Do not Buy More than You Can Afford

When deciding how much you are able to afford for a car payment, take a realistic inventory of your expenses. Write down everything you buy for a week or two, that way you'll be able to develop an honest amount available to spend on your new car. Your credit score will be best if your expenses are simply 30% of your pay before taxes. You're better off selecting a car you can comfortably afford over one you would have to stretch to make the payments on and saving money just in case of an emergency. Just one missed payment can hurt your credit and force you into a higher interest loan further down the line. As a matter of fact, FICO just recently released info about how your behavior impacts your credit rating.

Do not Go to the Dealership Before Knowing Your Credit Score

If you don't have any idea what your FICO (credit) score is, do not even step foot on the lot of a car dealer. There's no sense in spending all day looking at and test-driving cars only to get to the finance manager's workplace and conclude that your credit score isn't good enough to qualify for financing. Plus, knowing what your credit score is ahead of time might help you get financing through a private lender, which might get you a better interest than the dealer can provide you with. Many customers are now applying online for financing before ever heading to the dealership. This gives them the freedom to bargain with the dealer as a cash buyer; and in lot of cases, helps with getting an improved deal.

Do not Forget About the Expense of Auto Insurance

Before you take a car, get insurance quotes. For young buyers or people with below perfect driving records, insurance may cost as much as or more than your car payment. Take into account that in general, the more you commit to your car, the higher your insurance bill will be, so just as you can make the monthly payment on your dream car doesn't mean you can genuinely afford it. Many items effect your insurance rates as well as your driving record, the kind of vehicle you are obtaining and the engine type to name a few.

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