Know your Options, Know your Loans

It always pays to do a little research. This is equallywas substantially higher. Due to the complete depletion
true in all aspects of one's life, from schools, toof mental and emotional resources, I choose to be
personal and professional relationships, to holidays, letdifficult, haughtily explained that I still need a word with
alone making big purchases. Over a decade ago, as Imy non-existent financial adviser, walked out, and
was struggling to make some important decisionheaded for the bank. I needed a Volkswagen loan.
(these things don't come easy to me, I struggle, I breakAfter visiting two banks, it finally dawned on me that
my head, I get sick etc.) a friend of mine told me "Youwalking just might not be the fastest way to do the
don't have enough information.research, and that I might have better luck online. The
Find out more about each of your options, than it willother option still open was settling for a cheaper car,
be much easier to decide what you want and to knowbut after hours and hours of research, my very being
which option is really best." This advice served me wellrebelled at such a thought. Volkswagen loan!-became
over the years. Although I cannot claim that I've carriedmy personal battle-cry of the day, Volkswagen loan!
it around tenderly in my bosom, but every time I gotMuch faster than originally expected, I had my options
really and thoroughly stuck, I'd eventually remember itlined up for me.
and act upon it. This bit of conventional wisdom almostThe interest rate the dealership was offering turned
backfired when last time used. I needed a car. Or not.out to be not the most expensive option, yet the term
My budget was around ten thousand. Or twenty five. Iof repayment remained a trifle stiff for my liking. 15000
had no idea what car I wanted, which maker, andcar loan, taken out for a seven year term was
whether comfort, mileage for gas, speed, color of theavailable at the following interests rates; good old
car, or safely was my priority. The more informationAbbey wanted 7.9% (read 231.02 per month), Eskimo
I've acquired, the more muddled it all seemed. To makeLoans, Halifax, and Bank of Scotland conspired to
the long story short, I've eventually settled foraccommodate my needs at a mere 6.9% (read
Volkswagen. The vicious cycle began anew. Do I want224.20 per month), Northern Rock's offer at 6.2 %
financing from the dealer or not? If yes, how muchcame across as actually generous. Volkswagen loan!
was I willing (which was not the same as how much itI've ended up accepting a loan quote offered through
would be comfortable for me financially) to give as aan on-line broker, and thankfully, when I walked back
down payment?into Volkswagen dealership a few days later, it was a
Should I take a car loan from the bank? If so, whichdifferent, slightly less friendly, but more courteous
bank? The salesman at the dealership was awfullysalesman who've handled the paperwork and gave
helpful, and made at least a dozen of honest attemptsme the keys. Next time I plan to buy a car? Certainly,
to simplify the matter by offering me to sign a contractnot for some time. While I do not intend to get a
and to let them take care of the rest. Although I wasmechanic's license in any foreseeable future, thanks to
initially told that the typical annual percentage rate for ashopping around for vehicles and prices, I will have a
Volkswagen car loan is 6.3, after factoring in the actualbetter idea exactly what should I get, where, and for
amounts, including the car price, taxes, and the desiredhow much. Volkswagen Loan!
term of repayment, needless to say, the quoted APR