Before getting your own car, it pays to do some homework. Think about what you need, what the car will be used for, and your budget. Look in books and online and think about repair costs, safety tests, mileage etc.
All this research can save you some serious money and help you avoid being ripped off.
Once youve chosen the car you want, you have to decide how you are going to pay for it. You can pay the whole amount upfront or you can finance the purchase over time. If you do use financing, you should be aware that this increases the total cost of the car as you must pay for the car plus the credit.
Once you have decided on how much you can put down, you can look at the annual percentage rate (APR) of the loan and the length of the loan and see how much your monthly payments will be.
Generally speaking, the shorter the term of the loan, the higher the APR. If you are in your teens, cosigning with your parents will help you to get a better rate. You may also want to think about paying in cash for a less expensive car.
Dealer or Private Sale?
This is an important decision to make. If you buy from a dealer you will generally...
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