Buying your first vehicle is a huge milestone in your life, so you want to ensure that the entire process goes smoothly. At KO Auto Finance, we are committed to making sure we guide customers from beginning to end so that their car buying experience is hassle-free! Here are our top tips for first time buyers:

Establish a Realistic Budget

tips for first time vehicle buyers - establish a realistic budget

As a first time buyer, you may want to shop for a more budget friendly vehicle with financing payments that you can afford. Look at your typical cost of living such as rent, groceries, utilities, etc. Once those necessities are calculated, you’ll have a better idea as to what could be spent on a car payment, fuel, car insurance, and maintenance.

Consider Shopping Used

tips for first time vehicle buyers - consider shopping used

Most first-time buyers may want a more budget friendly vehicle with lower payment options. A quality pre-owned vehicle will offer great value! There are tons of benefits to purchasing a used car – insurance is typically cheaper, depreciation is less of an issue, payments tend to be lower, etc. As long as you do your research, finding a reliable used vehicle is easy! Just make sure you review the vehicle inspection documents, and ask about warranty options.

Review Your Credit Score

Review Your Credit Score is important for first time vehicle buyers (2)

It’s important to have an idea of what your credit looks like. When financing a vehicle, lenders will review your credit report to see if you are in a position to get approved and what your interest rate will be. If you have bad credit, or no credit history at all – it will make the process a little more difficult. However, it’s not impossible to get a loan with bad credit! KO Auto Finance specializes in helping all types of buyers get approved for an auto loan quickly and easily.

Do Your Research

Do Your Research - Tips for First Time Buyers

Before visiting a dealership, take a look at a few different options online and create a “wish list” of some of the features and models that you like best. This will help your Sales Consultant search for vehicles that are going to work best for you and your needs. Going to a dealership without any idea of what you want can make the process a little more time consuming and overwhelming.

Go For a Test Drive

Go For A Test Drive With Ko Auto Finance

Take at least half an hour taking a few vehicles for a test drive. Pay close attention to the following:

  • How comfortable are the seats and steering, can they be adjusted?
  • Test the headlights, radio, air conditioning, etc.
  • Check the dash, is the engine light on or anything else that may be an issue?
  • Check the tire pressure
  • Test the braking and acceleration
  • Take the vehicle on a variety of roads, gravel roads, highway, city streets, etc. Get a feel of how the vehicle drives on different routes.
  • Will the vehicle fit in your garage, is the garage door wide enough?
  • Ask questions! While driving, ask the Sales Consultants questions about the vehicle, they should also be giving you details about the vehicle before, during, and after the test drive.

Secure The Price & Financing

Once you’ve decided what you want, it’s time to negotiate the purchase price. Most dealers are fairly flexible when it comes to the advertised price, see if there is any wiggle room and go from there. Once you have agreed on the price, you can start looking at getting approved for financing. When you get approved you will be able to review your finance rates and terms, and monthly payments.

The Sales and Finance experts at KO Auto Finance are ready to help you find your first vehicle! We work closely with our customers to better understand your needs and your budget. Apply for financing today!