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Buying my first car-I need tips/info!?

I’m 24 and my husband and I are ready to buy our first car together-the car we’ve had during our whole relationship was a car my parents gave to me and was paid for. We sold it when we moved (husband is in the military) and now we’re ready to buy one.
We want a new-used car…not a brand new off the lot car, maybe one that’s been driven a year or 2.
I know we make a down payment, then make monthly payments until the car is paid off…
What are tips for what to look for when buying a car? How much does our credit matter?
Our credit isn’t horrible, but its not great, either. Also, my husband is away for a few months and I don’t work…will he need to be there when I go in to purchase the car?

Okay first off lets start off with payments: If you cannot squeeze the payments into 48 months, DON’T buy the car. Make sure you can put at least 20% down on the car you choose to buy. If you can’t put at least 20% down on that car, you will end up paying more then the car is worth.

Make sure you have a budget for that car, cause if you put all your money into it, you won’t be ready for the unexpected like new tires, batteries, car parts, gas, etc.

Watch out for some barriers like
- Lenders won’t approve car loans on used cars older than 5 years
- Some car salespeople will rake you over the coals if you are a first time car buyer
- Now you have to deal with car repairs and other maintenance costs, new tires, etc.

Remember: There is no 3 days grace period, once you buy the car its yours. You can’t just return it.

Credit: Now you mentioned that you have okay credit, now one thing that may get in the way is if you don’t have that large of a history, so just watch out for that.

Now if you get denied for that car, check with your parents and see if they will cosign for you, this always helps and can really boost up your chances of getting that car.

What lenders look for to approve you for a car loan

* Documented Monthly income of $1600 or more
* Living in the same address for at least 6 months
* Employed by the same company for 6 months
* Preferably a year of established credit with no black marks
* Credit score of 680 or higher to get lowest prevailing interest rates
* If your credit score is 600 to 680 you’ll pay higher rates like 10%-15% APR
* If your credit score is below 600, it’s very difficult to get approval, and below 550 it is nearly impossible

You seen those Carfax commercials? GET ONE

Start at the Beginning

The beginning is not the point at which you start looking at cars. The beginning is the point at which you start doing some research. Before you begin searching for the perfect first car, you should first ask yourself several important questions:

* “How much money can I spend on a car?” This includes the price of the car, the price of making it legal, i.e., titling and registering, and the cost of insurance coverage. Don’t spend every penny you have saved for the car, and don’t purchase a car you can’t afford to maintain.

* “What kind of car is best suited for my needs?” Your needs could include anything from how many passengers you expect to carry to how often and how far you’ll be driving the car. For example, you’ll want something that gets good gas mileage if your everyday commute to work or school is a long one.

* “Should I buy a new or used car?” Most of us want our first cars to be brand new; however, your budget and other personal needs are going to have the final say as to whether your car is new or used.

Once you’ve confidently answered these questions, you can start thinking of the exact models and makes of cars you’re interested in. Do some research on these vehicles, such as reading up on their safety ratings, as well as the rate of theft for those particular vehicles.

During the Search

It’s time to head out and begin looking for your first car. You’re probably going to visit several dealerships; many people feel more comfortable doing business with a licensed dealer. Try checking out the dealership ads in your local paper for special sales that may be going on.

It’s true that doing business with a licensed dealer gives you a bit more assurance due to your rights under the Lemon Laws. But, you shouldn’t rule out a private sale from an individual; some very good deals can be found by purchasing a used vehicle from someone who has properly maintained the vehicle and is just looking to sell it. Check your local newspaper and trade journal for people advertising to sell their cars.

If you find a used car you like, consider requesting a vehicle history report for it and find out if the vehicle is salvaged, has been in an accident, or has had odometer changes.

Regardless of the route you choose, try to take someone along who’s been through the buying and selling process before. Prices are usually negotiable, so you’ll want someone who knows the ropes to accompany you. And, if your Uncle Billy just happens to be a mechanic―well, he should be your first choice. It’s always wise to take a test drive and a peek under the hood before committing to a purchase―especially if you’re buying a used vehicle, or from a private seller.

This should be good for now, be sure to research the car before you buy it.

Car Buying Tips and Tricks: Questions To Ask When Car Shopping

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