What is the loan’s annual percentage rate (APR) and duration?
Again – the APR is your magic number. You want to go with the lowest APR for the amount of time that you want the loan to last (remember: the shorter the better.)

Can you show me any and all fees associated with this car loan and explain each and every one to me?
You may sound like a big hassle with this question, but that’s exactly what you should be. Any loan process is an opportunity for the lender to throw in junk fees that have no purpose other than to make the lender richer. Go over all of them, make sure they’re legit and remember—everything’s negotiable, so if you see something you don’t like, see if the lender will eliminate it. If not, walk.

I’m thinking about leasing. What is the annual mileage restriction on this car?
It could be 15,000 miles a year, or 25,000. Or 10,000. Whatever the number is, make sure it matches what you drive in a year (give yourself a few thousand miles of breathing room as well). If you put more miles on the car than the lease specifies, you’ll pay through the nose when you turn the car in.

Does this lease have a down payment?
Don’t pay it if it does. Have your dealer roll the down payment into the monthly payments—don’t cough up a lot of money at the outset.

You say this car is certified. Is that certification issued by the manufacturer? What is the warranty on this vehicle?
Just make sure your car is “Factory Certified Pre-Owned.” That is, by the manufacturer of the car, not the dealer or some other third party. The car should have undergone a full inspection and should come with a multiyear/mileage warranty. There are a lot of cars out there that are “certified” by nothing more than a repair shop—meaning you can’t be sure of the quality and, should something go wrong (and something always goes wrong), you could be stuck with a hefty tab.

Want to Know More?

• How to Buy a Car (And Deal With the Dealer)
• How to Get the Best Deal
• Sizing Up Your Future Car Loan