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If you are in the market for a car, then you have probably spent a good amount of time looking into what make and model you want. Safety may be important to you, or perhaps you are more drawn in by a flashy car. Whatever your preference, financing used autos in Anchorage may not have been on the top of your daydreaming list. It is important to know how to get the best price for what you are buying, however, so here are some tips to help you with your financing journey. Know Your Credit If you are buying a car, dealerships will often offer you financing options, though that may not be your best resource. You might want to consider using a bank or credit union if a dealer doesn’t offer you a good interest rate. The interest rate varies depending on what your credit score is, though you may be able to talk down the interest rate just like you might be able to talk down the price of the vehicle. Know your credit score and what other credit unions and banks are willing to finance you at. Large Down Payment One of the best ways to save money with your vehicle is to put down a large down payment. Many suggest that 20% is a good amount to put down, though the more you put down up front, the more you are saving in the long run. Interest rates can add up quickly, and you could end up paying much more than you realize if you have nothing to put down. So although, many dealerships don't require a down payment, it is something you will definitely want to consider. Vehicles depreciate quickly so don't think of your car as an investment as much as a necessity. Short Terms Another great way to keep your overall cost down is to keep your loan term as short as possible. Many dealerships will offer very minimal payments over several years, but if you do the math, it will make the car cost much more than the original price. Your best bet is to pay off your used autos in Anchorage in the shortest amount of time possible. This will mean that you will have much larger monthly payments, but you will be out of debt faster and paying much less interest than you would otherwise.
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