First, Shop Around
Since it's a buyer's market right now, you can snatch up some great deals on pre-owned vehicles. You don't want to just buy the first thing that catches your eye, though. Before you even look, write down a list of what you need in a car. Next, list features you would like to have in your car-but wouldn't be a deal breaker without. Have that list with you any time you take a look at available cars. That list will keep you from letting your heart steer your head during the selection process.
Among those cars that meet your criteria, compare options and prices on both used and new cars as you pare down the selections. Don't worry about the perfect car getting away from you. Take your time. There will always be another one just like it.
Second, Don't Succumb to Sales Pressure
Slick-talking car sales personnel can sometimes entice even the most seasoned auto buyer into making a bad decision. Don't buy the hype. Stick to your list and hold out for a car that will meet your needs-not the sales person's need for designer shoes. No matter how good the deal looks at the car dealer's, go home and think about it with no sales people in sight. Weigh the pros and cons of each of your selection-on paper if necessary to organize your thought process.
Before You Make an Offer, Check Your Credit Score
You may not be aware of it, but your credit score impacts a lot more than how much interest you will pay on your car loan. It can also impact what your car insurance premium will be. Since monthly payments and insurance payments are a big part of how much you can afford, check your credit score to estimate what your monthly cost will be for those budget items. If your credit score isn't what you want it to be, wait a while and pay off some of your debt. Make sure that you have plenty of available credit and that you haven't forgotten any old debts. Doing so will put you in the driver's seat when driving a bargain with your auto dealer.
Finally, Call Your Credit Union or Banker
If you stop by your credit union or bank before you head to the auto superstores, you can get some helpful information that will guide you in making your decision. Your loan officer can double-check your credit score, and then tell you how much of a loan you can safely afford. She or he can also tell you the approximate interest rate you'll be charged for the loan.
Your loan officer can assist you to obtain the funds you need to borrow to purchase your first car. Many seasoned loan officers know which auto dealerships offer the best deals and those whose unscrupulous business practices have left buyers in the cold. Before you shop around, consider visiting your local credit union or bank for some good advice on buying your first car.
Community First Credit Union offers the best interest rates in Jacksonville with smart checking account options and excellent loan opportunities. Personal Banking in Jacksonville has never been easier, visit Community First Credit Union online for more information.
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