Wanna Buy A Brand New Car?

Someone told me, “I’ve always wanted to buy a brand new car.”  

Well, it’s not difficult to buy a brand new car.  What is hard is buying a brand new car without getting stiffed in high interest, a high car note, a lifetime of payments for that one car, and winding up in negative equity. *

First…Credit Got To Be Right

Do not attempt to buy a car, unless it’s by cash only, if the credit score is less than 720.  720 and above qualifies for $0 down, 0% interest, and a lower monthly payment.  The lower the credit score, the higher the terms. 

Second…Start Planning for the Car Before It’s Needed

Instead of waiting until the current car breaks down beyond repair, begin putting away the dollar amount of the desired monthly payment for the new car.  This will do two things.  1) It will be training on getting the car note on the new car in on time as well as give ample time to get used to that amount of money being gone every month.  2) The money stashed away makes for a great down payment.  The higher the down payment, the less the car notes.

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There is a detailed chapter entitled “How to Buy A Car” in “Big Girl Little Girl – Everything I Can Think Of Right Now To Tell You About Life, Money, Credit, Boys, Men and Sex.” Information covered includes:

• What should be and what should not be included in the financing terms
• What the dealerships don’t want you to know
• How to avoid negative equity
• And more…

“Big Girl Little Girl” is available on www.ladyintelligence.com.

 

*Based on what I learned as an owner or lessee of six brand new cars or SUVs and as an Automobile Product Specialist large new and used car dealership.