If you’ve just graduated and landed your first job, buying a car may have been at the top of your to-get-list. As daunting as it may seem, it can also be simultaneously rewarding and exciting.
Here are some easy going tips to help you make your first experience fun and exciting:
Do your homework – Shop around and compare prizes. Decide on whether you can afford a new or used car.
Knowing the type of car can you afford will make it easier for you to make the decision at a later stage.
Plan our your finances – Find out about car loans offered by various banks. Compare and decide which best suit your needs and affordability. Don’t commit more than you can afford.
If possible, pay as much as you can up front for your down payment so that you’ll pay less interest.
Save up for your purchase – A good way to save is to put aside a sum of money each month for your intended car purchase. Set a target on how much you must save up by a targeted number of years. Stick to your plan and you’ll be a step nearer to realize your dream of driving your dream car.
If you are getting a second-hand car, stick to these basic rules:
Shop around – Survey at least 5 car dealers and compare prizes. Don’t take up the first offer that you get.
Bring in professional help – If you have decided on the type of car you would like to buy, get a family mechanic to go with you during your second visit so he can check the condition of the car and ensure that it’s in good condition. This will help you in your decision making.
Finances available – Find out from the dealer what are the financial assistance offered. Some dealers have special arrangements with a specific bank which offers lower interest rate.
