Finally making the big step of purchasing a car is a great source of joy for many people. Especially for someone who has been working for years to get enough money and invest in a car that is something only theirs. If you are one of those people who are recently in the good luck of getting a new car from themselves or upgrading from a smaller car to a better one there are few things you must know.
Decide Your Way of Financing
Before you make the huge leap of choosing a car you think about the way you will finance this need of yours. Learn about all the available auto loans as well as what down payment and monthly payment you can afford. Doing your homework will help you make informed decisions and not get caught in something that could stress you later on.
Check Your Credit Score
Your credit score can help you save a lot of bucks. It is not just a number to make you happy but a helpful aid in negotiating when making a big purchase such as a car or a home. Checking your credit score will also help you make better-informed decisions and narrow down to the right fit of a vehicle for you.
Different dealers have different prices for the cars and you may want to surf a little. Sure the heart wants what it wants but maybe you could get the same model in a different color at a better price. You won’t know that unless you check.
Maintenance Is the Key
Know what you are getting yourself into. A car is great to take you from place to place but be willing to play your part in keeping it new and fresh. Learn all about maintenance and learn how much each car demands maintenance. While some could be very delicate and need touch every once in a while some can spend months on road. Either way, it’s better not to compromise on maintenance. You can also use the Valvoline coupon of $20 to save you maintenance costs.
Buying or Leasing
Buying or leasing are the two terminologies used when you decide how you will pay for your car. When you buy, you’re taking out a loan to cover the whole cost of the car (minus any trade-in or down payment). When you lease a car, you pay the premium for the amount of time you have it, which is determined by subtracting the car’s value at the end of the lease from its value when you first had it.
A lease could be a tough decision as you have to stay restricted with the car and in case of any damage pay, the additional fee on the other hand buying will cost you more but will give you freedom all at once.
New Versus Used
This is one of the most important decisions a car buyer has to make. Since there are benefits and drawbacks to both new versus used car you may want to make a decision that will be most suitable for you. a new car will come at a lower interest rate but will depreciate as soon as your purchase it. You will be paying a lot more for a new car but will get a warranty which is satisfactory.
For a used car you could be paying much less plus registration and all the fee but the lack of warranty can be daunting. Even if you can renew the warranty you always have to run a very detailed background check and who knows what problem pops up.
Analyze Your Needs
Create a list of what you actually want in a vehicle to find out what aspects are most important to you in a car. Is your safety a top priority for you? Do you want a vehicle that gets excellent gas mileage? Are you looking for a convertible top? You may already have a price point in mind, which may help you narrow down your quest.
Check Car’s History
While dealers are all about making sales, a little background is always important especially when the purchase is as huge as a car. Don’t forget to check with the previous customers as well as make the best of the internet to learn about the car’s history and background. All the important stats such as the number of accidents, reasons for accidents, purchases, resales, and everything is very important.
Don’t be a settler and don’t be too eager to show your need for a car. Be willing to walk away if you find prices too high and not suitable. It is wise to do your research ahead so no one tries to con you with the prices and as mentioned before surfing the market even if you have your eyes set on the first car you saw.
Review Your Loan Options
You can apply for an auto loan at a car dealership, so it’s a good idea to know all of your choices before you walk into the showroom. Check out the car loan interest rates offered by your bank or credit union if you already have a partnership with them. It will save you time and give you an edge if you get pre-approved for a loan before going to a car dealership. Stay Updated