For most people, a vehicle is often their first major purchase. Though car buying can be exciting, when it comes to dealing with auto loans, credit, and other financial aspects, it can be quite intimidating. Fear not — as long as you’re realistic with budgeting and are planning carefully, you should be fine and end up acquiring a great first vehicle.
Here are some great tips for first-time car buyers to keep in mind:
- Buy used cars — Since this is likely your first major purchase, it’s best to purchase a used vehicle. Not only will buying used save you a significant amount of money, but you’ll also still be able to acquire a car with most of the latest tech and safety auto features.
- Don’t just rely on Carfax reports — You should absolutely ask about a vehicle’s history and Carfax reports are great, but they don’t tell the full story. According to the National Highway Traffic Safety Administration (NHTSA), approximately 10 million auto crashes go unreported each year.
- Understand your credit — Before you head to the dealership, make sure you’re up-to-date on your credit report and score. It’s important to note, however, unlike mortgages, you will be able to get a vehicle loan even if you have pretty poor credit. Researching bad credit auto loans can help you find a reliable vehicle for an affordable price.
- Put 20% down — In addition to obtaining a quality vehicle loan, putting money down can help you avoid situations where you would owe more money than the vehicle is worth. Many dealerships don’t require buyers with good credit to make any kind of down payment at all. Putting at least 20% down can help ease the entire car buying process.
- Remember to negotiate — Learning how to negotiate is one of the most important aspects of vehicle buying. Negotiating can save you thousands of dollars off the total purchase and save you from overpaying for any kind of vehicle.
If you want to learn more about getting a quality auto loan and find some affordable used vehicles, contact Auto Sales and Service today!
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