New Freedom, New Ride, New Credit…The Answers Teens Need For Car Buying!

Toss up your hats graduation for Senior's is here!  With the world in front of them, many teens are off to college and need a ride to get there.  For some of them, this will be their first car purchase and can face a few obstacles:

• Lack of credit history is the biggest barrier, it is very difficult to get a car loan - First, obtain a copy of your credit report.  You can go to Experian or other credit sites for a copy.  If your score is less than 550, chances are you will not get approved.  You can both improve and build your credit by getting a secured credit card and a gas card.  The secured card is basically a pre-paid VISA where you set the limit and pay it every month.  Purchase your gas on a gas card as well and pay that off monthly.  This will establish and build credit.  Also, you can have someone co-sign with you if they are willing and you are sure you can afford to make the payments.
• Some car salespeople will not take you seriously if you are a first time car buyer - So be sure to do your homework and research the auto you want and the pricing that you should pay.
• Insurance rates for teens especially are very costly, often in the $5000 range - Be sure to shop insurance companies for the best rates for teens.
• Insurance rates for single males under the age of 25 are also very costly - Things like taking Driver's Ed will help lower your insurance costs so look into programs that will help.
• Consider maintenance and service costs when choosing your car - Even though you can afford the car, often times the service prices are very high on some makes and models.  Check into the cost of maintenance before pulling the trigger on any car.

The dealers, such as Manchester Ford and Kansas City MO used car dealers, will be able to answer many of your questions, but it always helps to be prepared.  Going to any Cincinnati Ford Dealer would be helpful as well.

So, be prepared, check and build your credit, check into insurance discounts and know all of the costs of the car and mostly, have fun and enjoy your first car buying experience!  Happy Driving!