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How to buy a car. 4
Simple tips.Deciding how to buy a car can be overwhelming. Hi
there. This is the Internet Director,
at Brien Ford in
Everett, Washington.
You may be wondering...
I promise the
information will help teach you how to buy a car, without so much
confusion! Don't get taken advantage of by dealerships
scams that prey on first time buyers who don't know how to buy a car.
**NOTE: If you want to get familiar with the " new
car lingo" click here to view
some car buying terms before you read the rest of the article.
Step 1. Determine your
budget
Paying Cash?
If you plan to
pay cash for your car, this process is fairly simple.
How much
money do you have to spend on your new car?
A common mistake
it overlooking the expense of tax and license fees. License
fees very from state to state, but just for example I'll use $100 as the
figure. The tax rate in Washington varies for automobile purchases, but in
Snohomish County it's currently 8.6%.
Using this information, if
you know you have $10,000 saved for your car purchase, you would want to
look at a purchase price of about $9,000. This gives you room for
the extra cost of tax and license (which would equal $960 using our
Snohomish county tax rate and the $100 license fee.).
Need to get a loan?
If you will be financing your purchase, there are many things
to consider and prepare for before even visiting dealerships.
No matter what type of vehicle you decide to buy, you
will probably need cash down. Be prepared! 15% -20% of the purchase price
is the minimum you should have available. (For a $10,000 vehicle you
should have at least $1,500 to $2,000 available).
If you don't
have the cash, start saving or borrow from a friend or family member.
Having a down payment will keep your payment lower and help you get
approved!
Know your credit score! Ordering a free online credit
report is a great way to learn what your credit report includes.
If you have no credit at all (good or bad) then you should
consider an affordable NEW car or truck. Most car manufacturers include
rebates and first time buyer programs that will make financing a purchase
easier for you. New cars almost always qualify for a lower interest rate; this will
keep your payment lower.
If you have a little credit (no bad
credit, slow/late payments or collections), you may be able to purchase a
pre-owned car. Most manufacturers have a "Certified Pre-Owned" program
that will allow you to buy an "almost new" car with a warranty.
For
example, Ford offers certified
vehicles with a 6 year/75,000 mile warranty, road side assistance, and
lower interest rates.
If brand new or certified seem too
expensive, then you should think about used cars or trucks.But remember,
cheaper isn't always better when you are financing. Less expensive usually
means older with higher miles. To the lender, these cars are not as
valuable. This makes it more difficult to get approved as a first time
buyer. When buying used; stay 5 years or newer with less than 75,000 miles
to improve your chances of getting finance approval.
A few more car loan considerations.
Most banks will not allow you to have a payment higher than
15%-20% of your gross (before tax) income. Most lenders want to see at
least $1,250 a month of gross income and 6 months or more on the job.
Lenders to not want to see a lot of credit "inquires" on your
credit report. Don't let every dealership check your credit! It's
better to avoid filling out credit applications until you chose the car
you want to buy or have decided on the dealership where you will make your
purchase. THEN fill out one credit
application rather than several at numerous dealerships that bring
down your credit score.
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� 2004 Brien
Ford 5200 Evergreen Way, Everett,
Washington
Call our sales
team team today! (888) 224-
7224
Stop haggling. Start
Driving.TM
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