The car buying process can be confusing and sometimes overwhelming. While you are waiting to buy a vehicle you can use this time to prepare yourself.
Here are 5 strategies we think will help:
Save a Down Payment
Most banks require a down payment of 15% – 20% of the selling price of the vehicle. A quick conversation with a Finance Specialist can determine what price point would work for your budget and therefore how much money you need to save.
Gather Necessary Documentation
In order to complete the financing for your new vehicle you will need to provide supporting documentation. Some of the documents that may be needed are:
· Past 4 weeks of pay stubs
· Official statement of additional monthly income
· Proof of a current and active bank account
Prepare Your Trade In Vehicle
Keep in mind the longer you wait to trade in your vehicle the lower the value goes. If you own the vehicle outright you will need to turn in the title at time of trade. If you have a payoff you will need a current 10 Day payoff amount at time of trade.
Bring your property taxes up to date
It happens. Sometimes people fall behind on their property taxes. While you are preparing for your purchase, check with your local town hall if you owe any taxes. That will expedite the process and you won’t have any surprises when you go to register your new vehicle.
Assess your needs and wants
Determine what you need in a new vehicle so you can separate that from wants. If you have a large family then space may be most important. If you commute to work gas efficiency may be most important. Vehicles are well equipped and it is easy to get distracted by the bells and whistles and forget what our priorities are. Your new vehicle should be safe and fun to drive. A sales associates can walk you through some of these features and explain the difference.
Good luck with your buying process. Star Auto is available to you as a resource so when you are ready you can make the most informed decision possible.