Buying your very first car is a rite of passage into the freedom of being an adult. The junker you got handed down to you when you were sixteen was great, but there are new horizons to explore. There’s nothing like cruising down the road behind the wheel of your first new car.
Go to the dealership feeling prepared, knowledgeable, and confident about your possible purchase. Here are a few helpful hints to get you on your way to an excellent deal on your first new car.
Establish a realistic budget
You can’t buy a car without money, so first things first. Take an honest look at your finances, and figure out what you can really afford to spend on a car payment. Remember that choosing a shorter financing period on your car loan may make your payments larger, but you will pay less in the long run.
You also need to think about saving for a down payment. After choosing what sort of vehicle you want to purchase, you will need to save 15-20 percent of the average cost for the down payment.
Get up close and personal with your credit report
To really understand the possibilities for your new car, you have to get well acquainted with your personal credit report. You don’t want the salesman at the dealership to be the one to expose any skeletons in your financial closet.
Work the kinks out of your credit before you go purchasing a new car. Research what you can do to fix your credit online, and take the necessary steps to repair any blemishes.
Sit down to decipher what you need
To purchase a vehicle, you have to decide what type of vehicle best suits your transportation needs. If you have children, you may need a van or an SUV to cart the whole family around town. If you are young and single, you might want a sports car or a fuel-efficient coupe.
Whatever the case may be, it is best to consider the needs of everyone who will be riding. Then, research market averages and standards to better understand the difference between a good and bad buy.
Go get yourself a test drive
Once you have decided what type vehicle you want to purchase, it’s time to head to the dealership. Find a vehicle you like, and take it for a test drive.
Many dealerships offer the opportunity for qualified buyers to take an extended test drive. If possible, take your favorite car home for the weekend to truly get a sense of how it rides.
Secure financing and drive away
If you have taken the necessary steps to shine up your financial standings, you’ll have no problem securing the financing to purchase your vehicle. The only thing left to do is enjoy your new car!