2. Get pre-approved for a loan. Apply for a pre-approval letter from your bank or credit union. This will give you an idea of the amount you're eligible to borrow and the interest rate you'll be offered.
3. Research different car models and prices. Compare prices from different dealerships and online car retailers to find the vehicle you want at a price that fits your budget.
4. Choose your dealership and negotiate the car's price. Once you've found the car you want, negotiate with the dealership to get the best possible deal on the purchase price.
5. Finalize your purchase and get the loan. Once you've agreed on a purchase price, sign the sales contract and finalize your loan application. Depending on the lender and dealership, you may be able to complete this process online or by phone.
6. Make your first payment. Most lenders will require you to make your first car payment within a certain number of days after signing the loan agreement. Be sure to make this payment on time to avoid late fees.
7. Set up automatic payments. To make it easier to make your monthly payments, set up automatic payments from your bank account. This will ensure that your payments are always on time.
8. Maintain your vehicle. To protect your investment and keep your car in good condition, be sure to follow the recommended maintenance schedule for your vehicle.
