Nissan Finance Tips
Purchasing a vehicle for the first time is exciting, but if you’ve never bought an automobile before, buying your first car can be an intimidating experience, particularly when it comes to financing. Luckily, our Nissan finance department has prepared a list of actionable tips you can use to navigate those murky waters. Read on to learn what to do when financing a car for the first time.
Create a Budget
Car shopping without a pre-set budget is kind of like fishing in unfamiliar waters, meaning you just don’t know what you’ll end up with. You may over- or underspend and end up struggling to pay for your vehicle or driving around in a less than desirable automobile. To avoid either of those things, it’s advisable to create a budget before you start shopping.
When you ask our resident financing experts about financing, they’ll explain that the general rule for a car shopping budget is to allot no more than 20 percent of your gross pay to your cumulative automotive expenses, including your loan payments, insurance premiums, fuel costs, and other related expenses.
The 20/4/10 rule is another guideline for budgeting. In this scenario, you’ll put 20 percent of a car’s purchase price down, finance the remaining portion over four years or less, and cap your recurring automotive expenditures at no more than 10 percent of your monthly income.
Whether you’re shopping for a new Nissan car or a pre-owned vehicle, it’s advisable to get pre-approved for an auto loan. By doing so, you’ll know exactly how much you can spend on your upcoming purchase.
With that in mind, we invite you to apply for Nissan financing through our Nissan finance center now.
Review Your Credit Report
Your credit score will influence your ability to qualify for an auto loan regardless of whether you want a new automobile or one of our pre-owned Nissan cars has caught your eye. Before you shop, get a copy of your credit report from all three major credit reporting agencies and review them. Make sure you correct any mistakes you see in the reports and let enough time pass for those corrections to improve your credit score.
Still Have Questions? Let Our Nissan Finance Experts Help!
Now that you’re familiar with our Nissan finance tips, it’s time to shop for a new or new-to-you vehicle. Head over to Woodhouse Place Nissan today!