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Financiamiento de un Vehículo

Financing a Vehicle

Buying your first car is quite an adventure. It can be a time-consuming, frustrating process, so it's best to make a plan before you head out to the car lots. Here are a few tips on where to start.

What Can You Afford?
Before you begin shopping for a car, it's important to take a look at your budget and figure out how much you can afford to spend on a vehicle, without strapping yourself. Take into consideration the monthly payment and operating expenses, like gas and maintenance.

The Down Payment
You're also going to make a down payment of around 10 % of the total price of the vehicle. The larger your down payment, the smaller your monthly payment will be and the less you will pay in total for the car in the long run.

Keep Insurance Costs Low
Insurance costs are typically more expensive for drivers younger than 25. Fortunately, there are other ways to keep premiums low.

Be mindful of car insurance premiums when you're buying a car as certain models have steeper insurance costs than others. Generally, less expensive cars are cheaper to insure.

Look for safe-driver and good student discounts to save some cash. Discounts can range from 10-45%, depending on the carrier and its policy.

Do Your Homework
Start car shopping by doing research online. Third-party vehicle-information sites like Kelley Blue Book offer loads of information on new and used cars. Sites like CarMax, a pre-owned car firm, can offer great online pricing. No matter what, always make sure to test drive the vehicle before making a decision.

Resources:

  

Apps to save money on car related expenses:

  • Gas Buddy - find cheap gas prices near you.
  • AutoMD - get advice and price quotes on auto repairs.

Published 12-02-2013

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