Most car purchases involve financing, but you should be aware that financing increases the total cost of the vehicle. This is because you're paying for the cost of credit interest and other loan costs in addition to the cost of the vehicle.
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Learn more about the process of buying a car. You can use the Bank of America auto loan calculator to see how different loan amounts, APRs and terms will affect your monthly payment. Also, look for a car loan with no prepayment penalty. This will save you money if you decide to pay off your loan early or refinance your car loan. Most people think of auto financing as taking out a loan to buy a car, but leasing a car is another popular form of car financing.
You may or may not have to make a down payment, sales tax is only charged on your monthly payments in most states and you pay a financial rate called a money factor that is similar to the interest rate on a loan. You may also have to pay special lease-related fees and a security deposit. You may have an option to buy the vehicle at the end of the lease period, but this will typically cost more than if you had purchased the vehicle to begin with.
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You also have to be keenly aware of how many miles you drive most leases charge a per-mile fee above an annual number of allowable miles and you need to keep very good care of the car most leases will charge you for wear, tear and damage at the end of the lease period. If, at the end of the lease period, you are interested in keeping the car, you may be able to purchase your vehicle with a lease buyout. If you currently have a car loan, you may want to consider refinancing into a new loan in order to lower your monthly payments.
Use the Bank of America refinance calculator to compare your current loan with a potential new loan to see whether refinancing may be right for you. How car loans work. The basics of buying a new or used car.
Know what rates to expect to find the best deal.
Should I finance a car? Know how much you can afford before you shop.
Using your savings is the cheapest option for buying a car, while personal loans are usually the cheapest way to borrow to buy a car, but only if you have a good credit history. If you have a bad credit score , you might need to choose one of the alternative financing methods to buy a car.
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Protecting your home and family with the right insurance policies Insurance Insurance help and guidance Car insurance Life and protection insurance Home insurance Pet insurance Help with insurance Travel insurance Budget planner. Best way to finance buying a car Buying a car is no simple decision. Why should I use cash or savings when buying a car? Buying a car using a personal loan Hire purchase HP to finance a new car Personal contract purchase PCP Leasing - Personal contract hire PCH Using a credit card to buy a car Using peer-to-peer loans to fund a new car Getting a car on finance: things to look out for How to shop around for the best car finance deals Helpful information for financing a car Your next step Why should I use cash or savings when buying a car?
The cheapest way to buy a car is to fund all or part of it in cash. If you decide to use cash, remember: Make sure you have enough savings left over for an emergency after you have paid for your car. You should pay the bill off in full the next month. Read our guide on How to set a savings goal.
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Did you know? Take a look at our guide on Buying a car through a personal loan for all the information you need. Read our guide to Buying a car through hire purchase. You can find out everything you need to know about leasing a car here. Find out more about using credit cards. Find out more about peer-to-peer loans. A guide to financing your new car from the Finance and Leasing Association opens in new window.
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Use our guide to Make sure you can meet your car payments. Did you find this guide helpful? Yes No. Care to share? Thank you for your feedback. Related guides Leasing a car When is the best time to buy a car? Buying a car through hire purchase. More in 'How to buy a car' How to find the right car for your budget Car finance explained Making sure you can meet your car payments Car costs calculator Buying a car with a personal loan Leasing a car View all … articles in How to buy a car. Back to top Cars Running a car.