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5610 Ward Road, Suite 300 Arvada, CO 80002
9200 E. Mineral Avenue Centennial, CO 80112
Phone: 303-252-0852
Website: www.walshfinancialsolutions.com
November/December 2017
Financing Your New Wheels
There’s no lemon law for auto loans. So shopping around for financing before you shop for a vehicle can prevent you from getting a sour deal. Here are a few things to consider.
Compare Rates
It goes without saying that a lower annual percentage rate will save you money, so do some comparison shopping. Look up the rates offered by local or national banks and credit unions, and check out online lenders. The dealership where you buy your vehicle may offer financing. Dealers often have relationships with several lenders. But you won’t know if the dealer’s terms are competitive unless you do your research first to see what other lenders are willing to offer.
You may also be able to take advantage of low or zero-per- cent financing from the automobile manufacturer, although you may have to forgo a manufacturer’s rebate to get it.
Total Cost
The loan’s term—the number of months until the loan is paid off - is another consideration. The longer the term, the higher the loan’s total cost. A shorter term means higher monthly payments, but the loan will cost less overall. So consider obtaining the shortest loan term that you can comfortably afford.
Remember, too, that a longer loan term means it takes longer to build equity. This can be important if you decide to trade or sell the car - or if the car is stolen or destroyed - before the loan is fully paid. Putting a substantial down payment on the vehicle can help.
FR2017-0629-0022/E
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Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
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