Finally 18 and finally a driver’s license in their pocket: At this moment a dream comes true for many young people, because from now on they can drive their own car – provided they have one. If this is not yet the case, the idea of whether to buy their own car – or whether to wait? Do I really need it? Should I perhaps save my money? What do I have to consider when you buy now pay later guaranteed approval
the car and how exactly should I finance it? Questions about questions that novice drivers have to deal with.
Buying your first car – exciting, but not so easy
Buying a car is not a trifle, but a major investment that should be well considered. After all, you don’t want to experience any nasty surprises later with a bad purchase and you want to stand in the workshop for a long time. And that’s where it starts – how old should the car be? Maybe it would be better to buy a new car, but how should it be financed? What about car insurance?
Dealing with all these questions can be quite exciting – but it’s not that easy either. For this reason we have put together some information for you here, which will hopefully answer some of your questions.
New or used cars?
For beginners, many people still say from their gut that an older used car is the best choice. You don’t get so angry about a scratch or a mack and they are also quite cheap to buy. But are these reasons really sufficient?
A new car has some advantages over a used car – but you also have to differentiate how old the used car is.
A good used car should not be older than 4 to 6 years, so that one does not run the risk of becoming a regular customer in the garage. Safety also plays an important role in choosing the right car. Another possibility is a year-old car instead of a new car – there is hardly any difference in use, but in price.
An essential point, which speaks for acquisition of a quite new car, is the security. The older a car is, the less it meets today’s safety requirements. In addition, one does not have to reckon with workshop costs for repairs due to wear and tear. The cost of car insurance can also make a big difference, depending on which type of car you choose.
The disadvantage
A new car is of course much more expensive to buy than an older used car. That’s why most young people are faced with the question of how to finance this.
Financing the first car
Hardly anyone has the money for a new car in their pocket and pays the amount in cash at the dealership. The situation is different on the used car market, these sums can often be raised more quickly and paying cash at a car dealer also has one advantage: you can negotiate a purchase price that is up to 20 percent cheaper.
Another way to finance a car is to take out a loan.
mportant for this is a good credit rating and a regular income. When the creditworthiness is checked, data from the credit agency is queried to ensure that the borrower is solvent. The procedure of a loan with Schufa query can be very nicely reproduced in the following infographics.
As additional security the vehicle can also be consulted with the admission of a credit.
For the financing of a car often special autocredits are offered – here it is recommended to compare the offers with each other and to be calculated individually. For example, there is still savings potential here if a certain amount is paid as a down payment.
The third option for financing the first car is leasing.
Especially with a new car, this can make sense, because the leasing rates can include workshop and repair costs as well as car insurance. In addition, there are now offers on the leasing market in which instalments of less than 100 euros are possible.
Conclusion
The financing of the first car also depends on what kind of car is to be purchased. If the sum is not quite as high as for a used car, for example, a cash payment directly from the car dealer can be a good option, as you can negotiate a cheaper price.
For new or annual cars, financing with a car loan is usually a good solution, as the conditions can be calculated and adjusted individually for the borrower. However, this applies to all financing options – no matter whether credit or leasing – the monthly instalments should be calculated realistically so that there are no difficulties in servicing them regularly.