Even though a car dealer tends to have access to the best interest rates, you may want to consider some other options. This may include looking for ways to make more money, as well as borrow money from people that will not charge you interest. At the very least, you should try these options before turning to a professional money lender.
Unless you absolutely need a car, you may want to try saving up money for one instead of going into debt. If you need transportation immediately, it may be cheaper to car pool with someone else on a daily basis. As you adapt to not having a car, you may even find that you do not need to own one. There is no question that you will enjoy saving money on insurance, repair bills, registration fees, and inspection fees.
While you may not like the idea of asking friends and family for money, it is much better than going into debt with a professional lender. That said, you should be prepared to remain on good terms with your close alliances even if they deny your request for help. You should also make sure that you can and will stick to any payment arrangements that you make with these individuals. It is important to realize that you are looking to avoid paying interest and processing fees, as opposed to avoiding paying the amount that you need to borrow.
You may also want to consider purchasing a vehicle from a private owner. As an example, if you find an advertisement in a classified ad section, you may be able to make arrangements to pay the car off a little bit at a time. Even if you are not able to make satisfactory arrangements with one person, you may be able to negotiate with someone else. In some cases, you may be able to save an enormous amount of money, as well as avoid the hassle of buying through a registered car dealer.
If you cannot afford a car that is in good working order, you may want to look for cars that need some work. In some cases, you may be able to buy them, as well as any parts that you will need from a junk yard. While it may take some time and effort to get this type of car running, you may be able to save thousands of dollars. At the same time, you will feel better knowing that you will be able to manage all future car repairs on your own.
In today's economy, it will be to your benefit to stay away from any type of professional lender that will mercilessly pursue you for every penny of interest on any loans made. If you think creatively about your car situation, you may come up with a number of answers to avoid taking on a car loan. Chances are, if one of these options works out, you will enjoy saving money on interest rates, as well as insurance fees.