7 things you should bear in mind when buying a car!

So you have decided that you have had enough of public transportation and you want to buy a car. What should be your next steps? Well it is important that you examine your circumstances carefully and make a determination if this is a need or a want.

If you really want  to purchase a car, here are seven things to bear in mind.

Have a budget

It is important to know how much you willing to spend either on a monthly basis to pay back a loan or purchasing the car with cash.

Do your homework

Research which types of cars have good gas mileage and which are easier to find parts for when it’s time for them to be replaced.

Take a loan

Unless you have a great source of income or recently sold another car, chances are you are going to need to take out a loan in order to purchase a new car.

Should you take out a car loan or a personal unsecured loan?

Well car loans are usually unsecured loans offered over relatively short-term periods.  There are some great reasons to use a personal loan to buy a car: if you’re buying a car from a private seller, a personal loan can hasten the process and it can also allow you to purchase a less expensive vehicle.

Decide if you want a used or new car

New cars can be awesome but the price tag they carry is not quite as awesome. This all comes down to how much you are willing to spend and remember to factor in other costs such as maintenance.

Check out your insurance options

Different cars will carry different car insurance premiums. Make a call to your insurance company prior to the sale to discuss potential rate changes so you’re not surprised by a higher premium after the fact.

Buy from a trusted source

Do not be swayed by low prices and bad spray jobs, examine carefully any car that you want to purchase. If you  are not mechanically inclined then bring along a friend or mechanic to assist you.

Get pre-approved for a loan

If you are thinking about getting a loan, get pre-approved so that the process goes a lot faster when you identify the car that you want to buy. If you wait to get approved days or weeks could go by and your dream car could be sold to someone else.

So what’s your take? What do you do before you buy a car? Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer

Tags: cars, credit, Insurance, loans