Buying a new car involves a significant investment, so it is essential that we previously study all the possible options that the market offers us and inform ourselves of all the key aspects that must be taken into account when making the purchase. Mainly, it is essential to be clear about what our real needs are in order to choose the right vehicle, look for the best offers by comparing the different prices and go to trusted dealers or entities that give us facilities to be able to assume the payment of the final price of the vehicle. Pay attention to this article in which we offer you a very useful guide on what is needed to buy a new car and the key points that you must take into account before carrying out any procedure.
Documentation needed to buy a new car
When we are about to buy a new car and for whatever reason we cannot make a cash payment for it, the usual option and solution is to resort to vehicle financing. However, before carrying out this procedure, it is important to be aware of all the details and above all to be sure that we will be able to repay the loan that we are going to request to purchase the car. If possible, it is advisable to give an entry so as not to have to finance 100% of the final amount and also to reduce the subsequent payment of interest.
In general, the requirements to finance a car that banks usually request are the following:
- Have the ability to repay the requested loan. The entity can analyze the solvency and current economic situation of the applicant, taking into account what their income is, the payments they make each month and if they already own other assets.
- Be of legal age, that is, have already reached 18 years of age.
- Not be part of any list or file of defaulters.
- Have a valid ID.
- Submit a copy of the last income tax return.
- Submit a photocopy of the latest payroll.
- Submit work history.
Once an agreement has been reached with the entity, it is very important to carefully read the contract for the sale of the car before proceeding to sign it. Above all, it is essential to make sure that the final price coincides with the one established at the beginning and that there are no additional charges.
Finance the car at the dealer
Nowadays, there are many who decide to finance their new car with the dealer where they bought it. This may have some advantages with respect to the financing offered by banks, such as comfort and speed, since it will not be necessary to start looking for a bank that is willing to grant us the loan.
In addition to this, dealers usually offer discounts and offers that can significantly reduce the final amount of the purchase. There are also some cases where they are willing to accept our old vehicle, which can also mean a discount on the total price.
On the other hand, there may be some drawbacks, such as, for example, being subject to a minimum financing period, somewhat high cancellation fees or stipulated cash inflows that cannot be modified. In short, it is best to study all possible financing options beforehand and choose the one that best suits our needs.
where to buy a new car
Once we are clear about what is needed to buy a new car, we are likely to ask ourselves: what is the best place to buy our vehicle? Well, basically we have two places we can go to: official dealers or official agencies. The former are brand representatives and the latter are representatives of a particular dealership. In other words, the official agents will have purchased the vehicle from the dealer and, therefore, they rarely make more discounts on the final price.
New car comparator: ease of purchase
Today, there are other options that can make your search for the ideal new car much easier and speed up the buying process. One of them is to use online comparators for new cars, such as Canova, with which it is possible to personalize the vehicle you want to buy and, based on this configuration, receive the best offers in a very short time.
In this way, you can find the dealers that offer the best prices and save a lot of time in the negotiations and subsequent sales procedures.
Other important tips before buying a new car
- Set an initial budget: it is important to set a budget that adjusts to reality, taking into account our economic solvency and ability to assume the repayment of a loan.
- Buy the right car: it is convenient that we are clear from the beginning what type of vehicle we are going to buy, taking into account our daily needs so that later we can consider that the purchase of the vehicle has been a good investment.
- Analyze the price of the vehicle: it is always advisable to request quotes from different dealers and study the final prices. Only if we compare the different budgets, we can make the best possible purchase.
- Take into account the extras: the more extras the vehicle has, the higher the final amount will be, so it is convenient to take this into account when making the purchase and assess whether all this equipment is really necessary for us or not.
- The type of engine: the advantages and disadvantages offered by diesel engines and gasoline engines must be previously assessed in order to make a good choice. In the following article, we show some keys to choose between a diesel or gasoline car.
- Take into account the additional costs: it is also important to keep in mind that the purchase of a new vehicle will also entail other additional costs, such as insurance or the Tax on Mechanical Traction Vehicles (IVTM), among others.