A Few Great Tips When Considering Your Next Vehicle Purchase
While some might call themselves professionals when it comes to buying a vehicle, trading something in once every month or two, others are brand new to the process, and the stories told by their grandparents of times long past have them terrified of the whole ordeal. When it comes to buying a vehicle, a lot has changed since the horror tales of old, there is a wealth of great information now available to anyone with a smartphone. From Payment Calculators, Side-by-Side vehicle comparisons and even the ability to apply for financing online, buying a vehicle these days is easier than ever, yet with so much information available, it’s difficult to know where to begin. Here is a basic rundown of what buying a car should look like from your friends at Shannon Motors, and a few of the steps involved in the process.
Decide on whether or not you need financing
Don’t feel bad if you don’t have the $35,000 cash required for that shiny new family hauler on the showroom of your local dealer. When searching for a lender it is important that you have a general idea of where your Credit Score sits, this will help determine the affordability of your new vehicle through the Interest Rate on your loan.
Not sure where to get started? Your local Financial Institution or Credit Union is sure to have a consumer auto loan department that you can inquire with. Another popular method, especially if you are new to Credit, or struggling with Credit, is to have the Finance Professionals at your local dealer use their wealth of knowledge, combined with their relationships with key individuals at some of the more aggressive Lenders to secure that approval.
When applying for financing, here are a few of the most commonly needed documents to bring along:
- Current Driver’s License
- Recent Proof of Income
- Dated Bill from Current Address
- Down Payment
- Documents for Trade such as Title or Registration (if applicable)
Try Not to Complicate Things
There are a lot of moving parts to the vehicle buying process, and there’s no reason to make things harder on yourself. Save yourself and your salesman some time, do some basic research on the type of vehicle you’re interested in prior to leaving the house to shop and then share it with your sales associate, there’s no reason to test-drive a bunch of different vehicles if they don’t meet your basic requirements.
Have an idea on the payment your comfortable paying each month to own your new vehicle, as well as the maximum down payment you can apply to help secure the loan initially. Combined with this information you and your sales professional can browse the inventory in search of the perfect vehicle to meet your needs.
Once You’ve Found The One
If you’ve test drove a vehicle or two and think you’ve found the perfect one, take a moment to think about your decision, here are a few good things to inquire on before signing any contracts.
- Ask to see a Vehicle History Report, such as Auto-check, these resources provide an often detailed report of the vehicles past ownership, location, and maintenance history or manufacturers recall history. Although not having a clean title doesn’t mean you’ve found a bad vehicle, a bad title will usually exclude it as an option when it comes to your lending institution.
- Check out the vehicles fuel economy at fueleconomy.gov, this handy tool offers a side-by-side comparison for all your options and will help when determining if you’ve got the budget necessary for affording your final choice.
- Remember, just because a vehicle might be lower priced, price alone does not necessarily make it easier to secure financing on. Many banks like to see vehicles that have a lot of life left in them, try and keep the year as new as possible, and the miles as low as possible.
Sign on the Line that is Dotted
If you’ve made it to this point you’re probably staring at a signature line on a purchase contract, and if you’ve taken the steps listed above such as knowing your general credit situation, knowing the type of vehicle your looking for, and have stayed within your preset budget and down-payment, you should not have to worry about any surprises or curve-balls between you and your shiny new vehicle.
Put your needs in the hands of the professionals at Shannon Motors, where our huge of selection of slightly used Car’s, Truck’s, and SUV’s combined with our expert finance department will have you driving down the road in the perfect vehicle in no time at all.
Easy approvals at: https://www.shannonmotors.com/