really depends upon the loan length, the interest and the down payment.
What you should do is negotiate and shop based on the purchase price first. Find one that fits your budget, do your research, then try to get the loan and the payments to fit your budget after that. That way, you’ll have a better idea about what you’re really paying for the car and you’ll know that you got a great deal on a car that’s within your budget.