Buying your first car is an exciting time that can also be a little daunting. Whether it’s going to be a brand new car or a used car, it’s still a major purchase and one you will want to get right. Before going out and making a purchase, there are some things you’ll need to be mindful of.
This article will be offering tips to consider before buying a car.
Decide On a Budget for Your First Car
Before going out shopping at a car dealership or online, you’ll need to decide how much you’re willing to spend on your first car. Keep in mind that the price of the car isn’t necessarily going to include registration or insurance costs, so you’ll need to factor those costs in.
No matter how you plan to pay for the purchase, you’ll want to settle on a figure that you are comfortable paying and can afford to pay. With that in mind, that brings us to the next point.
How Are You Going To Pay for It?
If you’re buying a used car, you may have been able to save up enough money to make the purchase in cash. However, if it’s a brand new car, chances are, you’ll need finance to get you behind the wheel.
Most car dealerships offer finance in-house. While some of these offers are fine and can be very tempting, always be sure to fully understand the terms of the finance before agreeing to sign a contract.
It’s wise to shop around for deals on Car Loans and never allow yourself to be pressured into making a purchase. Take your time so you make the right choices. It’s a major purchase and you don’t want to drive away feeling like you’ve taken the wrong option.
Rather than simply considering the dealer’s finance option, see what other lenders are offering on car finance. Consider taking out a Car Loan with a private lender like Cashify, as you’ll receive a very competitive deal with a rapid turnaround time from application to approval.
Decide What Type of Car You Want
This isn’t just about the make and model or what colour you want it to be. You need to consider what you’ll be using your car for, whether you’ll be regularly carrying numerous passengers and so on. The size of the car is important. Some people want a small, economical car that’s suited to busy city traffic. Others might want a bigger car that can carry more stuff, such as surfboards or camping gear.
Take your time to really think about the type and size of car you want and need. This will ensure you make the right purchase and don’t have any regrets later on.
Write up a checklist for buying your first car. Include things like the type of car, your budget, accessories the car needs to have, things to be careful of when dealing with salespeople, what to look for in a used car (if not buying new) and so on.
Take Someone Experienced With You When You Go Car Shopping
If it’s your very first car, it’s likely that you have little to no experience when it comes to the car sales game. Therefore, you should always have an experienced person with you. Someone who has been there and done it all before is far less likely to get hustled into a deal and will also know exactly what to look for regarding the car, the salesperson and any finance deals that are on offer.
If you go out car hunting with an experienced individual, you’ll naturally feel a lot more comfortable and confident about things.
Buy At The End Of a Month
If the plan is to buy a car from a dealership, try and time your purchase for the end of the month. Many dealers have sales quotas to try and fill on a monthly basis, so if they are short on their quota as the month draws to a close, there’s a chance you could get a better deal with a nice juicy discount or some extras thrown in.
Buy Your First Car With a Loan from Cashify Loans
The team at Cashify has been proudly helping everyday Aussies get behind the wheel of their very first car with our competitive Car Loans. We offer fast approvals and can tailor a car loan to suit you. If you’re in the market for your first car and you need finance to make the purchase, talk to us first. We’ll help you get on the road sooner rather than later.
Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.