Tips For Financing Your First Car at Shults Ford South in Pittsburgh, PA
Buying your first car can be a stressful experience — but it doesn’t have to be, and it isn’t at Shults Ford South. Our goal is to make sure that your shopping experience is always fruitful and never frightening, and that includes helping make sure that you’re ready when the time comes to finance. Here are a few helpful tips to ensure that your first time financing a car goes as smoothly as the first time driving it around Pittsburgh.
Start by setting a budget
Before you take any steps toward getting a new vehicle, including researching your options at Shults Ford South, you need to set a budget so you know how much you can spend. The general recommendation is that you only spend 10% to 15% of your take-home pay on car-related expenses. Keep in mind this doesn’t just include your monthly payment, but also fuel, insurance, and regular maintenance. Once you know how much you can comfortably spend, you can get a better idea of which vehicles are in your price range.
Get what you need more so than what you want
When it comes to financing your first car, depending on your budget, you may not be able to get all the bells and whistles you want. While you may want a brand-new, top-of-the-line Ford F-150, you may be better served by going with a Ford Blue Advantage Certified Pre-Owned or a used model. Just as you lay out your budget, lay out your needs from your next vehicle, including fuel economy, passenger room, and capabilities. Even if you can afford a newer, more upscale model, you may still be able to get a pre-owned vehicle that’s just as a great but costs hundreds or even thousands less.
Build up your credit score
When you go to finance your vehicle, your options will only be as good as your credit score allows. So if you’ve got no credit or bad credit, it would be a smart idea to work toward improving your score before applying for an auto loan. Making timely payments and keeping your credit card balances low will help you establish your credit score, which may be able to save you money in the long run with a lower interest rate.
Make sure you have a down payment
One way to lower your monthly payments and the amount you have to borrow is to make a larger down payment up front. As a general rule, you want to pay down about 20% of the price of a new car and 10% of the price of a used car. But if you exceed those numbers, you’ll borrow less, which means you’ll save money in interest over time.
Ready.Shop.Go.
If everything lines up and you’re ready to finance your first car at Shults Ford South, you can do almost the entire process online. With Ready.Shop.Go., you can browse our selection of vehicles with Fair and Consistent Pricing, set your preferred monthly payment, consider our confidence-boosting protection plans, and get pre-approved for financing. We’ll even deliver your shiny new Ford Escape, Ford Explorer, or Ford Bronco to your door so that you can get driving straight away.
Shults Ford South in Pittsburgh, Pennsylvania, aims to make financing that new truck or SUV of your dreams as simple and stress-free as possible. That’s one of the reasons why we’re Pennsylvania’s No. 1 Ford dealer and your leading new Ford truck and used car dealer in Pittsburgh. If you’re ready to get started, contact our team and we’ll show you how easy it can be.
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