Top 10 Tips for Smart Car Shoppers

1. Know what you can afford. Decide what type of car you really need, and set a price range that fits your budget.
   
   
2. Research. Gather all the information you can find using the Internet, buying guides and consumer publications – to learn about vehicles on your short list.
   
   
3. Review your credit report. That way, you will know what creditors will see – plus you can correct any errors you find. You can get free copies of your credit report once a year from each of the three nationwide credit reporting companies by calling 1-877-322-8228 toll-free or visiting www.annualcreditreport.com.
   
   
4. Comparison shop. Compare the interest rates ("APR") and other financing terms offered by several different sources, such as banks, credit unions, and dealers.
   
   
5. Understand the difference between buying and leasing. You can download a free government publication called "Keys to Vehicle Leasing" at www.federalreserve.gov/pubs/leasing.
   
   
6. Educate yourself. Be sure you are familiar with common words you’re likely to hear or read – such as down payment, fixed- and variable-rate financing, and on- and off-site financing – when you are buying or financing a car. You can find the definitions of many of such words at www.autofinancing101.org/resources/glossary.asp.
   
   
7. Negotiate. Remain calm, and take your time negotiating the car's price, as well as the financing rate you are offered.
   
   
8. Understand the value and price of optional services. Examples include credit insurance, guaranteed auto protection, and extended service contracts. If you do not want such services, do not sign for them.
   
   
9. Read any contract carefully before signing it. Ask questions about anything you do not understand.
   
   
10. Make your payments on time. Late or missed payments incur late fees and may even cause your vehicle to be repossessed, permanently. And a bad payment record will show up on your credit report, damaging your ability to get credit in the future.

These smart car-shopping tips were brought to you by Americans Well-informed on Automobile Retailing Economics (AWARE), a group of automotive industry leaders that have joined together to educate consumers about vehicle financing. For more tools, calculators, and other information on vehicle financing, visit the AWARE Web site at www.autofinancing101.org.

Top 7 Ways To Make Smart Car Buying Decisions For Your Business

1. First, maybe buying is not as smart as Leasing. Leasing may also allow you to get into a better vehicle faster than you might have been able to afford if you had to buy it yourself. I learned this lesson when I junked my Pontiac Gran Prix which was worth less than $300, and moved into a $24,000 truck when I was 20 yrs old.
   
   
2. According to Chuck Givens, in Financial Self Defense, he says to never buy a new car; Always buy a car that is 2 years old, because the majority of the depreciation happens in the first few years of the cars life.
   
   
3. If you are buying more than one car for your business, choose to standardize on one dealer and/or one model line. You will find that it is cheaper to work with one car/truck/vehicle vendor than having to figure out which vehicle has to go where for service when/if they break down.
   
   
4. Never buy on a emotional decision alone. Get on the Internet and do some price shopping to get a feel for what the vehicle of your dreams costs in different parts of the country. Use this information in order to better negotiate locally.
   
   
5. Time your buying so that you can take advantage of seasonal price breaks. Each car dealer has different selling pressures depending on season and how big their current inventory is. You may also get a better deal on the last few days a month, when a sales manager might be working their team harder and is more price flexible in order to meet his/her bonus.
   
   
6. Take a few moments to learn about 'how' the car dealer you are interested in buying from sells and what is important to them. You may pick up clues that will aid in your negotiation. Some have an easy way to throw in service, others can throw in special package deals that they bought at a discount, some have their financial CFO breathing down their neck to get rid of excess vehicle inventory where it may be cheaper for them to sell at a loss, just to turn their lot into cash. Bottom line: Learn what the unique advantages and special offerings that your dealer might be able to offer you, if you just ASKED a few more questions.
   
   
7. Be careful at the close. Most car dealers EXPECT to sell you hundreds, if not thousands of dollars AFTER you have already bought or made the decision to buy from them. ASK to get all the available information on pricing and options for your vehicle of choice, UPFRONT, because you will NOT recognize add ons AFTER you have given them the buy decision.

This Piece Was Submitted By Entrepreneur, Author, Business Builder and Email/Web/Internet Strategist, Christopher M. Knight.