Best Washigton auto loan starts with the car
To get the best car, smart shoppers spot payment “Loading” or “Packing”. This is when products such as credit insurance, service contracts, and dent & ding protection are loaded onto the car purchase. Excited consumers who focus only on the monthly payment may not be aware of the true cost of these products. Whether it’s a Washington auto loan or a Seattle auto loan, avoiding “loading” is easy:
- Don’t focus on the monthly payments as they can be manipulated by stretching the term. A $50 per month warranty is expensive as part of a 72 month loan.
- There is no free lunch so statements like: "it’s already included", "it’s baked in", “no extra charge” should cause you to ask “Well, what is the payment if we take that product out entirely”.
- If financing through the dealer, ask what interest rate the bank approved you for. Ensure that you feel comfortable with any markup or fees charged by the dealer for loan origination.
- Review the purchase and loan agreements before signing. Ensure you have specifically agreed to any “aftermarket” products. Also, never sign a contract with blank spaces.
- Avoid “required” products. While service contracts, credit insurance and other products may be valuable, they are rarely required by lenders. Should the seller tell you a product is required, ask for the lender’s contact information and check it out yourself.
- Get all verbal promises in writing. Once you sign a contract, you are bound by the written terms.
- “Subject to” financing. Car loan Washington or car loan Seattle, if the dealer is reserving the right to ask for the car back if financing falls through, leave the car at the dealership until you have the bank’s acceptance in writing.
- There is no three-day right to cancel in Washington. Get an auto loan Seattle and unless you are the victim of fraud, you are bound by the contract terms. So, when you sign for that Seattle car loan, know that the commitment will be with your for years.
What else should I know?
Evolving contract terms. After signing the contract and departing the dealership, should the dealer notify you that a larger down payment or monthly payments are required, you do not have to accept. As of June 2006, Washington dealers have four working days to find financing and finalize the sale. If the dealer fails to locate the financing specified in the contract within that period, they must unwind the deal. If you have the car and don’t agree new terms, you must promptly return it.
Know what you’re buying. If you purchase your car “as is”, your assume responsibility for all repairs and maintenance. Test drive the car and have it inspected by an independent technition to ensure it is mechanically sound. Get a Carfax (www.carfax.com) history report as well. Should the seller make any promise regarding the vehicles condition, get it in writing.
Good luck finding your best car loan Washington!
Need help running the numbers on your Washington auto loan?
Seattle car loan, Tacoma car loan or any car loan:Try our Washington Auto Loan Calculator
Know your Washington car loan payment amount: Try our Washington Car Loan Payment Calculator
Know your Washington auto loan rate: Try our Washington Auto Loans Rate Estimator
A word about the Washington Lemon Law: Your car may be considered a “lemon” if a qualified technician has made four unsuccessful repairs, your car has been out of service for 30 calendar days in total, or it has been out of service for 15 days while still within the warranty period. It may also be considered a lemon if it has required repair of two serious safety defects within the shortest of either your warranty or 24 months or 24,000 miles. One repair attempt and 15 of the total 30 calendar repair days must fall within the manufacturer's express warranty of at least 1 year of 12,000 miles.
If you your car falls into the classifications above, attempt resolution by writing to the manufacturer. The manufacturer has a 40 calendar-day window to replace your car, refund your money or take other steps to make you whole. Washington has a sate-run arbitration process that you can take advantage of should the manufacturer fail to respond on a timely basis. Contact
the Lemon Law program at the Attorney General’s Office for further information at 800-541-8898 or www.atg.wa.gov/consumer/lemon.
Disclosure: We developed the content for SmartCarCredit™ while working with automotive industry clients. We hope you find it helpful in making informed decisions. While we believe the information to be accurate, we do not guarantee its accuracy.
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