7 Steps Every Car Buyer Should Take Before Buying A New Ride
Buying a new car is always exciting even if you have been driving your own vehicle for number of years. Excitement for the first-time buyers is even more whether buying a used or a new car. It is observed that many men are too possessive for their cars; a slight dirt, or a scratch may push them into severe stress they may even get frenzy. This is quite normal because car is perhaps the second largest investment a man makes after investing into a house.
There are certain steps a buyer must consider before buying a new car. These steps get even more important if the person is first time buyer. A large chunk of car buyers relies on auto loan or get it through car leasing companies in Pakistan. Though purchasing a car through car loan is more convenient but at the same time it surges the investment to a substantial level. This means selection of a make and model should be done after considering many aspects. The necessary steps to buy a new ride are as under:
- If you are a first-time buyer consult a friend who already owns a car or have some basic experience in cars and the process of car leasing in Pakistan. Simply depending on your own knowledge and car dealers can have catastrophic consequences. Do note that some of the banks prefer advancing auto loan for a new car. Second hand or used imported cars may have some restrictions. This needs to be examined and can easily be done by visiting websites
- For people who are buying their first car it’s a life long dream. Auto loan and car leasing facilities by consumer banking have made it possible for a common man to make this dream come true. But to have this dream realized there are few things that need considerable understanding how the auto loan is approved from the bank. Before filing in your car loan application make sure that you have a good credit history. This means you have paid your credit card and other installments if you have other loans on time. Banks do not provide auto finance to people whose credit history is dubious
- With a good credit history, decent character and respectable standing in the market likely are the chances that any bank will be willing to approve your auto finance application. This does not mean that you jump to first available opportunity. It is your right to negotiate, investigate and do a research on mark-up rates, payment terms and conditions and early settlement facility before selecting the bank. A decision in haste can cost you huge money that could have been saved otherwise
- Before you apply for car loan it is advised to short list the car you intend to purchase. This will give a fair idea how much you can afford and what kind of money you would need from the leasing company or the bank. By selling your present car use that money as a down payment to ease you over the installments
- Remember buying a new car is a big commitment and an investment from your end, be it outright purchase or through auto loan. Therefore, reliability of the car is very important, particularly if you are buying a second hand or used unregistered imported vehicle. You will be required to pay car leasing installment each month but if the car fails to service and breaks down every now and then it can become a nightmare.
- When everything goes well, your car financing is approved and you are about to pick up your dream car, the word of caution is not to drive it home unless you have physically received the insurance policy. Auto insurance is just not paperwork to be completed because it is a mandatory requirement of lending agency. Car insurance saves you from huge amount of money in case if anything goes wrong; accident, gets stolen or snatched at gun point. While chalking out your budget for installment repayments keep auto insurance cost in mind.
- Having your auto loan approved from a bank or a leasing company is the first step after you have selected the make and model of the car. However, while choosing the car you must bear in mind that apart from the leasing cost that you’ll be paying each month you also have to foot the fuel bill. The fuel cost keeps rising each month and the car is expected to stay with you over a long period of time. Keeping the future in mind; such as your income, expenses and the rising cost of living consider a car that is low on fuel. Now this largely depends on your lifestyle and your income. This nevertheless is an imperative point to be considered while you select your dream car.