How to Buy a Car
Deciding it’s time to purchase a car is a big deal whether you’re a first time buyer or you have purchased several vehicles in your lifetime. This list was created by our amazing team at Open Road Outlet to assist you with the research, approval, and purchase of your dream ride!
1. Do Your Research
Before you do anything else, you should diligently research the make and model you are considering. Compare the pros and cons of each vehicle type you’re interested in before narrowing down your decision. You might miss a better deal if you go into your research dead set on a specific model or make!
Along with learning as much as possible about specific cars, you should also do a little research about the dealership you’d like to work with. Check out their reviews and ratings! Choosing a dealer that can provide you with a pain-free buying experience is just as important as the car you drive off the lot.
2. Get Pre-Approved
Once you have a good idea of what vehicle is right for you, you should focus on getting pre-approved for a car loan. Start by speaking to your current banking establishment to see what they can offer you, but also consider other available lenders. Conduct your own research with this process as well to make sure you are getting the best interest rates for your credit score.
Having pre-approval will give you an advantage throughout the buying process because you will know exactly what you can afford and what rates you are willing to pay. It will help the salesperson you work with by giving them the ability to focus on cars within your budget without having the guesswork and anxiety that can come with the financing process. You’ll feel a lot more confident shopping when you know what you qualify for!
3. Determine Trade-in Value
If this isn’t your first vehicle, you might be able to trade-in your current ride. Have a good idea of your vehicle’s worth and what you expect to get out of it. It’s important to be honest about the condition it's in, especially if you are using an online appraisal tool. Answer all questions truthfully and to the best of your knowledge! You can also have the dealer you’re working with give you an estimated value.
4. Set Up a Test Drive
You’ve selected a car, found a reputable dealer, gotten pre-approved, and you’re ready to test if your selection is truly the best for you. Schedule an appointment to include a test drive, and if you’re looking at a pre-owned car, consider requesting an extended test drive.
During your test drive, pay attention to how you feel while driving and if you have any concerns. This is the best time to determine if it’s the right one!
5. Check Pricing, Financing and Warranty
Always review the fine print and your contract before signing. Finalize the sale price and verify that all paperwork will be processed without problems. Be thorough with your questions; ask about warranty options, what it covers, insurance requirements, and if your interest rate is fixed.
6. Drive It Off The Lot
If you feel confident in your decision and are ready to make the purchase, get excited! The most exciting part about buying your new car is getting to drive it off the lot.
Hopefully all of these steps will help you feel confident when you purchase your next vehicle. Our team at Open Road Outlet, located in West Saint Paul, MB, would love to help you with the process! We proudly serve Steinbach, MB, and all of Saskatchewan.