Your First Car: 5 Things You Must Consider Before Making the Purchase

Car salesman handing over keys to buyerOne of the decisions you have to make as a responsible adult is to buy your own car. Just the thought of it can be exciting enough to get you looking at different makes and models already.

You could start looking for ways to finance it, such as saving up or scouting for credit union loans in Fort Worth If you don’t trust your driving skills yet, you could take a few lessons first. But among all the things you have to consider before buying a car, below should be your top 5.

5. Your Priorities

Is this the best time for you to buy a car? If so, would the type of car you had in mind be appropriate for what you intend to use it for? Knowing your priorities is important when buying a car. You have to make sure you’re buying the right one that’ll meet your needs.

4. Your Budget

This might sound like a no-brainer, but your finances must be in good shape before you decide to make a big purchase such as this. It’s not only about having the money to make a down payment. You also have to think long-term and consider car maintenance costs, insurance, emergency funds, and loan payments.

3. Your Credit Score

The interest rates of your car loan will depend on how good your credit score is. So, if you’re in the process of preparing your finances for your first car, keep your finances intact. Don’t miss any payments and don’t make any late payments on any of your current loans or bills.

2. The Car

Once you’ve straightened out your finances, then you can go and do your research on the different types of cars you have in mind. Speed, handling, and fuel capacity are just some of the things you’ll need to find out. Luckily, you know have the internet for all that, or you can go out and just check out a dealer.

1. Test Drives

Buying a car without test-driving it is a bad idea. So, be prepared to do a few test drives once you’ve shortlisted your choices. Besides, it’s fun to sit behind the wheel of a few prospect vehicles and feel out if the car fits you like a glove.

A car is a big purchase decision to make. Don’t let your emotions make that decision for you. Being prepared will arm you in case the whole car-buying process becomes too overwhelming that it affects your decision-making powers already.

Make a list. Ask friends for advice. Do everything you can to learn about the process and soon you’ll be cruising downtown with your pride of a car.

Posted on by Mike Cage in Money Talks

About Mike Cage

Mike is a business economic graduate from an established economics school in New York. He moonlights as a writer for a finance and entrepreneurial magazine.

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