Buying a car for the first time is a huge milestone. For many, it’s a large purchase and indicates becoming an independent adult. If you are wondering if now is the time to buy a new or pre-owned car, use the list below to figure out if it’s possible.

How to Tell if You’re Ready to Buy a New or Pre-Owned Car

1. Determine if You Can Afford It

Before rushing out to a car dealership, you need to figure out your finances and determine if a car can fit within them. After adding up your monthly expenses—bills, food, and other essentials—see how much you can afford to spend on a car each month. This number should factor in payments, fuel, insurance, tags, and maintenance.

2. Save a Down Payment

In many instances, a down payment of 10% of the sale price is required for pre-owned cars. Putting this money down indicates good faith to the financing company and keeps you from being upside down in payments once the vehicle depreciates. It can also help to negotiate the final buying price and lower your monthly payments. 

3. Run a Credit Check

Having a good credit score will be essential for financing pre-owned cars. You can check your credit report from each agency once a year for free, and they will include either your FICO® score or VantageScore®. Having these handy will help you figure out whether you will need a co-signer to improve your qualification for financing and to lower the subsequent rates. However, this route also puts the other person at risk if you become delinquent with payments, so you might want to consider alternative options for building up your credit before buying a car.

When you are searching for a quality first-time vehicle, visit Used Car Supermarket in Batavia, OH. Their lot is filled with certified pre-owned cars, trucks, and SUVs listed at affordable prices. They also offer trade-in and financing options to help you more easily drive away in the vehicle that best meets your driving requirements. View their full inventory on their website, and call them at (513) 752-2277 with any questions you might have about a particular model.