The thrill and rush of adrenaline that you experience when buying a car is simply breathtaking. It never gets old and will make you ask for more. This is what a “veteran” car buyer feels what more for first-time car buyers right? The joy and pride that you feel as you run the driveway with your own car is indescribable. It just opens up a lot of new experience for you.
In a sea of beautiful and tempting vehicles, what are the qualities that a first-time car buyer should look for? Here are some helpful tips for you to consider.
You don’t want to waste your savings in a car that doesn’t satisfy you. A car’s reliability is one of the most important factors a buyer should always remember. Unlike cellphones or laptops, you cannot return a vehicle once you’ve driven off the dealer’s lot. So take your time and never let excitement get the better of you. Additionally, it would be wise to look at a vehicle’s performance reviews online or ask your friends for opinions about the vehicle’s overall durability.
Is it Safe
Safety and reliability are often clumped together. Safety features like airbags and extra fog lamps should not be overlooked. Especially during harsh weather conditions, make sure that your chosen vehicle is equipped with features that can somehow ensure your safety.
Your Dream Car
Although not everyone can really get their dream car, sticking to the ones that resembles (even a little) your dream car will help you decide faster. Once you start looking, there will be a lot of tempting varieties to choose from and you might end up getting too worked up due to your indecisiveness. Additionally, this will save you time and lessen stress that you might feel.
Brand New or Used Car
Of course a brand new vehicle gives you the assurance of its performance, reliability and history but with it comes an expensive price tag. However if you are on a budget, you can also choose a used car with good mileage but this does not assure you that it won’t have any performance issues in the near-future. If you want to go for brand new vehicle but is held back by your budget, you can talk to your dealer and negotiate about other offers that is more affordable for you. If things don’t work out, then it is wise to just stick to your budget.
If you’re still new to the credit world, chances are you have not yet established a credit line. This presents more challenge for you to secure an auto loan. If you want a lender to finance your car purchase, you should establish your credit as soon as possible.
You can apply for a credit card and pay it off immediately just so you can start establishing a line of credit. Another alternative is you ask a relative or friend to cosign your loan. This will increase your odds of securing an approval and can even get you a better interest offer. Keep in mind to always be prompt in your payments. If you fail to make payments, the car’s monthly payments will be tied to your cosigner’s credit line.
Lastly, financial experts suggest that for a first-time buyer, the ideal term duration should not exceed 48 months. To add, it is also better if a down payment is made in order to lessen the amount of debt you are taking (20 percent is the recommended down payment). It will also lessen the impact of negative equity.