|By: Court Tuttle|
You need to pay for insurance on the car. You need to have an established credit history. You need to know how to pay the car buying game as well.
What do I Need to do First to Get my New Car
First of all you need to check your credit. Go on to any free credit check site on the internet and see if there is any mistakes on you credit report you can fix them long before the loan officers can start messing up your dream. The worst thing you can do is let the people you want to get a loan from know more about your credit then you do
Then you need to setup some sort of credit history that will show you can make your payments. A store credit card is a good way to build your credit history. When you have the credit card go and use it for things that you would just use your debt card or cash for.
Then let it roll over for 3 months and then pay it off. Do not miss any payment on that card or you will be kissing that car loan goodbye! That will show you have a good payment history.
Then get a job. If you don't have a decent job that pays more then minimum wage they will want to know how you are going to pay for the loan payments. They will not give you any money if you don't have any way of repaying them.
What Could Get in My Way, After Getting a Credit History
The car salesman could get in the way of you getting that car. They could try to take you for all that your worth. You car new and don't know what is ok and what is not.
The car that you want could get in the way of getting it. If your car is too old the loan officers may not want to give you the loan. If it is a new sports car they may not want to give you the loan because the payments will be more expensive. If it is an off road vehicle then they may not want to because it doesn't take much for a teen to want to see what their car can do.
The insurance could stop you as well. If you are a teen your insurance will be high right away. If you happen to be a male under 25 then your insurance will be even higher.
This is because as a teenager you have the highest death rate in a vehicle then anyone else. So if you are between 16 and 25 then you are a road hazard according to them. So make sure you understand everything and have your bases covered before you jump into the real world of auto loans or you might get burned.