South Charlotte Hyundai First-Time Car Buyer Plan

Buying a car today doesn't have to be a harrowing experience. More information is available to make an intelligent decision, even if it's your first time buying a car. For example, smartphone apps allow you to research, view inventory in real-time, and compare prices, all while standing right next to your vehicle of choice, without stopping what you're doing. But let's start at the beginning. Before buying a car, you must research and take the time to understand what's essential in a financial, relational, and emotional sense.

First-Time Car Buyers should follow these eight simple steps to ensure they

  1. Check your Credit Score
  2. Research to find the vehicle(s) you're considering.
  3. Get prequalified for a loan
  4. Figure out what your trade-in is worth
  5. Browse the local inventory to find the vehicles that interest you.
  6. Find a dealership in your area.
  7. Test drive the car.
  8. Review and finalize your deal.

Check Your Credit Score

While you don't necessarily need to know your credit score to shop for a car, it can help save you money if you do.

One way to make the process less complicated is to find a car within your budget that fits your needs. Then, by shopping smart and doing homework, you can find a vehicle that meets your requirements and avoid financial trouble later on. One way to do this is by considering how your credit score may impact a car purchase.

No Credit Score Effects

For those who do not have a credit score, your options for purchasing a car are pretty limited. For starters, you will not be able to lease a vehicle, so you will be stuck buying a car in cash. You must be able to fork over the entire value of the car in cash when you purchase it. You also miss out on the specials and promotions offered by the manufacturer, so you'll be paying more than everyone else is. Therefore, building your credit score before purchasing a car is advised.

Low Credit Score Effects

Those with low credit scores will likely face higher car loan interest rates and extra fees when financing a car, making buying a car more difficult and expensive. It can also mean you have to wait longer to buy a car because you won't qualify for loans or will have to shop for a suboptimal lender. However, some dealerships offer poor credit financing programs to make the process easier and more affordable.

Great Credit Score Effects on Buying a Car

You will get a better deal. If your credit is excellent, the car dealer will be more willing to work with you on the price of the car or negotiate on included accessories. You will also be able to secure a more extended financing period at lower interest rates.

Customers with a FICO
score		 Customers without a FICO
score
Finance Type Retail or Lease Retail Only
Promotions All Standard and Special Standard Programs
Minimum Down
Payment		 As low as $0 10% of Selling price including
applicable rebates
Terms Retail: Up to 75 Months Retail: Up to 72 Months
Lease: Up to 48 Months

Research Car Options Based on Your Needs Profile

The first step in any good car-buying experience is knowing what you need your car to do for you. This is called your "needs profile," and it's as important as the money you have to spend.

There are three needs profiles: Performance, Overall, and Safety. Each one is important and depending on what's most important to you -- gas mileage, comfort, reliability, safety, or speed will determine which car you choose. We advise breaking this down and solidifying this list before you step foot in the store.

Get Prequalified for A Loan

Getting prequalified for an auto loan means that you have met the lender's minimum financing requirements but haven't yet applied for the loan. A prequalification estimate of your loan amounts and cost will be provided based on the information you provide about your finances.

While getting prequalified for an auto loan indicates that you are an excellent candidate for financing. Being prequalified for an auto loan means that based on the information you have provided about your financial status, income, debts, and assets, the lender believes you are likely to qualify for a loan if you apply.

Determining the Value of Your Trade-In

When you shop for a new car, the dealer will offer you a trade-in value for your old car. But how do you know if that value is fair? You can determine what your car is worth using a trade-in calculator or the dealer's quote.

Knowing how to calculate your trade-in value allows you to shop around for the best deal and see what you're getting into. Here's how to figure out what your Car trade-in is worth.

The best way to calculate what your car is worth is to look up the car's model and year on a website such as Kelley Blue Book.

When calculating the trade-in value, you need to consider the car's condition, mileage, and availability of that model and year.

Browse Local Inventory for New and Used Cars Near You

When looking for new and used cars for sale near you, there are several options you can take. The first option is to check out the latest and used Hyundai models for sale at South Charlotte Hyundai. With a wide selection of new and used cars for sale, you can be sure to find the perfect vehicle for your needs profile! Start browsing inventory now by clicking on the links below.

Find A Dealership in Your Area.

It's crucial to find a dealership you can trust to get the best rate on your car loan or lease to ensure you get the best possible deal. You can always check the Dealership google reviews to confirm that others have had a positive purchase or service experience before committing to a particular location.

Test Drive the Car

When you are in the market for a new car, you must consider all the options available. Taking a drive-in different cars and even other brands can help you find the one that's right for you. Test driving is essential, but it can also be a little stressful. Knowing test drive car tips can make your experience much more relaxing and help you find the car that's right for you.

  1. Pay Attention to How the Vehicle Drives on Different Road Conditions
  2. Take Note of Any Features or Addons That May be Trim Level Specific
  3. Make Sure You Are Comfortable Inside the Vehicle
  4. Compile A List of Questions About the Vehicle Based on Your Experience
  5. Have Fun and Drive Safety

Review and Finalize Your Deal.

It's not over until it's officially over. That is, until the dealer stamps the paperwork on your car purchase. You can still do plenty of things to finalize your car purchase and get the most out of your new ride.

Make sure you have reviewed all of the pricing and options you are purchasing, most dealers will be transparent and honest with you, but it's always good to go over every aspect with your sales representative.

Schedule your first service check to secure your spot early. With more used cars on the road than ever, service visits can be challenging to book, so reserving your spot before you leave in your new car can save you time and avoid a headache later.

Lastly, make sure you inquire as to which warranty options and service packages are available. Paying for service can be expensive, but with a service plan, you can roll those scary charges into your monthly bill and avoid having to pay a big chunk at once. Plus, A warranty can protect you from any unforeseen manufacturer defects. This is particularly important if you're buying a used car!