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Last Updated February 25th, 2022 - Anthony Blitch

5 Minute Read

Tags:
  • saving,
  • retirement,
  • budgeting,
  • life changes,

Thinking About Buying a Car?

Buying a car can be overwhelming, so here are some things you can do to ensure your car buying experience is as stress free as possible.

No matter how many times you’ve done it, it is hard to not get excited when it comes to buying a new car! However, the process can be a bit overwhelming. So here are some things you can do to ensure your car buying experience is as stress free as possible:

Check your credit report.

Your credit score and your income will determine how much you qualify to borrow, and most importantly, at what interest rate. Checking your report ensures that there aren’t any errors or incorrect information, which could negatively affect your chance to secure an auto loan. A lower credit score could impact your ability to secure a loan or limit your options to loans with high interest rates.

Did you know? Everyone is entitled to a free copy of your report every 12 months from each of the major reporting bureaus (Equifax, Experian, and TansUnion). This can be done by visiting www.AnnualCreditReport.com

Determine how much you can afford.

When shopping for a car, you need to know how much you can comfortably afford. It is recommended that car buyers spend no more than 10% of their monthly take home pay on a car loan payment and no more than 20% for the total car expenses (gas, insurance, repairs, etc.).

Apply for an auto loan.

When shopping for a car loan, remember that what it costs you to borrow depends on three things:

  • The finance charge, expressed as an annual percentage rate (APR)
  • The term, or length of time the loan lasts
  • The principle, or amount you borrow
  • Sales tax and fees, which vary by state.
  • Find your car.

Now that you know your spending limit and have your loan, it is finally time for the fun part of picking out your new car! Many online automotive sites have car finder search tools to show you different models listed by price. No matter what your car financing needs are, The Claxton Bank has a team ready to get you started. Call or stop by today to turn car dreams into a reality.

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