No matter what your budget is when you’re in the market for a vehicle, it’s important to do your research. You’ll want to find the best deal on a car that meets your needs and fits within your budget. Here are some tips to help you get started.

New, Used or Roll-on Roll-off?

It’s also a good idea to have an idea of what kind of car you’re looking for before you start shopping. This will help you narrow down your options and make it easier to find a good deal. In Trinidad and Tobago, you can purchase a new, used or roll-on roll-off vehicle.

New vehicles offer the latest features and technology, but they can be more expensive. Used vehicles are a good option if you’re on a tight budget, and they often come with warranties. Some dealers in Trinidad and Tobago import foreign used vehicles, also known as roll-on roll-off vehicles, which offer high specifications at a more affordable price.

Budget for all expenses

When you’re shopping for a car, it’s important to compare prices. You can use online vehicle price comparison tools like Trini Cars For Sale or Pin TT to find the best deals on vehicles and Compare TT for motor loan options available to you.

Be sure to also factor in the cost of insurance, licensing and registration fees, and taxes. Moreover, if you’re interested in adding features to your vehicle, you have to consider the additional costs. When choosing the best loan option for you, you should also consider financial institutions that offer flexible packages that offer both loan and motor insurance combined.

Look out for hidden fees

If you’re purchasing a vehicle in Trinidad and Tobago, it’s also important to be aware of the hidden fees that are associated with buying a car as they can add up quickly. For instance, when purchasing a pre-owned vehicle directly from an individual, a transfer fee is required. This is something you will need to discuss with the owner –whether you’re spending on top of the car’s actual cost or if it’s included in your purchase price. If you are purchasing a used vehicle from a company, the company usually pays the VAT and there is a $10 transfer fee if the vehicle is in their name.

Assess your financing options carefully

It’s important to be aware of the financing options available to you. Many dealerships offer in-house financing, or you may get a loan from a bank or a private lending institution. Also, it’s often a good idea to get pre-approved for a vehicle loan before you start shopping. This will help you determine early if you qualify for a loan and if you do not, a customer representative may advise you on how best to overcome your hurdle.

Know your terms and conditions

Finally, be sure to read the terms and conditions of any agreement carefully before you sign. Not knowing is not an excuse so be sure to have a full understanding of what you’re signing. If you have any questions, don’t hesitate to ask the dealer, loan officer or your financial advisor for clarification.

Purchasing a vehicle can be a daunting task, but following these tips will help make it easier. By doing your research and shopping around, you can find the best deal on a car that meets your needs and fits within your budget. Happy shopping!

Get pre-approved for a vehicle loan or contact us to learn more about our vehicle financing options.