A reader asked “what do i need to buy a car”. What are things do i need to prepare if I will purchase a second hand car and a brand new car. Are the documents needed the same?
Buying a car is great. It is exciting especially the car you are buying is your dream car like mine. A simple Ford Everest is my dream car. Dream to have a brand new Ford Explorer this year. When buying car, there are lot of things to consider. I will share to you some of the car buying tips I personally use when buying a brand new and used car.
Car Buying Tip: Do shop online. Read the review of your preferred car model. Other car owner might already owned your preferred car, they already experience the features of highlights.
What Do I Need to Buy a Car?
Documents Needed when Buying a Brand New Car
- Cash
- Valid ID like Driver’s License
Documents Needed when Buying a Used Car
- Cash
- Valid ID like Driver’s License
Both are Through Financing
- Some Cash for Downpayment
- Valid ID like Driver’s License
- Proof of Income (PaySlip for Employees)
- Proof of Address
- Bank Statement of Account
If you will ask me “what do I need to buy a car, I will only say “cash”. Why d you need to pay on cash basis. Imagine the interest if you buy a car through financing. It is easy to apply for a car loan especially if you have a high monthly income.
The question is “can you afford to pay for the monthly amortization?”. If your answer is YES, then buy a car through financing. What about the loan interest rate? Are you familiar with how much percentage a car dealer can get if you will buy a car in an installment basis?
Before you will buy a car, ask yourself how much money you can afford. What is your budget? Do you really need a car or you just want a car? Now you know the things needed to prepare when buying a car. Kindly add more information about this topic.