Looking to Buy a Car? The Three Best Tips to Be Prepared
Whether it’s your dream car or trading in your current vehicle, there are several items you should take into consideration before jumping in. We have rounded out the top three below:
- Do your research – Once you have decided on the type of car you would like to purchase, go to website such as Edmunds or Kelley Blue Book to research prices, consumer review, and ratings.
- Determine the true cost of ownership – After narrowing down the vehicles in your price range, it’s a good idea to calculate the other costs outside of the monthly payments. Use the same websites for information on general repair and maintenance costs in your area. You should also look into annual car registration fees, get an updated insurance quote, and calculate your approximate gas costs.
- Get prequalified for an auto loan – This does not guarantee loan approval, but will provide you with a good idea of how much you can borrow, interest rates, available lenders, and monthly payment.
Even with all this research, you should take a look at your overall budget to ensure that this does not impact other goals on your list. At My Financial Coach, we offer several different options to get you on track. From the do-it-yourself individual to someone who wants a little more assistance, we can help! To learn more, check out our options or email us at customerservice@myfinancialcoach.com.
