Financial Tips for Your First Car Purchase

Money is probably your biggest worry about a car purchase. We of course congratulate you on wanting to purchase your first car, and we would like to help you through that process! This local car dealer in Exeter, NH gave us some tips to pass on about how finances tie into cars! This shouldn’t take more than a few minutes to read. We hope that you enjoy learning about this interesting topic!

 

Consider your budget

You need to figure out how much money you can put towards the vehicle vs. your other expenses like rent, childcare, medical costs, etc. Keep in mind that that there is the vehicle’s base price, then you need to factor in periodic maintenance, car insurance, fuel, and toll booth and parking fees. You need to consider these monthly expenses, particularly if you are interested in taking out a loan for the vehicle.

 

Determine your needs

You maybe want to have a DVD player in your car. Perhaps you want Bluetooth capability. Maybe even wireless internet. However, think about which of those things you need in the vehicle. Will the DVD player keep younger passengers happy during the long drives? Will Bluetooth be helpful? Do you want to have access to email and social media on your travels? The choice is up to you, and the extra cost of these features lies in your hands.

 

Figure out the right purchase price

Once you have established what you may be able to afford, and have pinpointed a vehicle that you would like to purchase, then you need to get yourself at a purchase price. One place to do this is on the Kelley Blue Book Fair Purchase Price tool. This will give you a good idea of what drivers have paid in your area for your car of interest.

 

Get Financing

As time has gone by in the car-buying world, many resources have made themselves available for car buyer financing. These resources include banks, credit unions and vehicle insurance providers. Alternatively, you can set up financing at the dealership. It’s a good idea to make sure that you have decent credit, because your credit history does impact the interest rate you will get on the loan. It may be in your best interest to pay your bills on time if you are not doing so already.

 

Conclusions

As we have indicated, there are plenty of financial matters to address when looking to buy your first car. We realize that money is super important, and that you work hard for it. Thus, we care about how you budget and having it be useful towards your very own first car! Although getting your first car is something to certainly look forward to, everyone wants you to be happy with your purchase and feel that it was money well-spent. We hope that you enjoyed this article, and that you return to it as you are getting ready to get your first car on the road!

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