Before getting your own car, it pays to do some homework. Think about what you need, what the car will be used for, and your budget. Look in books and online and think about repair costs, safety tests, mileage etc.
All this research can save you some serious money and help you avoid being ripped off.
Once youve chosen the car you want, you have to decide how you are going to pay for it. You can pay the whole amount upfront or you can finance the purchase over time. If you do use financing, you should be aware that this increases the total cost of the car as you must pay for the car plus the credit.
Once you have decided on how much you can put down, you can look at the annual percentage rate (APR) of the loan and the length of the loan and see how much your monthly payments will be.
Generally speaking, the shorter the term of the loan, the higher the APR. If you are in your teens, cosigning with your parents will help you to get a better rate. You may also want to think about paying in cash for a less expensive car.
Dealer or Private Sale?
This is an important decision to make. If you buy from a dealer you will generally pay more. But you will benefit from knowing that if there is a problem you can return to the dealer to complain. Many dealers offer warranties and guarantee the quality of the car.
On the other hand, buying from an individual will offer less security as the car will generally be sold as is, which means you must bare the cost of any problems that later arise. You also cannot go back and complain to an individual if something they told you turns out to be untrue. That said, buying from an individual can often offer very good value.
First of all, they will not add a mark up on the price, which is what a dealer would do if he had bought it first. Also, if you bring along your own mechanic, or someone who knows about cars, you can have it checked out to make sure everything looks ok.
Before you buy the car, make sure you examine it with an inspection checklist. Get a good test drive over varied road conditions and be sure to get the cars maintenance record. It is also worth having the car inspected by a mechanic if you have serious concerns about it.
Finally, before you buy, make sure you are ready to meet all the associated costs of having the car. These include insurance, fuel, maintenance and repairs.
Tags: Annual Percentage Rate, Annual Percentage Rate Apr, Budget, Buy Car, Buying A Used Car, Buying Car, Car Credit, Car Dealer, Cars, Expensive Car, Homework, Inspection Checklist, Mechanic, Mileage, Own Car, Parents, Safety Tests, Serious Money, Upfront, WarrantiesRelated posts
Want To Buy A Car After Graduation? Opt For Driver’s Edge Card For College Students
There are very few people who have not heard of Citibank. The renowned company serves and caters to the needs of frequent travelers, business personnel as well as students. The Citi Driver’s Edge Card for College Students is one such card that caters to the needs of students. The card is part of the Thank You Network.
Benefits of the Card
The card permits the students to earn rebates for the purchase of a new, used or leased car each time the student uses his/her card to make a purchase.
The card also permits you to earn 3% rebates at the drugstores, grocery stores or gas stations. On all the other purchases you make, you will be getting a 1% rebate. You can further gain rebates for the number of miles that you drive. All the points you gather can be used for purchasing a vehicle, only that the maximum amount of points that can be redeemed per vehicle is $5000.
The card has all the benefits offered by the other Citi student credit cards. The Citi Driver’s Edge Card for College Students lets you shop with confidence whether you are buying online or from retail outlets. It shields you from credit card theft as well as identity theft. Furthermore, you can avail of customer service whenever you wish.
The card offers 0% annual percentage rate (APR) for the initial six months on purchases, balance transfers and cash advances. However, the regular APR is fixed at 18.24%. There is no annual fee and balance transfer fee.
Other Benefits
As a student, you will enjoy a 25% discount to shop for books at Peterson.com. (Peterson is a well-known career and educational advisory body). The card understands you and enables you to utilize all your accumulated rebates over a period of 5 years at the maximum, for repairing or servicing your car.
For better security, there is the provision of adding your photo to the face of the credit card. This will stop anyone from stealing and utilizing your card at a retail establishment. This photo ID is practical always.
The card further provides the benefit of zero liability for unauthorized purchases policy, which gives you mental peace. You can avail of the customer service 24/7, that too via the toll free telephone. The privilege of accessing your account online also comes with the card.
The free protection services that come with card include fraud early warning block, online guarantee and lost wallet service, making you feel secure, which is akin to the Citibank policies.
Added Advantages
The Driver’s Edge Card for College Students comes along with other common benefits like many Internet account related services, emergency card and cash replacement, medical and legal referral services and different travel and emergency assistant services.
The card further provides automatic bill payments, auto rental discounts, and a maximum of $1000000 in travel accident insurance and many more facilities.
Tags: Advisory Body, Annual Percentage Rate, Annual Percentage Rate Apr, Balance Transfer, Balance Transfers, Better Security, Cash Advances, Citibank, College Students, Credit Card Theft, Drugstores, Edge Card, Frequent Travelers, Gas Stations, Grocery Stores, Rebates, Renowned Company, Retail Outlets, Shop With Confidence, Student Credit Cards