If you’re thinking about getting a car, then chances are you want to make sure that you make the best decision possible. Whether it’s your first time buying a car or you’re planning on trading your old one in, there are plenty of mistakes that can be made if you don’t play your cards right.
As many as one out of three buyers make a mistake that they could have avoided during the car buying process. Don’t worry, however. We’re here to help make sure you are covered! Here are some of the best tips to help you through the process.
Walking into a used car lot without being pre-approved for a loan is one of the worst mistakes you can make. Rather than applying for a loan in the car lot, you should apply with a different lender. Knowing exactly what you can afford before a salesperson in the dealership has the chance to make you fall in love with what they’re selling is smart.
Preapproval will also make sure that you identify any ways you can improve your finances. A lot of people don’t realize they have things in collections that are affecting their credit score. The better of a credit score you have, the more favorable of a loan you will qualify for.
Whether you’re buying from a dealership or a private owner, it’s important to be wary of who you’re buying from. Don’t go into a dealership and show all your cards at once. Remember, this is similar to a game of poker. You want to keep your cards to yourself as much as possible. The same goes for a private buyer since; ultimately, everyone’s trying to get the best possible deal. Make sure that you do your homework before going to check cars out.
That way, you won’t fall into the trap of believing their price is the only option. There are many pricing guides available online that can help you get a ballpark of what you should be paying.
If you’ve ever purchased a car before at a dealership, then you know how they try to sell you add ons. From insurance to special warranties, the dealerships want to sell you these extra add-ons because they make considerable money off of them. Usually, it’s way too overpriced and not worth paying extra for. Remember, you can always buy the extended factory warranty later.
Always Go For a Test Drive
Never assume that you know how a car is going to drive. It’s important that you feel the way it drives firsthand to ensure that you like what you’re buying. A lot of people aren’t so sure they want a certain type of car that they failed to consider that they might not actually love it so much once they get behind the wheel.