If you're like most Americans, you've decided to arrange financing in order to buy a car. There are lots of different lenders and financing options, but for the most part all used vehicle financing follows the same basic rules:
1. The Interest Rates are Higher on Used Vehicles
Loans on used vehicles have higher interest rates... Read more
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Getting your license and your first car is a major life change for you. It opens a whole new world because now you can drive and have the freedom to go back and forth as you please. When I was getting my first car I didn't really care what it looked like I was just happy to have a car. And with that in mind, I would like to point out some things you should consider when buying your first car.
First of all, don't feel bad if your first car is not a brand new 2008 Mustang GT, and instead it's more like a 1990 Chevy Lumina. A car that is reliable but yet still has some small problems. Not the kind of problems that stop it from running but small problems (like the cup holders no longer work). Once the driver gets a job and starts earn money you can easily fix the problems, and learn how to perform a bit of car maintenance to boot. It's all worth it in the end. Now when you are looking for that first car you need to know a few things. Like I mentioned above it doesn't need to be a 2008 Mustang GT. Look for something you can afford with out hassling over it. Another thing you should do is ask a lot questions. Even if you are buying the car from a friend, by law, he has to tell you everything that is known to be wrong with the vehicle. Ask questions and you will be able to tell if the car is worth buying. Also don't forget to check the mileage on the car. A lot of cars built long ago don't run as well as the newer cars if the maintenance (like tune-ups) are done regularly. Another thing you should consider is gas. The first thing you may realize is that gas prices are high. So, getting a car that can get a lot of miles per gallon (MPG) will allow you more trips for less money. If the driver is the type that likes to hang out with lots of friends at once, then a four door economy car is ideal. However, if you and your homeboy (or girl) are the most frequent cruisers, then a two-door car (which tend to be great on gas) is a great start. The last piece of advice I would like to give you is to be aware of who you're buying the car from. Is it a friend? If so is this friend reliable and honest? Are you getting it from a used car dealer? Find out whether the dealer has had problems with past vehicles - ask around among friends and family. Also before you buy a car you should ask for a car history report. A history report is exactly what it sounds like. It is a report of anything that has ever happened to the vehicle. If the vehicle was wrecked or driven into a lake, this report will tell you. Keep in mind that the car history report only contains the case if the incidents are reported, so minor things may not be listed. This report other wise will provide very useful information for anyone looking to buy a car, especially a first car.
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