You may have purchased ten new cars in your life, or this may very well be your first, but here are a few tips to remember to help you through the process.
Know your Credit Score
Many people start the buying process without knowing their credit score. Your credit score is vital to determining your interest rate and approval on a loan. You are entitled to one free credit report each year and there are several websites available online to assist you with this information. Annual Credit Report is a site recommended by the federal government that will give you a free credit report (once a year) without any fees or payments.
Have an Idea of What Your Payment Can Be
This is an important factor for several reasons: First, it can help you figure your car payment into your budget. Second, it allows your salesperson to help you find a vehicle in your price range.. A great place to start is to determine your monthly income and divide it by five. Many websites have cost/payment calculators like the one HERE.
Be Sure to Have Your Trade in Information
If you are starting to shop be sure to bring the vehicle you are wishing to trade in, or the VIN # which is located in most vehicles either on the front dash on the driver’s side, the inside of the driver’s door, or on the driver’s door itself. Also be sure to have your vehicle’s mileage as well, and any information regarding damage, added equipment, or recently replaced parts. If you still owe payments on your trade in be sure to have that information with you as well.
Make Sure You Have Your Insurance Information
Many states require proof of insurance and a dealer will not let you drive off the lot without it. If you are financing your first vehicle, remember that a vehicle you are making payments on has to have full coverage. If you are concerned about the price of insurance, be sure to contact your insurance company before purchasing to see how your insurance payments may be effected.
Know the Difference Between Price and Payment
You can get a great price on a vehicle, but there are several other factors to determine your payments. Two key factors involve the loan on your car. The interest rate will be a major factor in determining your payments, as well as how long you want to pay the loan. Be sure to look into special deals and incentives like “0% financing” to decrease the overall amount you pay or longer pay periods to decrease your payments.
Know Your Warranty Information and Consider Purchasing an Extended Warranty
Ford offers a 36k mile 3 year Bumper-to-Bumper and a 60k 5 year mile power train warranty. For many people this will not cover their repayment period, so be sure to consider an extended warranty to protect your new vehicle.
Ask About Leasing
For many people leasing is a viable option to receive lower payments, but also drive home in the vehicle they are looking for. Be sure to ask your salesperson about leasing options.
Whether you are a first time or repeat buyer, be sure to remember these tips and you will be one step closer to not only getting a great deal that fits your budget, but also the car of your dreams!
Court Street Ford, located at 558 William Latham Drive, is a multi-year president’s award winning dealership. We have been serving the Kankakee, Bradley, Bourbonnais area for 30 years and counting! We are committed to exceptional customer service. Stop by or give us a call at (815) 939-9600, our knowledgeable sales team and service department will be happy to help and are dedicated to providing the best experience for every customer.
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