This is a sponsored post written by me on behalf of Nationwide Mutual Insurance Company. All opinions are 100% mine.
Nationwide provided me with information regarding its In The Nation blog post.
Buying a car is one of the biggest decisions in life that requires proper planning in order to be successful. But at times, purchasing your first car can become a stressful situation because you’re not able to make the accurate estimates and financing selections and hence, it turns out painful. Therefore, before purchasing a car, new car buyers should choose carefully and make decisions wisely.
In the Nation, which is the official blog of Nationwide, covers various Auto, Home & Life, and Finance related articles to help you with resources in every stage of life. Check out the In The Nation blog for more details.
(1) Do your research, find out about financing
Financing includes a number of stages like estimating the cost of the car and then calculating your monthly payments. When you evaluate the situation and everything seems reasonable, then you can apply for an auto loan.
Auto Payment Calculator
The Auto Payment Calculator generates the accurate value of the car and works as a seamless financing tool. It asks for your purchase price, which can be done monthly or one time. Then you can calculate the interest rate and estimate the down payment by selecting rebates, trade allowance and the amount owed on trade. This will generate a graph displaying the principal balances and the way this finance will affect your payment each month.
Auto Rebates and Financing Calculator
You can figure out your auto loan balance with rebate and how less interest lowers your monthly payment. This calculation depends on the value of the car and the financing rates will be available accordingly. The Auto Rebates & Financing Calculator lets you set your taxes and interests in terms of months, low-interest financing, traditional financing and manufacturer rebate. This will generate the down payment’s cash down, trade allowance and display the amount owed on trade.
Auto-Loan Application
Look at your options. Find out if you qualify to get pre-approved for your auto loan application.
(2) Find the right Car
Now that you are done with the loan estimates and calculations, it’s time to find the right car for you.
4 Lifestages to Consider Before Buying a Car
Before you choose to buy a car, there are 5 things that you need to ask yourself. Pay attention to which stage you are living in right now. If you are about to get married then you might want to consider getting a car big enough to carry your family. Now, if your kids are off to college then it’s OK to buy a sports car.
Calculate how many miles you drive in a year. If it is above 20,000 then better buy a car with great mileage. The distance determines whether the car is fuel-efficient or not.
When getting into the commitment of a car loan, make sure that your income can support the expense you are about to take on.
Lastly, focus on the safety features of the car. For e.g. smart cruise control prevents your car from getting too close with the vehicle in front of you.
New or Used, Buy or Lease
Now it’s time to ask yourself whether to buy a new car or a used one. Buying a used car won’t give you free servicing and you’ll need to afford its maintenance cost. Whereas if you buy a new car, most dealerships will give you free servicing for a year.
Buying and leasing also vary with the condition of the car where the upfront costs would be slightly higher in leasing and monthly payments would be higher in buying. Similarly, wear and tear, mileage and intangibles are costly when leasing.
New Car Safety Features and Auto Extras
Always look for the safety features in a car. These are a must when thinking of buying a car.
Safe Used Cars for First-Time Drivers
Always do a checklist for the safest cars. Because if you are buying it for your teenager,then it requires the biggest safety measures
(3) The Buying Guide
Car Inspection checklist
So the final task is to perform a checklist of the operations before buying the car. Questioning and estimating the right price and taking a test drive should be done to ensure you are picking the best option for you.
Best time to buy a car
Look for the best time to purchase the car. This may be during your anniversary or your kids’ birthday, or you can opt to buy in a particular month when the transaction rates are lower or during the holiday season when you can find many deals.
To learn more about first-time car buying visit In The Nation’s post: First-Time Car Buyer Guide: Tools and Resources.
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