Thanks to Maria - Credit Specialist
So you're getting a new car. Congratulations! It's one of the most exciting purchases you can make. And whether this is your first car, or your tenth, everyone has different ideas on what you should get. Between the advice from your friends and family, ads in the newspaper, and the research you're doing on your own, choosing what you want to buy can also be overwhelming.
It's also really easy to get caught up in the latest car models, new features and dealership offers. So if you don't want to end up with a car you can't afford, it's important that you keep your feet on the ground and do some up-front planning.
One way to do this is to get pre-qualified for your car loan before you even start looking. Knowing your total loan amount is the best way to keep you from shopping outside of your price range. And, you can stay focused when a salesperson starts proposing cutting-edge options, extra warranties or service packages.
Many car dealers also promote low interest rates as a way to get you in the door. Instead of looking at payments and rates, first - ask how much it costs to purchase the car for cash, because it may be cheaper for you to pay cash and to arrange financing elsewhere. If you're presented with a low lease payment, make sure you're aware of all of the conditions that come along with leasing a vehicle.
Buying a car is an exciting time. So before you set your heart on something, make sure it's within your reach. When you can balance what you want, with what you can afford, you'll avoid either disappointing or over-extending yourself financially. You'll come across as a serious, confident buyer when you step into any dealership.
Visit the RBC Advice Centre for more information
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