The first time you buy a car will be a momentous occasion. Not only is this the first of many vehicle purchases over the extent of your driving life, but buying a new car is symbolic of the financial responsibility you are capable of wielding.
Buying a new car is no simple process, and will require solid preparation and thought before the deal is sealed. By considering all future responsibilities and analyzing personal requirements, first time car buyers can experience a smooth and even exciting first vehicle transaction.
Questions To Consider As A First Time Car Buyer
Before beginning the process of searching for a new vehicle, it is important to evaluate each of the following questions:
- What’s my budget?
- How do the features of this vehicle match my needs?
- What kinds of financing options do I have?
- How much money will this cost me, and how much will that equate to per month?
- Do I want a new car or a used car? Which one will complement my lifestyle the most?
The answers to each of these questions create a significant impact on the vehicles, financing options, and final ticket price of your vehicle. You must consider these factors and be confident in your decision before driving a car off the lot.
Thankfully, there are guidelines first time car buyers can follow to reduce their risk of a bad transaction experience. The following tips significantly smooth out the road it takes to get from a good idea to a great new car.
6 Tips First Time Car Buyers Should Know
Before venturing into the dealership, first time car buyers should be fairly familiar with their needs, wants, and limitations.
1. Get A Car Inspection Before Purchase
A vehicle is a significant investment, which is why it is so important to check for any problems before you sign the final contract.
Whether your vehicle is new or used, forgetting to check for cosmetic or mechanical concerns will leave you vulnerable for expensive repairs down the road. This includes thoroughly checking the vehicle accident history as well.
If you know a trusted mechanic in your area, ask your dealer if the vehicle can be inspected off-site. Other locations may offer on-site inspection services for an additional fee.
2. Be Familiar With Or Boost Your Credit Score
When seeking an auto loan know that the higher your credit score, the lower your interest rates will be.
Many first time car buyers have very little credit history, and in some cases no credit at all. If you are concerned that you will not have enough credit to be approved for a high-quality auto loan, consider building up your credit score for a few months before applying.
3. Think About Your Car’s Loan Term Life Span
How long do you plan to keep the car you are thinking about buying?
It’s important to reflect on the life milestones that will affect your vehicle choice. Will you be commuting long distances to work? If you plan to buy a certain style of vehicle, consider what’s on the horizon. Do you plan to have children that would require additional seating? There is no one-size-fits-all answer.
4. Don’t Be Afraid To Negotiate
Negotiating the best price can be a stressful process, especially for first time car buyers. Try doing some negotiation remotely through apps or various dealership services. Don’t be afraid to reject additional policies if you do not want them, such as extended vehicle warranties. Educate yourself thoroughly with the market price for the vehicle in question.
Preparing now will help you be more astute when stepping into the dealership. For additional support, bring a trusted friend or family member.
5. Start Budgeting Now For Maintenance Costs
When it comes to unexpected maintenance, the question is not if, but when.
Start putting aside money now to cover expenses such as oil changes, tire rotations, title tags, and inspection costs. A sinking fund should be established for accidents and other related mechanical repairs. Your financial foresight may save you from many future headaches.
6. Consider Getting Pre-Approval For Your New Car
Auto loan pre-approval significantly decreases the amount of time spent hunting for your next vehicle.
At Chartway, our loan officers can finalize your loan inquiry in as little as two hours. This provides you with all the buying power you need at the dealership.
Get On The Road Faster With Chartway
With good planning and careful assessment, first time car buyers can experience the smoothest possible vehicle transaction, as well as the best possible vehicle outcome.
Receiving pre-approval for an auto loan is one of the most important steps before setting out to buy a car. Simplifying and eliminating guesswork, car loan pre-approval returns the strength of your buying power into your hands.
Discover the advantages of getting pre-approved for an auto loan with Chartway.