What You Need to Know About Financing Your First Car
Buying your first car is exciting! We love to see the excitement in first time buyers’ faces as they explore our lot and pick the perfect car for them. Some of those new to the car buying experience are nervous about the unknown of the financing process. It’s true that the financing process can be nerve wracking even for those experienced with purchasing vehicles. Here are some things to consider as a first time car buyer.
Your Credit Score
Before applying for credit or heading to a dealership, check your credit score. While credit bureaus usually have things correct, you’ll want to find any inaccuracies and get them taken care of before you apply for an auto loan. Plus, knowing your credit score will help you prepare for what kind of rate you’ll get on a car loan so you can understand how much you can actually finance.
Your Monthly Payment
Before you begin looking at inventory, know what monthly payment you can afford. Buying a car outside of your budget will not be good for you or your credit in the long run. Spend some time playing with numbers on our payment calculator to see what you can comfortably afford or call our financial team with questions.
The length of car loans is usually five to seven years. Make sure that the vehicle you’re financing will meet your needs for the majority of that term to avoid having to trade in your vehicle while you still owe too much money on it. Consider how your family might grow, how your commute might change, etc. before committing to a vehicle.
If you’re ready to start the financing process, apply for credit online or stop by our dealership in St. Petersburg. We’ve helped many first time car buyers get the loan that’s right for them and we're prepared to help you.
At Tyrone Square Mazda, we provide a complimentary consultation with no obligation to buy from us where we will review your credit report with you. It's just part of how we strive to make your car buying experience as simple and transparent as possible. We can't wait to help you find your next vehicle. Call 727-344-3344 to find out more.