Thank the heavens for Christmas bonus. For those who have been thinking about buying a car for the whole of last year, that extra money can sure come in handy in car financing. And with down payment requirements now at an all-time low, it’s easier than ever for the average Juan to drive home a car this New Year.
But before you head out to the dealership and hand the salesperson your hard-earned holiday cash, make sure to keep the following car buying tips for the New Year in mind.
- Check your credit. If you’re planning to use a car loan to finance your car purchase, you’ll need to check your credit rating with your lender. A low rating will mean you’ll have higher interest rates to pay. If this is the case, you may want to put off buying a car and work on improving your credit rating in the meantime. You’ll be in better financial standing if you do.
- Have a budget and stick to it. Before you go shopping for a car, you first need to identify your car buying budget. You can’t simply go out and buy the car you want, especially if it’s more than you can afford. If your salary only allows you to finance an entry level car, don’t go putting money on a luxury model. It will be wise to talk to your bank or lender to know the type of car that you can afford. Be realistic about the car that you can buy, and don’t stray from your budget. Your goal is to pay off your car loan as fast as you can.
- Don’t shy away from used vehicles. Cars are being built better than ever, and now have longer lifespans than their decades-old counterparts. Plus, many car brands and dealerships now offer certified pre-owned cars, which are basically used models with attached warranties as if they were brand new. These types of used cars allow you to save a ton on your car buying budget while giving you peace of mind in case the car breaks down.
Keeping your new car in tiptop shape for the long run
Your car’s engine is the most important part of your vehicle, and aside from periodic maintenance, the best way you can take care of it is use the high quality fuel for it. If you’re worried about fuel costs, worry no more, because Cleanfuel provides Quality Fuel for Less, helping keep more money in your pocket!