Are you shopping for a new car? If so, we couldn’t be more excited for you. Getting a new vehicle is a big improvement in your life.
This is partly because of how much we rely on our vehicles. They take us to work, to our kids’ sports events, to the store, out with friends, and more.
Therefore, when looking for a new car, it’s imperative that you find the right vehicle through the right seller. We want to help. Keep reading for a car-buying guide that will ensure you get the best vehicle for your needs.
1. Get Preapproved
Talking to your bank is the first thing you should do before buying a new car. You need to find out how much money you can get approved for on a new or used auto loan. If you don’t like the numbers your bank gives you, reach out to other lenders.
However, it might also be beneficial to spend some time boosting your credit score. Once you get preapproved, you’ll know the exact price range you should be shopping under for a new vehicle. You’ll also know what to expect in terms of monthly payments and interest rates.
Click here to learn more about your financing options.
2. Review Your Budget
Even after you get preapproved for a vehicle, the financial aspect of our car-buying guide isn’t over. It’s important to assess your finances to determine how your new car will fit into your monthly budget.
For example, when you purchase a vehicle, you’ll be paying more than just auto loan payments. You also need to account for:
- Down payment
- Car insurance
- Fuel Costs
- Registration fees
- Repairs and maintenance
Based on these figures, how much should you spend on your new vehicle?
3. Look at the Vehicle History Report
If you’re buying a used car, it’s imperative to get your hands on the vehicle history report. This document will tell you everything you need to know about the car’s past. This includes:
- Previous drivers and areas of registration
- Commercial use history (if applicable)
- Factory recalls
- Maintenance history
- Major repairs and damages
- And more
Never buy a vehicle if the seller can’t or won’t’ provide you with a vehicle history report. We also recommend taking the car to a trusted independent mechanic if possible. The dealer or seller should have no qualms about this if they aren’t trying to hide anything.
4. Take a Test Drive
Last on our car-buying guide, take the vehicle you’re interested in out for a test drive. This process is vital to your overall satisfaction.
During the test drive, assess the entire vehicle. This includes the mechanics, electrical components, driver features, entertainment features, luxury/comfort features, and more. If everything seems to be in working order, you should be good to go.
However, it’s also important to take the car on the highway or interstate. Some problems aren’t apparent unless the vehicle is traveling at higher speeds.
Did You Enjoy Our Car-Buying Guide?
We hope our car-buying guide helps you find the best vehicle for your needs and budget. Just remember to take things slow and do your homework. Don’t invest in a new car that’s going to be a financial burden or mechanical nightmare in the future.
For more financial tips and auto advice, stick around and browse through some of our other articles. Our blog was created to provide answers to all of life’s questions.