How to Make a New Car Budget

As your local Akron, OH car dealers, we want to help prepare you financially for the purchase of your first new car. We believe the best way to get ahead of the game is by understanding the process and seeing the breakdown of what you’ll be paying, so that you know exactly what you’re saving for and how much you need.

You can choose to finance or pay outright for your vehicle, depending on how much you’ve saved up. If you pay outright, you give us the entire amount the day you get the car. You own the car 100% and don’t have any debts to a credit institution.

If you opt to finance, you’ll have to consider interest into the equation, but it is helpful to be able to pay in monthly installments. You might also consider giving a down payment to lower the principal on your loan and make those payments even lower. There are car payment calculators out there that can help you determine all of this!

Whether you finance or not, you’ll still owe taxes, registration, and titling fees which depend on your location. Additionally, you have to get car insurance, which depends on many factors. Your best bet is to call and get a quote from your insurance company so you know what to expect.

It’s also smart as a car owner to keep a little nest egg save up for gas, repairs, and routine maintenance that your car may need. It’s better to have a little extra saved up than to come up short on any of your expenses.

We hope this information helped and that you feel comfortable asking us whatever questions you may have. Come on down to our Brunswick service center anytime

Categories: Finance
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