Downeaster Common Sense Guide: Automobile Buying and Financing
GARDINER – Governor Paul R. LePage joined staff at Maine’s Bureau of Consumer Credit Protection, an agency within the Department of Professional and Financial Regulation, in announcing the release of a new auto buying publication. The Downeaster Common Sense Guide: Automobile Buying and Financing is a 32-page booklet available online or in paper copy free to Maine residents.
“Purchasing a car or truck can be an enjoyable experience, but it can also be complicated,” Governor LePage said. “This new guide—the latest in a Downeaster series of consumer protection publications—provides important information and guidance to help individuals and families make sound financial decisions when considering a new vehicle.”
Bureau of Consumer Credit Protection Principal Examiner David Leach, who coauthored the new guide, emphasized that an automobile purchase is a significant financial commitment that often involves a large number of issues and considerations. He outlined the topics covered in the guide:
- Determining how much vehicle you can afford;
- Understanding how to conduct auto buying research;
- Learning how to check your credit reports before applying for an auto loan;
- Determining the lowest Annual Percentage Rate or APR for your vehicle loan;
- Understanding why “No money down” financing can be an expensive mistake;
- Learning how to negotiate the best price for your new vehicle and trade in;
- Preparing yourself for the “closing room” at the auto dealership; and
- Evaluating the pros and cons of add-ons like extended warranty programs and credit insurance.
“This publication will help consumers become more comfortable with auto buying and financing by clearly explaining the process in an easy to understand, step-by-step format,” David Leach said. “The thought of buying a car or truck makes many people uneasy. This booklet provides Mainers with the tools and tips to understand and succeed in the process.”
An online copy of the auto buying guide, and several other Downeaster Common Sense financial publications, can be found at www.Credit.Maine.gov by clicking “Publications.” Copies can also be ordered by calling the Bureau of Consumer Credit Protection at 1-800-332-8529 (toll-free in Maine) or 624-8527.