You’ve found your dream car and you can see yourself behind the wheel. You’re almost ready to make the purchase. Here are a few steps to make the car buying process easier:
- Consider your budget
How much are you comfortable paying each month? Can you afford a down payment? These are important questions to answer before buying a car. And as you’re working on your budget, don’t forget maintenance, insurance, gas and repair costs—all part of owning a car. You may be required to put down a certain percentage in order to secure financing, and that paying more up front means you’ll pay less interest in the long run. Using our online calculator can help you estimate how much you can afford.
- Review your credit report
Your credit history is one of the most important factors that lenders consider. The better your credit score, the better interest rate you’re likely to get. Before you move ahead with the car buying process, review your credit report to make sure the information in it is correct so you can get the best possible loan rate.
- Get approved in advance
The process of buying a car can go more smoothly if you research your financing options before arriving at the dealership. Knowing your approved interest rate can be useful as you negotiate your deal. Our experienced lenders are here to help you buy with confidence.
- Know the value of your trade-in
If your current car is clean and in working order, it may have value that you can put toward the purchase of a new vehicle. Resources like Kelley Blue Book can help you determine your current vehicle’s worth before you start your negotiations.
- Shop around
Knowledge is power when it comes to negotiating a deal, so consult a variety of websites and visit multiple dealers to learn what you should expect to pay for the car you want.
- Choose the right loan
The terms of your loan—the interest rate and how long you take to pay off the loan—have an effect on what you’ll ultimately pay for the car. Make sure that the terms of your car loan comfortably fit your specific budget.
- Close with confidence
You’ll enjoy taking your new wheels on the road when you know you’ve done your homework about the car buying process and chosen both your car and your deal wisely.
Have fun driving your new car!