Ready To Buy Your First New Car? 4 Steps That Will Help Speed Up The Process
Posted on: 15 September 2016
If you're in the market for your first new car, don't just head down to the local dealership. Instead, take the time to make sure you're prepared to get the best deal possible on your new car. By doing some advance preparation, you'll save yourself – and your salesman – some time. Here are four steps you should take that will help increase your chances of driving away with the car of your dreams.
Know Your Credit Score
Before you start looking for a new car, you need to know what your credit score is. Those three numbers are going to mean the difference between buying a car, and buying a car that you really want. Take a moment to get online and check your credit score. If your credit has some blemishes that need to be taken care of – and you can afford to wait a few months to make a purchase – you should try to clear up those blemishes before you talk to a dealership. This will ensure that you're in the best place possible to negotiate a good deal.
Obtain a Pre-Approval
It can be tempting to just walk onto a dealership lot and choose a car. However, you might not be equipped with the tools to purchase the car that you want – and can afford. Before you head to the dealership, it's important that you apply for the financing first. Once you have your pre-approval, you'll know exactly how much car you can afford, which will allow you to choose a car that will fit into your budget. Be sure to take your pre-approval letter with you to the dealership. This will speed up the financing process once you choose a car.
Set Your Limits
Your pre-approval will tell you exactly how much your lender will be willing to finance for you. That doesn't mean you should choose a car that reaches that predetermined price limit. To make sure you get the best deal, choose a car that is priced slightly lower than the maximum value of your pre-approval. By choosing a lesser-priced model, you'll be able to reduce the price of your monthly payments.
Have Documentation Ready
Once you've chosen the car you plan to purchase, you'll need to sit down with the finance department. The finance process can take some time, especially if you're not prepared with the proper documentation. You can speed up the process by having your paperwork ready when you visit the dealership. Some of the paperwork you'll need will include the following:
- Proof of residency
- Proof of income
- Proof of insurance
Now you're ready to purchase your new car and are prepared for the process. Use the tips provided here to help your car-buying experience go smoothly. For more information on the car-buying process, contact a car dealership like Jack Burford Chevrolet.
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