Financing Your First Car

When it comes to finding the vehicle you want to be your first car, it’s not difficult to get carried away. And, more than likely you are new to credit as well as car buying. This could mean that getting that shiny new truck or speedy sports car may be just out of your reach. However, there may be ways to greatly improve your opportunity for a new car, truck or SUV. Our team here at Auto Credit Express knows how exciting getting your first automobile can be. So we have a few tips to help you make it a good experience that can help you build a brighter tomorrow.

Six things You Must do

Financing Your First Car

When you’re shopping for your first vehicle, it’s important to be as prepared as you can be before you get to the dealership. Knowing the difference between a brand name car dealership and a in house financing car lot can help avoid frustration from the start.

  1. Budget:
    It’s extremely important to have a budget already set. Have what you currently pay and save completely laid out. This way you can see exactly how much you can afford to pay for your monthly car loan payment.
  2. Pick a Price:
    Next, you should decide how high or low you want your payments to be. Even though you can maybe afford a higher payment, does that leave you room to pay for gas, insurance, repairs and general maintenance that your vehicle will need? You may even want to use online tools that will give you a good idea of what your monthly cost could be.
  3. Find a Loan:
    You’ll want to find a loan next. You don’t want to fall in love with a car only to be told you’re not approved. That can be heartbreaking and very frustrating! Not to mention all the time you just wasted at that dealership. Find out what sort of credit you have and pick a loan that fits it. No need to go to a high risk auto loan lender if you don’t have to, but it might be your only choice.
  4. Get Insurance:
    The laws are different for every state it seems. Make sure you have the insurance that your state is going to require of you. Driving without insurance will cost you more than your monthly payment will.
  5. Find the car:
    At this point you can confidently go into a dealership and know you’ll leave with a dependable vehicle you can afford. Make sure you pick a car that is not going to cause you too many extra costs. For example, if you plan on driving long distances you will probably want to make sure you find a car, truck or SUV that has good gas mileage.
  6. Get your title and tags:
    Most dealerships will handle your tags and title for you. However, some may not. In that case you will need to go to your nearby DMV to make sure that the title is now in your name and that your tags are ordered. You’ll be given a temporary tag to keep you from having problems with the local authorities.

Final Tips

Buying your first car can be a whirlwind adventure that we easily get caught up in. However, try to keep your feet on the ground so you don’t miss any important details. Consider taking a responsible and experienced car buyer with you in case you need support and to keep you from feeling pressured into a deal you don’t want. While a new car may be the dream of every new buyer, don’t overlook the benefits that a quality pre-owned vehicle can offer you too. Often you can find a vehicle that is only a few years old and still has it’s manufacturer’s warranty that will cover major repairs and save you a lot of money.

Also, know that you don’t have to buy the first car, truck or SUV that you’re shown. Choose a vehicle that you know you’ll be happy with for a few years at least. Finally, make sure you go to a reputable dealer that is not going to rip you off, there are plenty of reuputable places to get a car loan even with bad credit. Of course if you’re still unsure where to go, then apply today using our easy online application and we’ll find a dealer in your local area that is trustworthy for your first buying experience for you.

Posted on February 25, 2014 by in Auto Loans
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