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Tips For Buying Your First Car

If you're anxious for your own wheels, there are five things you need to know before you buy your first car:

1. Save before you borrow. The more money you can contribute to a down payment, the less the car will cost you over time.
2. Spend some time online. Check out sites like edmunds.com or kbb.com (Kelley Blue Book) to get a sense of prices and learn about the car-buying process.
3. Keep your options open. Focus in on the type of car you're looking for - rather than one specific make and model. Visit several dealers and scan the classified ads to see what's available.
4. If you have narrowed your choices to used vehicles, know what you are buying. Dealers should be able to provide a vehicle history. If it is a private sale, ask to see the maintenance records and before you buy, have the car inspected by a trusted mechanic.
5. Line up financing at the credit union before you make the deal, but don't share that information with the dealer. Dealers make money off the financing, so if you announce you already have a loan, they may try to make up for lost profit somewhere else.

Tuck Your Money Away Now: Get What You Want Later

If you like to spend money - and who doesn't? - then you'll like saving it, too. Just think of saving as delayed spending. By setting funds aside now in your share savings account at the credit union, you can get the things you want later, including things you couldn't afford to buy at the moment. Saving also sets you up for buying big ticket items - like your first set of wheels - on credit. For example, when you save for a down payment on a car, you put yourself in a better position to get a loan and will pay less for the car over time, leaving you money to spend on other things: gas, insurance, and date night. Even if you don't have a lot of money, you can save. Simply set aside at least 10 percent of whatever money you earn or get as a gift. Remember, the more you save, the more you can spend.

Save Early, Often and Experience the Power of Saving

Maybe you've picked up some extra cash as a gift or for helping a neighbor with a chore. Or you have a steady paycheck from a part-time job. Do you usually spend all of your money on downloads or on a trip to the mall? If so, you could be missing out. Because you have time on your side, by saving part of it now you can reap big rewards later. Say you are 15, and you can save $20 a month. Even if you only earn 1 percent interest, you'd have $15,574 by the time you were 65. If you could earn 2 percent, you'd have $20,627! Saving money in your share account at the credit union is a great way to get ahead financially. And the sooner you start, the farther ahead you will be.