//Preparing for Your First Car

Buying a car isn’t something that you should do on a whim. It takes careful planning and preparation to make sure that you get the right car for you, and at the right price. Here are some tips to help you get ready for the big purchase:

 1. Maintain a good credit history — If you do not have enough money to buy a car, you will need to finance your car. That means a lender will review your credit report to determine whether or not to give you a loan. How does your credit report look? Be sure to pay all your bills on time, and do not open credit accounts that will overextend your finances.

2. Decide what you want. Research and figure out what cars meet your needs as well as your budget. Do you want a new or used car? What options are important to you, and what can you sacrifice for price?

3. Search the web. There are countless online resources to help you decide what kind of car is right for you. Compare prices, features and safety ratings when making your decision.

4. Set a budget. Do not spend more than you can afford. A good rule of thumb is to keep your monthly car payment at less than 20 percent of your monthly income. Don’t forget other expenses such as gas, insurance and maintenance.

5. Call your credit union. As a member owned cooperative, you credit union will be able to offer you one of the best deals around for financing your car.