First Time Car Buyer Checklist
Buying and Selling Cars

The Brief and Only First Time Car Buyer Checklist You’ll Ever Need

Did you know that the average age for buying your first car is around 21 years old? If you are financially responsible or you have a family member to help you out, you may think about buying your first car so you can be more independent.

Have you ever wondered what you need to do in order to get vehicle ownership? Here are some things to consider as a first time car buyer, so you can be completely prepared when you find the car that you want.

Check Your Credit Score

If you want to get an auto loan, you will need to have a decent credit score. This is because banks need to trust who they’re lending to as a guarantee that you will pay back the loan.

An easy way to build credit is to get a starter credit card that has a low limit. A few months before you want to take out the auto loan, start paying off the balance in full and boosting your score.

You may still be able to get an auto loan with your credit score if it is lower, but you will pay higher interest rates. It may save you quite a bit of money in the long run if you wait a while to bring your credit score up for the lower interest rate.

Get an Insurance Policy

Before you buy your first car, you need to ensure that you have a good car insurance policy. For drivers under 25, insurance will be more expensive. Find out more about the cost of insurance in your state, because it can vary greatly.

You should also check with your loan officer about the types of car insurance you may need. Some loans have a stipulation that you have to get full coverage insurance until the loan gets paid off.

Make a Monthly Budget

When you get a car, you need to budget for much more than monthly payments. You should factor in the cost of gas and insurance as well. It may also be a good idea to set aside a sinking fund for vehicle emergencies.

Do Your Research on Cars

You may have a good idea of what type of car you want, but it is still important to research car ownership before you make a commitment. You can look at reviews online to see what features of the car people liked and hated.

You can also visit dealerships to test drive the type of car that you may want. If a car feels uncomfortable to drive, then you can check it off your list.

Feel Confident as a First Time Car Buyer

If you are a first time car buyer, you should not feel overwhelmed and scared during the process. With these car buying tips, you can navigate the process easier and get yourself into a vehicle in no time.

Want to learn more about any and all things related to cars? Check out our site for answers to your questions, and tips and tricks for car maintenance.