What Should You Look For as a First Time Car Buyer?
Buying your first car is definitely an exciting and rewarding experience. Driving other people’s cars is fine, but it is definitely no replacement for owning your own. Besides when you own your own car, you have all the freedom that comes along with it. You can go where you want to go and do what you want to do when you feel like it. This intrinsic association between the car and freedom is at the core of why the love affair with the automobile has continued for decades unabated. As a first time car buyer, what should you be looking for in a car? That is the question we will answer in this article.
Whether you are buying your first car or your twenty-first car, you want to have reliable transportation. A car shouldn’t be a headache, and that means you should always put reliable transportation at the top of your list.
One thing that many first time car buyers don’t realize is that unlike a computer or a microwave oven, you can’t return your car. Therefore, if you regret a hasty buying decision, you just will be stuck with a car that you don’t like. It makes sense to thoroughly contemplate your decision before you buy and really consider factors like reliability.
Reliability and safety are, to a large extent, interrelated. A reliable car will generally be safe and vice-a-versa.
Factor Three-Know Your Wish List
While there is no doubt that reliability and safety should top your list, you also need to know a little about your dream car. What do you want your dream car to be like? It is fine if you don’t already know or can’t even decide once you’ve started looking. However, knowing what you want out of a dream car may help you avoid indecision, which can slow down the buying process and cause you a good deal of stress.
Factor Four-Should You Buy a Used Car or a New Car?
Deciding between a used car and a new car may ultimately come down to budget. However, even if you are on a tight budget, there may be a way for you to upgrade or get into the car that you wish to drive. It may all be a matter of what kind of financing you can work out. This is why you should ask your car dealership many questions regarding what financing options they have.
Factor Five- Plan Ahead for Financing
If you happen to be a high school or college student, you may have no credit history to date. Before you buy your car, you may need to establish credit. You can do this by applying for a credit card at a department store, and then paying that card off right away. While waiting to buy your car may be frustrating, if you plan to finance it, there is typically no other option.
Another consideration may be getting your parents to co-sign. By doing this, you can establish credit and get your car at the same time. However, if you default on payments, your parents will be extremely angry, as the car will be tied to their credit too. So proceed with caution if you choose this route.
At this point, many experts advise that you only take a loan that is 48 months or less. Further, it is a good idea to put about 20% down on your purchase. Through following these rules, you will avoid owning a car that worth less than what you owe!
Get Pre-Approved Now!
Ready to apply for financing? Fill out our application form here to get started: https://www.carloanscanada.com/credit-application/