5 Life-Saving Tips for First Time Car Buyers

Even if you’ve bought a car before, you still might find something useful here. Buying a car can be a frustrating and sometimes painful experience. To make it an easier, more pleasurable experience, here are some tips to follow.

 

Pre-Approved Loans

money saved 5 Life Saving Tips for First Time Car BuyersIf you can get pre-approved for a car loan through a bank, you’ll be in a lot better position when you start heading to car dealerships. With a pre-approved car loan, you know how much you have to spend and usually will have a better interest rate than a dealership might have given you. This also can help you feel less nervous about the whole process because you know how much you have to work with, what type of car you can afford.

 

Shop Around

I’m sure there is “love at first sight” for some people when they see a car, but it’s best to shop around before you make your choice. Even if you’re on your last stop, let the car dealer know you’re looking around and may still go with another dealer. If they know you’re shopping around, they may offer you a special deal to get you to go with one of their vehicles.

 

Credit Score

new auto 5 Life Saving Tips for First Time Car BuyersYou should know your credit score before you try to get an auto loan. Remember that the higher your credit score, the better shape you’re in. Generally, if you’re above 700, you’re in a good spot and shouldn’t have a problem getting a low interest loan for a car. If your credit score is lower, though, you’ll want to make sure you check it for mistakes and see if there’s anything you can pay off to get it removed from your credit report. You may have to wait a little longer to get your vehicle, but if you’re close to a 700 score, you might want to see if you can get it a little higher.

 

Down Payment

 
Whether you have good credit or bad credit, making a larger down payment makes it more likely you’ll get a loan for a car and also that you’ll get good rates. By putting down a large amount of money toward your purchase, the lenders know you’re serious about the commitment to pay for the vehicle in full.

 

Check the Car

If you’re buying a pre-owned vehicle, make sure to have it checked with your personal mechanic before purchasing it. If you check the car out yourself, you’re less likely to have expensive surprises after you purchase the vehicle. You can still purchase the car if there are minor problems, but at least you’ll know about them.

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