Buying a car is a major milestone that many first-time car buyers look forward to experiencing. While owning your first vehicle is something to be excited about, there’s a certain level of knowledge and responsibility that comes with buying a car.
As you embark on your journey as a first-time car buyer, here are several common mistakes made during the car buying process:
- Not doing your car research.
Buying a car isn’t always as simple as finding a car you like, going to the dealership and making a purchase. It’s a process. It’s important to do your research to ensure you’re making an investment that aligns with your needs and budget. Browsing dealership websites and reading online reviews on sites such as Kelley Blue Book or Consumer Reports can provide valuable insight into the features and benefits your potential car has to offer. The more you know beforehand, the more confident you’ll be when it’s time for you to make your first car purchase.
- Not knowing your car budget
To ensure you don’t spend beyond your means, it’s important to know what you can afford before visiting the car dealership. Evaluating your monthly expenses (i.e. mortgage or rent, utilities, student loans, cable and internet, etc.) can help you determine how much of your budget can be allocated towards a down payment and monthly car expenses, such as maintenance, car insurance, etc.
- Not shopping around for the right car dealership
Buying a car from the first car dealership you spot in the neighborhood may not be the best choice available to you. You want to be sure that the car dealerships you’re visiting offer vehicles and financing options that fit your needs and budget. Credit Acceptance has a nationwide network of more than 12,000 enrolled car dealers that can help you get approved for financing, regardless of your credit history.
- Not being open-minded about buying used vs. new cars
There are benefits that come with buying a used car, including lower cost. You can find plenty of quality used cars for a reasonable price. In fact, car dealerships enrolled in the Credit Acceptance program offer a variety of new and used vehicles and can approve first-time car buyers with no credit for auto financing.
- Not understanding auto financing terms
As a first-time car buyer, it’s important that you have a good understanding of car loan or financing terms. Be sure to review the fine print and don’t be afraid to ask questions before you sign on the dotted line.
If you’re a first-time car buyer with no credit history who’s looking to get approved for financing, a car dealership enrolled in the Credit Acceptance program can help. Simply fill out the form on our website to get connected with an enrolled car dealership and start your credit approval today!
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