Buying an automobile does not happen every day, and that adds a layer of unfamiliarity to the process. Researching the best cars available and securing a car loan presents a specific set of challenges.
In all likelihood, friends and family members will offer their opinions and experiences about the best cars and which car loan makes the most sense. But at the end of the day, you are the one who will be making the monthly car loan payment. And, you probably have specific reasons for gravitating to the best cars to serve the needs of you and your family. By considering the following steps of narrowing down the best cars and identifying a cost-effective car loan, you can streamline the process.
It’s not uncommon for buyers to just wing it when car shopping. You may see one that appears adequate and get swayed by style and a persuasive salesperson. That’s a common occurrence when narrowing down the best cars for your unique purposes.
But the best cars aren’t always the ones with sleek designs. They are often the ones to get you and your family comfortably to work, school, appointments, and maybe a road trip. That’s why a proactive approach to identifying your real needs and a checklist may be helpful. Consider the following questions:
The answers to these questions can form a basis to identify which are the best cars to conduct further due diligence before making a final decision.
Living in the digital age offers significant advantages for car shoppers. You no longer need to spend entire weekends on new or pre-owned car dealership lots. Most dealers have uploaded their entire inventories of new and used vehicles to their websites. These online listings generally include details such as mileage, MPG, and asking price.
If you're not sure where to start and you would like some help, Peach State members can use Auto Assistance for personal assistance every step of the way. They help find a vehicle that suits your needs, check the vehicle history report, make sure you are getting the best deal possible, and even deliver it right to your door.
Then, circle back and conduct your due diligence by reviewing consumer protections such as Kelly Blue Book values, and Carfax reports. There’s no reason to overpay or buy a “lemon” when these and other resources are only a mouse-click away.
Once you have narrowed your list to the best cars that meet your criteria, it’s time to make a few calls and plan a test drive. The average test drive runs 10-15 minutes and should include a stint on the highway. Many new and pre-owned dealerships offer test drives on a first-come basis. Be sure to bring your driver’s license and proof of insurance.
Private car sales typically require matching schedules with the owner. If you use resources such as Craigslist to locate a vehicle, the process may begin with an email. It’s not unusual for people selling vehicles on public websites to make certain you are a legitimate buyer before providing a cell phone number and address. Once you get behind the wheel, these are some items to consider.
Before engaging in price negotiations, it may be in your best interest to conduct car loan research separately. This can be done while you are narrowing your list down. There are plenty of online lenders, but many come with hidden or excessive application fees.
Your credit union can provide personalized service and typically offers competitive interest rates for auto loans. These are things worth considering as you prepare to secure a great car loan.
A search for the best cars available and conducting due diligence does not have to be a stressful or uncertain process. Having a research plan and implementing it will help you narrow your list. Working with your credit union to secure the lowest interest rate possible for your car loan will save time, energy, and money over the long haul.