First Time Car Buyer Tips
Buying your first car is an important milestone in your life. It’s typically the second biggest purchase of your life after buying a home. There is a sense of pride and accomplishment that comes along with it. However, with great responsibility can come great stress. Feelings of fear and hesitation combined with a time consuming hassle can paralyze even the most experienced car buyer. Let’s face it, it’s not a pair of shoes, you can’t return a car a few days after you purchase it. For that reason, first time car buyers should keep the following tips in mind to assist them through the process:
Research, Research, Research
You shouldn’t walk into a car dealership without doing your research first. Fortunately for you, the internet has made vehicle research easier than ever. There are plenty of websites dedicated to helping you compare different models, and there are even sites that will help you determine your budget. Finding the right car that meets your daily needs should be your first priority.
Weigh your financing options
With the exception of a very select group, few people have the amount of cash needed to buy a car without financing some if not all of it. We know that 90% of first time car buyers will not have perfect credit, if any at all. With this in mind, know that we can assist with multiple different solutions. Tristate Auto Champs helps make it easier to obtain a car loan. Check out the extra section for first time buyer auto loan tips.
Consider insurance rates
We believe in looking at the entire picture when buying a car. You might have a burning desire to buy that brand new Audi or BMW. We advise getting an insurance quote first. Car insurance rates on higher-end vehicles can be pricey and be an unexpected budget killer. Make sure that you choose a car that will fit in your budget even after it’s insured. Contact us for more details on unexpected expenses with car ownership.
Extra: First Time Car Buyer Auto Loan Tips
If you have not had an installment loan of any kind, or do not have a credit score, Tristate Auto Champs can still help you get the auto loan you need – so you can get the new car you want!
Typical First Time Buyer Auto Loan offers:
- Maximum loan amount of $35,000 for those applicants with no prior credit score;
- Maximum loan amount of $25,000 for applicants with a credit score but no prior history of an installment loan (student loans excluded).
- Up to 80% of MSRP on new cars or pre-owned vehicles (two to seven model years old).
- Maximum term of 72 months.
When applying, make sure you can provide:
- Two references with full names, phone numbers and addresses.
- Proof of income (pay stubs and W2s)
- Proof of employment for a minimum of at least 1 year.