Tips on Buying a Vehicle

By: Eric Jones

Buying a new or used car for the first time can be an overwhelming experience. The following information will provide some helpful tips to guide you through the process.

Before you begin the search for your vehicle you need to create a budget. You will need to determine how much money you have to spend on your new car. The car loan is just one of the many costs that need to be considered in the overall cost of the vehicle. Included in your budget should be loan payments, state license fee, insurance, regular maintenance and gas. Keep in mind the minimum down payment should be no less than 20% of the purchase price.

Determine how the vehicle will be used. Will it be used to get you back and forth to school or work? Will it be required at work to perform your job? Do you plan on towing a trailer? Will you need room for several passengers? These questions will help you determine the type of vehicle you should focus on.

Buying a used car can save you thousands of dollars compared to buying new. Buying a used vehicle will also save you money on insurance. Many dealers offer "certified" vehicles that have been inspected and have passed the dealer quality program. These "certified" vehicles often have a warranty that offers the buyer some protection.

By now you should know your price range and the type of vehicle you are looking for. Spend some time researching and getting quotes. There are a number of resources available online or at your newsstand that will provide helpful information. Be sure to contact your insurance agent to get a quote so there are no surprises after it's too late. Here is a helpful article on car insurance. Shop around and be prepared to negotiate the price. Ask questions if you don't understand something. If you feel pressured by the seller, walk away. There are many more sellers looking for your business.

Auto Finance
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