Making the choice to buy a car can be a major decision for you to make. Due to the size of this purchase, it can be easy to feel stressed or overwhelmed by what to expect when shopping for a new car. This stress and confusion can be worsened by believing a couple of routine misconceptions about buying a car. Clearing the following two notions will help you to be a better-prepared consumer when shopping for your next car.
Myth: If You Have Filed For Bankruptcy, You Can Not Be Financed
It is an unfortunate fact that everyone can make financial mistakes, and when these mistakes become too much to overcome, filing for bankruptcy may be the only escape. Sadly, there are some people that assume they will never be able to get financing for a car if they have a bankruptcy on their credit history. Luckily, this is far from reality, and it is possible for individuals that have been forced to declare bankruptcy to obtain financing. While it may not be possible for someone that has only recently filed bankruptcy to receive this type of credit, individuals that have at least several months to a year of positive credit will likely be able to receive some form of financing. To help boost your odds of being finances, you should be prepared to make a rather large down payment on the vehicle. This can help your chances by lowering the total amount of the loan required, which can help to reduce the risk profile of your loan application.
Myth: Rebates Are Taken Off The Sticker Price
It is extremely common for auto retailers and manufacturers offer rebates to their customers. These rebates are essential refunds for a part of the price of the car. While this can be an excellent way of helping customers afford their ideal car, it should be noted that the rebate will not be taken from the sticker price. Rather, you will usually still be required to pay the full amount of the sticker price and send off for the rebate. While it may take a couple of weeks for your rebate to be processed, this can be a small inconvenience for the savings it can provide.
Going through the process of buying a car can be a stressful experience for you to go through, but you can help to reduce much of the confusion from this task by dispelling these two common myths about the car buying process. To learn more, contact an auto financing company like Western Avenue Nissan.