At Wickstrom Chrysler Dodge Jeep® RAM, we’re excited to show you our wide selection of new Chrysler cars and Jeep SUVs for sale. But before you start test driving, have you set your budget? This is an important first step for any car buyer to make. Here’s a look at what to do first.
Assess Your Monthly Cash Flow
First, write down your monthly income and each and every expense you have. This includes items like groceries, credit card bills, and rent, and it will show you how much money you should have left over at the end of each month. Remember that if you opt for a car loan, you’ll have a new payment to make each month on top of expenses like gas, parking, maintenance, and insurance.
It’s a good idea to spend no more than 20% of your monthly income on a car payment, so keep that in mind as you’re making your budget.
Check Your Credit Score
Next, take a look at your credit score and history. The credit score impacts a number of things in the loan process, such as if you can get car loan approval, and what your interest rate and term will be. If you don’t have the best credit, don’t worry! Our finance experts at our Chrysler dealership in Barrington, IL work with customers of all financial backgrounds, and they are here to assist in any way possible.
Value Your Trade
Keep in mind that you’ll need to have a down payment to put toward your new car purchase. If you have a current vehicle that you’d like to trade in, this is a great way to supplement what you already have saved. The more you put down initially, the less your monthly payments will be, typically.
To learn more about the financing process, budgeting, and everything in between, contact our Barrington Jeep dealers. We look forward to assisting you!