Buying a car should be an exciting process - not a stressful one. Unfortunately, factors can intervene to add strain to the experience. The good news? It doesn't have to be a tense experience. If you're a first-time buyer or have a few dark points on your credit score, don't worry! We here at Orange Coast Auto Group have a few tips that will help to make your buying experience as hassle-free as possible. In no time, you'll be on the road enjoying your new vehicle.
Outline a budget to determine how much you can afford to spend on a vehicle. Next, opt for a vehicle that aligns comfortably within your price range. If you would like some assistance, chat with one of our team members to decide which options will match your budget. You can also use our payment calculator to get a realistic idea of the monthly cost of your car. Together, we can find a budget and a vehicle that works best for you.
The bigger your down payment, the lower your subsequent monthly payments. A larger down payment typically increases your chance of approval when applying for financing. Although the cost is greater upfront, it can pay off in the long run or put less down if you are more comfortable with a higher payment.
When applying for a financing plan, be as accurate as possible. Details count, so give as much information as possible in your application, as it can improve your chances of getting approved.
If you plan to trade in your current vehicle, make sure that you know its value. You can also use our unique trade-in tool to get a clear idea of its worth. This will help you understand your total equity.
Figure out your gross monthly income (GMI). Typically, leading financial institutions recommend that you spend 15% to 20% of your GMI on your monthly car payment.
There is more to the cost of a vehicle than the price tag alone. Consider these expenses when determining your budget:
If financing for your new vehicle feels daunting, don't hesitate to reach out to one of our team members. We're here to help - and together, we can find a vehicle that meets all of your needs and exceeds your expectations.