Guidelines for Your First Car Purchase

While buying a new car can be an exciting experience, it can also be an experience filled with regret if it is not done so properly.

If this is your first time purchasing a car, you may be inclined to just sign the papers and live with the consequences. However, with these new car buying guidelines, you can become a proud car owner, free of regrets:

  • When you get approved for a car loan by the bank or credit union beforehand, you can best determine exactly how much you will be spending each month from the get go. Your credit history will determine the interest rate of your loan, so checking in advance can allow you time to boost your credit score if necessary. This way, you can receive an affordable interest rate.
  • Determine the amount you can afford as a down payment. The higher the amount, the lower your monthly payments may be.
  • Once you find the car of your dreams, determine which special features you like and which are simply unnecessary. You may want to be flexible during this phase so that you can better negotiate your desired price.
  • If you are looking at prices for a particular vehicle on the dealership’s internet department, you may want to request a price guarantee.
  • Be sure to keep in mind that you will be required to pay not only the cost of the car, but sales tax, registry fees, and a documentation fee during this single transaction.
  • Most importantly, do not make any instantaneous decisions. When it comes to car shopping, it is best to take your time and make sure that this is a purchase you will not regret.
  • Make sure that you inform your insurance agent if you have added any special equipment

Contact Mike Leonard Insurance Agency in North Texas. We’ll work to get you the right coverage from one of our carriers Kemper, MetLife, Travelers, The Hartford, Safeco Insurance, Progressive, and American Strategic Insurance so you can rest easy with excellent protection.