Purchasing Your First New Car

Purchasing your first new car can be exciting and a little scary. If it’s your first major purchase, then there are some important keynotes to be aware of. Since this is a first car purchase for you personally, they are going to want to look at your credit score. If by some chance you’ve had a chance to build up credit through the use of credit cards and installment bills, then they will have a record to use. If not, you may have to consider using a cosigner for your finance loan. The best way to evaluate this beforehand is to pull a copy of your own credit report. You can do this one time a year for free online.

After you have reviewed your credit report, and made sure there are no errors showing, then you can look into financing. As you shop around, make sure you have all your pertinent financial information in hand to make the process even faster. There are some places both online and with local agents that will offer you an answer within an hour. If you really want to speed up the process, call the car lot you are planning to visit first. Give them your information over the phone and let them see how much you’re approved for before you spend the time to drive down there.

Your next decision will be the type of car you choose. While everyone has a certain style they like, other factors must be taken into consideration. These are things like DMV registration, annual auto insurance costs, fuel costs and mileage capabilities. All of these add up to be expensive at times with sports cars and other like models. However, sedans and family cars tend to be slightly lower on these costs. The mileage that a car offers on a single tank of gas is something you will want to look at as well. The less you have to fill up, the more money stays in your pocket.

When you talk to your salesperson about the purchase, they will offer you extended warranties for maintenance and repairs. Check these over carefully to make sure the investment is going to return its value over time. If they only cover the basics, you should already have this coverage for a certain amount of time with your original purchase. Look for things like regular maintenance coverage, along with seals and filters—these will save you real money as those scheduled maintenance miles come up.

Definitely look at cars that are offering rebates after purchase. Deals like this come up every so often where they will give you a $2,000 or $3,000 rebate on your new vehicle, saving you money right from the start. Look at the vehicle to see if it fits your needs, and then see how much the rebate brings the price down. Research like this keeps real dollars in your pocket, at a time when you can overspend easily on after-market accessories, etc.

As you begin to look at purchasing your first new car, it might also be easier to use a checklist of information. Being informed is a must when you step onto a car lot, and you have to watch out for your own interests. Don’t take what people tell you at face value; look it up and use the resources at your fingertips to verify its validity. It’s their job to make a sale, and it’s your job to make sure you get the right deal for you and your finances.

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