|By Archana Sabesan on July 2, 2012
Most people, if not everyone, dream about owning their own car. Just imagine riding down the street on a sunny day with the windows down, music playing, wind blowing through your hair. But with this pleasure also comes pain. Well, not exactly pain but thinking about the financial aspect of buying a car may stress people out some.
Next to a home, buying a car is one of the biggest purchases an individual may make. You can have as many starry eyed dreams about what car you want to get, but when reality sets in showing you all these numbers and payments you'll have to deal with, you get knocked back down to earth. How are you going to pay for your car, and all the other expenses that come along with it? Are you guaranteed credit approval? Who will finance you? All these questions (and more) may be flying through your brain, while you are trying to make a plan for your first car purchase.
Before making a big purchase like this, you have to make sure you check your credit report and score beforehand. Lucky for you, there are a handful of websites that you can just type in on the computer and get your credit score. If there is something that you think the dealer will ask you, it will be about your credit history so be prepared to answer those questions. Lack of credit history is definitely the biggest barrier that can keep you from purchasing your first car. If your history is poor, it may be in your best interest to build your score back up by paying off those late fees and debts.
The negotiations with your car salesman do not end after you have figured out the price of your car-to-be. You then have to talk about the different financing rates and prices. However, by already knowing your credit score (and if it is a good number) then you may be able to haggle your way to a pretty decent loan rate. In the end, you will end up saving money and will be walking out with your very own car.