Buying a First Car
Buying a first car is quite a big deal after all having the ability to get up and drive anywhere you want to is the type of freedom we all love. But buying a first car is also something to take your time with because buying a car is a big investment even if it’s a low cost starter car. Just keep in mind even if you pay a thousand dollars for a car you’ll still have to deal with the maintenance and upkeep.
First off all your best bet for a first car or truck is to buy it out right meaning save up the money and purchase a low cost automobile and save yourself the hassle of monthly payments which is something especially for students and other young people to keep up with. If you’re going to go this route and buy outright also keep in mind the type of car you’re thinking about getting.
A used Mercedes for three thousand dollars seems like a great deal until you find out a new brake job will run you a thousand dollars or more. You’ll want to pick something known for it’s reliability and gas mileage. Typically cars with less bells and whistles when it comes to options are usually much more reliable maintenance wise and turn out to be a smarter choice for first time buyers.
Take Your Time When Buying a First Car
Now if your looking into buying a first car and you can’t deal with waiting to save up or simply want a newer car to start with then you’ll need to get into the world of auto finance. It may seem intimidating but it’s really not to bad with a little know how. First thing to keep in mind is that without a job or a source of income it’s going to extremely difficult to obtain any sort of financing that’s worthwhile without a co-signer. A cosigner is someone who basically vouches for your ability to pay by stating they will pay the bill if for some reason you don’t or can’t. Often times college students will have their parents do this for them but even parents are weary of such a move due to the negative effect in can have on their own credit.
The best thing is to pick up a part-time job or if you’re not a student then get yourself a full time job and after about six months or so you’ll have no problem obtaining a car loan regardless of whether you have any credit history or not. It basically boils down to this; a bank wants either a credit great credit or great job history. So pick which one you can obtain the fastest and jump on in and find that first car. Often times you won’t even need a down payment so just focus on getting the best price you can by referencing Kelley Blue Book or a similar automobile price guide.
On a final note for those college students out there who are getting ready to graduate, you should check out some of the great programs available for recent and soon-to-be graduating students. You’ll often find you can get into a new car without even getting your first paycheck and without a down payment as well. Happy Shopping!