When you go to the dealership to buy a new car by trading in your old car, you have to deal with: the price of the car, how much your current car is worth, and how much you're going to pay in interest. Those are three different deals.
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Start by going online and finding out how much your current car is worth. Be realistic about it -- it's only got to be worth so much.
Second, you're going to find out how much you're going to pay for that new car. Again, be realistic. Go online, see what other people are paying. It's easy to find.
Third, call your bank, savings and loan, or credit union and find out what they would charge you for the money to buy a new car. Take all that information to the dealership, and know what your final figure needs to be. Now, you don't care if the dealership gives you a little bit less for your car... if they make their car cost a little less. Anything as long as it works out to the final number you came up to before you ever left your home.
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Take a look at more stories and videos by Michael Finney and 7 On Your Side.