Tips for Buying and Financing Your First Car | Saint Cloud, MN
With graduation in the rearview mirror, it’s time to think about your first car. Whether you are off to college or starting your first job, if you are a graduate in St. Cloud, Minnesota, check out the great low-cost vehicles at Don Robinson Mitsubishi.
How much car can you afford?
First, take a look at your credit score, how much cash you have on hand, and your monthly budget. For example, the affordable, compact Mitsubishi Mirage and Mirage G4 sedan both start under $15,000. You can use that figure to explore financing options and what your monthly payment would be for purchasing one.
Credit scores in the mid-600s and above are considered good and will qualify for lower interest rates. If your credit score isn’t good, you’ll have to pay higher interest rates or look at a used car you can buy with cash.
What is a pre-approved loan?
When you have decided what kind of car you want and how much you can afford to spend, you can go to a lender and get pre-approved online or over the phone. This lender will send you a check or a document to show us that you have arranged for financing. It’s a good idea to try three different financing companies to get the best rates.
Which is better, new or used?
Whether you decide on a new car or a used one depends upon your finances and preferences. Buying used can save you a lot of money, but it will cost time and effort shopping around. You will need to check the car’s vehicle history report with CarFax and make sure it’s in good condition. If you want to avoid the hassle and can afford it, buying a new car is much more streamlined and lets you choose the extras you want. Plus, you get a great warranty on a new car, especially if you buy a Mitsubishi.
When you’re ready to buy your first car, whether it’s a new car or preowned one, Don Robinson Mitsubishiin St. Cloud, Minnesota, has a wide selection of affordably priced cars for students and college graduates.
More information on starting the car-buying process: