Posted On: November 6, 2024 by Farmers Trust & Savings Bank in: Budgeting Money Management
Buying your first car is an exciting step – but it can also be overwhelming and stressful. If you take the time to do a little research before visiting the dealerships, your first car-buying experience can be a lot less stressful and a lot more fun!
Visit Farmers Bank to get pre-approved for financing. Our lenders can get you pre-approved for financing at a great rate that fits your lifestyle and budget. You’ll also know exactly how much you can spend, which will give you added negotiating power at the dealership.
Do your research. Informed shoppers are smart shoppers, so gather some information before you start shopping. Resources like Consumer Reports (www.consumerreports.org), Edmunds (www.edmunds.com) and Kelley Blue Book (www.kbb.com) offer helpful vehicle reviews and pricing information that can help you determine a fair price for the car you want.
Negotiate your price. Price negotiation is probably the most overwhelming part of the car-buying process, but it is important for you to stick to your strategy. If you’ve done your research, you’ll have a good idea whether the dealer’s offer is fair. Keep in mind that the dealer’s first price is rarely their best price, so don’t be afraid to reject the initial offer. If the dealer can’t meet your target price, walk away. Buying a car is a big step and the transaction has to be right for you.
First-time buyers should also double check on offers like “0% dealer financing” as a first-time buyer you may not qualify for these attractive specials.
With a little advanced planning, a solid negotiating strategy and financing from Farmers Bank, buying your first car can be a fun and stress-free experience!
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