I am 20 years old and wanting to buy a new car, an early-2000's model Lincoln LS V8 to be exact. I have no clue where to start... do I go to the bank first and try to get approved for a loan first, or go to the dealership and try to get a loan there?
Congratualations on buying your first car! Go to the bank that you currently bank with and speak to them about a car loan. Find out what they require as a down payment and what would be the interest rate. Call your insurance company and ask them the cost of insurance for the vehicle you want to buy. Do a little shopping online for the vehicle you want to buy to see what is available and what they are selling for in your area. Go to a dealer that has the car you are interested in and make the deal without the financing if you have been approved by your bank. Then ask if the dealer can give you a better deal then your bank. Take your time and do your research and you will get a great deal on the car you want. Good Luck!
〉 Answered on Mar 20th, 2007 by Jenny Trostel, Partner at Anderson of Hunt Valley