Before you begin the car buying process, it’s important to understand what exactly you’re looking for. Asking yourself practical questions during your car search will help guide your decision making.
Here are several to help you get started:
What’s my car budget?
Knowing your budget is key to your car buying process. Reviewing your net income (monthly income minus expenses), calculating how much cash you have available for a down payment, and understanding expenses related to owning a vehicle (gas, insurance, registration, etc.) are a few ways you can start budgeting for your future vehicle.
Is now the right time to buy a car?
Since there are many factors that go into buying a car — including price, budget, credit history, and availability of certain makes and models — determining if now is the right time to purchase a vehicle is a good first step before you begin your car buying journey.
Should I lease or buy car?
Deciding whether leasing or buying a car is the best option for you is also something to consider during your car search. Once you’ve determined your budget, you should have a better idea of what makes the most financial sense. While buying a car via financing may typically involve making higher monthly car payments, you’re paying to own it. On the other hand, after making payments on a lease, you typically return the vehicle to the dealership.
Should I buy a new or used car?
If you’ve decided to purchase your next vehicle, the next question you may ask yourself is whether you plan on buying a new or used car. While there are advantages to both, it all boils down to which is the most feasible option for you.
What model/vehicle type will best suit my needs?
Another important part of your car search is determining which type of car best suits your practical needs. This all depends on your lifestyle and preferences.
If you’re beginning your car buying journey and need help getting approved for financing to buy a car, a dealer enrolled in the Credit Acceptance program can help! Credit Acceptance is an indirect auto finance company that works with more than 12,000 car dealers across the nation to help car buyers get approved for financing. Once you fill out the form on our website, we will connect you with three enrolled dealers in your local area that can help you start your credit approval to buy a car.
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