Preparing To Buy Your First Car

Choosing Your Car
Buying Your First Car
Maintaining Your Car
First Time Buyer Quiz

Step 1

You’ve decided on a vehicle that you want to buy. Before proceeding with a purchase you’ll want to factor into your budget your monthly insurance payment. You can use online tools to check multiple car insurance providers to get an idea of the monthly cost. It is important to note that you will have to have full coverage insurance before a dealer can can release a vehicle to you and for your loan to complete funding. This doesn’t need to be complete before purchasing the vehicle, but will need to be set up before you drive off the lot.

Step 2

Most dealerships have in-house finance departments. At McCarthy’s we take pride in helping you, through our vast nationwide network of finance providers, to find your best possible loan options. However before coming to purchase your vehicle you can do your own homework for the loan you’ll need. This should be set-up close to your planned purchase date. Research credit unions and banks to find your best deal. They will likely be provide you a ‘blank check’ that must be signed by you and the dealer. This check will have a maximum dollar value. The benefit of getting pre-approved, is that you will know the total loan amount and interest rate you qualify for going in. This does not prevent you from using the dealer to finance your vehicle, if they can source a better deal. It is wise to come in pre-approved so that you don’t succumb to agreeing to budget breaking financing in a hurry just because you want to take the car home that day.

Step 3

In order to process a loan, to finance some of the purchase cost, you will need certain documentation in order to proceed.

  • Social security number,
  • Driver’s License
  • 2 most recent paycheck stubs,
  • Previous years W-2,
  • 10% minimum down payment,
  • 4 complete reference (name, address, phone number).
  • If you have limited credit history a co-signer may be required and they would need to provide the same documentation.
  • Proof of insurance*

Step 4

You will need to make sure that you have funds for your down payment. This could be cash or a credit card. Check with the dealer that they accept the form of payment you’re planning to use.

As part of McCarthy’s First Time Buyer Service we can assist you with all elements of the car buying process to make sure that it runs smoothly.

Keeping Up With Your Car

Take The Next Step