Our Beamsville auto loan team have noticed an upturn in young people looking to buy their first car. We regularly see and ebb and flow of younger buyers but there seem to be more now than usual.
That prompted us to think back to when we were buying our first car. The majority of us all thought we could have done with a lot more information on the car buying process. Which is what today’s post is all about.
Our Beamsville auto loan team take us back to their teens!
First car buyer checklist
We don’t have the luxury of time or space to take you through the whole car buying process step by step. Instead, we’ll provide a checklist we came up with to help you make sure everything is covered.
Set your budget
All of us agreed that setting a realistic budget for your first car is best done first. It sets expectations and helps prevent you falling in love with something you cannot afford, or overspending on something you don’t need.
Whether you’re using cash, a Beamsville auto loan or a mixture of the two, budget setting is essential.
Set your expectations
We would strongly recommend buying a good, cheap used car as your first. While you may want a brand new premium car, that’s not a good idea. No matter how good a driver you may think you are, you’re going to have incidents.
Hopefully minor ones but expect dings and scratches for your first couple of years.
Scratching or damaging a cheap used car hurts a lot less than doing it to a shiny new car. It hurts the bank balance less too!
Save a down payment
If you don’t have savings, put some money together for a down payment. We highly recommend using as much of a down payment as you can comfortably manage.
You have to balance waiting to get a car with the benefit of a down payment. Only you can assess when that might be but we would recommend as much of a down payment as you can manage.
Set up a needs and wants list
Another useful tool in managing expectations is a needs and wants list. Create a column for all those things you need from your car. Space for bikes or snowboards, four wheel drive, a spacious trunk for sports equipment, navigation to stop you getting lost or something else entirely.
Then set a wants list of all the things you would want in a car.
Be honest with both of these lists and use them in your search. Your ideal car should include the majority of your needs list and some of your wants if budget allows.
Research your options
Research your vehicles and your Beamsville auto loan options. Shop around, read reviews, check out dealerships, take test drives, watch videos on YouTube and do whatever you need so you’re fully in the picture about the car you want.
Do the same for Beamsville auto loans. Check your credit score and then check your options. Shop around, check out the various deals and see what you can borrow and at what rate.
Don’t forget to check with Dixie Auto Loans before you commit to a loan as we may be able to save you money!
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!