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Tips for First-Time Car Buyers

Getting your first car is a major milestone, and you should be proud that you’ve made it to this point in your life. However, getting a new car can also be a daunting task. That’s why we’ve put together a list of tips for first-time car buyers, including essential pointers that you should keep in mind before you purchase a new car.

Budget


There are two factors to considering when budgeting for a new car. First, what’s your down payment? A down payment is cash that you pay up front for your car—usually 10 to 20 percent of the sticker price. The larger the down payment, the lower monthly costs will be. Second, what’s your monthly payment? You shouldn’t spend over 35 percent of your monthly income on a car. However, this figure might change depending on any existing debt.

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Research


The higher the debt you owe backandnumber of loans you have, the lower your credit score will be. Banks see higher balances as an increase in risk of getting paid back, and therefore, they decrease the amount of credit they are willing to provide and increase interest rates.

Test Drive


Now that you have a few cars in mind, take them for a spin. This is essential—some things just don’t appear on paper, including comfort, blind spots, and accessibility. If possible, test drive all of the cars you are considering the same day so you have a more objective comparison.
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After you budget, research, and test drive, the only thing left to do is buy a car. Chip Wynn Motors is the perfect place to get a car because we have a massive selection and helpful staff. There are no pushy sales tactics or high-pressure situations. Just tell us what you want, and we’ll make it happen. Call or stop by today.

Source: https://www.moneytalksnews.com/beginners-guide-buying-your-first-car/

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