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Buying Your First Car

7 Steps to Buying Your First Car

Figure out what you can afford Shop around for the best deal Test drive different cars Get a car history report and mechanical inspection Finalize the purchase and register the car Insure your car Enjoy your new ride!

Stick To Your Budget

First time car buyers often make the mistake of rushing into a purchase without doing their research first. This can lead to overpaying for a car that doesn’t fit their needs or budget.

By setting a budget first, you can avoid this common pitfall. Figure out how much you can comfortably afford to spend on a car payment each month. Then, research the Fair Market Range prices for the type of car you’re interested in. This will give you a good starting point

Start Your Research

With an established budget in hand, it’s time to start shopping around for the best deal. There are so many sites online to do research where you can check out safety ratings, available options, interior features and more.

Test Drive Several Cars

After you’ve narrowed down your choices, it’s time to take them for a spin. This will help you get a feel for how the car drives and handles. It’s also a good time to see if there are any additional features that you may want or need.

Get A Car History Report And Mechanical Inspection

Once you’ve found the perfect car, it’s time to do a little digging into its history. A car history report will tell you if the car has been in any accidents or had any major repair work done.

Finalize The Purchase and Register The Car

After you’ve negotiated the price of the car, it’s time to finalize the purchase. This usually involves signing a sales contract and putting down a deposit. The great news is that the dealership will typically handle all the paperwork involved in registering the car.

Insure Your Car

Now that you’re the proud owner of a new car, it’s time to get it insured. The type and amount of coverage you need will vary depending on your state’s laws and your personal driving habits.

Enjoy your new ride!

Buying your first car is a big decision, but we’re here to help make it as easy as possible. We want you to be happy with your purchase and our team will be with you every step of the way.

Contact us today to get started.

Financing a Car Purchase – What are stips

If you have ever purchased a car, you may have heard the term “stips”. But what are stips and why are they required?

“Stips” is short for stipulations, which refers to any information that a lender may require to approve your loan application. Some common stips included driver’s license, proof of income, references, employment verification, proof of residency, proof of insurance, and bank statements.

So, why do lenders require stips? In short, to make sure the information on your loan applications is accurate and fits within their lending guidelines. Different lenders may require different stips depending on their lending guidelines, the amount of the loan, and your credit history. Depending upon your credit score, the lender may require more stips to determine your ability to repay the loan.

Stips may also be required to ensure that lenders are complying with federal regulations and state laws.

It is understandable to feel a little overwhelmed by stips requirements, however, being prepared in advance can help make the process smoother. To ensure the fastest experience possible, having the following items will ensure that you are prepared for any stips the lender may require.

Driver’s License – ensure that your driver’s license is not expired and has your current physical address.

Proof of income – your most recent check stub with deductions listed

References – contact information for 3-5 personal references that live outside of your home

Employment verification – you can ask your HR department to reach out to the lender and verify employment to speed up the process

Proof of residency – a utility bill dated within the last 30 days with your current physical address included

Proof of insurance – current insurance card or declaration page

Bank statements – copies of your 3 most recent statements

While it is possible that you may not be required to provide any stips, being prepared can ensure that your car purchase goes as quickly and smoothly as possible.

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