Car buying has changed a lot over the years, but one thing remains the same: being financially ready gives you the upper hand. This week on #CreditChat, I had the opportunity to join Experian and talk about what it really takes to be smart and empowered when buying a car in today’s market. Here’s a recap of my tips and real talk from the conversation:
1. Your Credit Score Drives the Deal
One of the biggest trends I’m seeing right now? Loan terms are all over the place. That means your credit score has never mattered more. A strong score can secure you a better interest rate, lower monthly payments, and save you thousands over the life of the loan. Don’t wait until you’re on the car lot—check your credit reports and scores at least 60 days before you shop. Know what lenders will see and give yourself time to fix any issues.
2. Online Car Shopping = More Power to You
I love that you can sit in the comfort of your own home and compare pricing, models, and options without any pressure. Use that power! Just be sure to double-check who you’re buying from and verify vehicle details through a trusted source.
3. When to Buy? Think Fall
While timing can vary, I’ve always seen great pricing around November. That’s often when dealers are trying to clear inventory.
4. Your Pre-Purchase Checklist
Before you buy a used car, check your credit report, research the car’s history and reviews, and read up on the dealership. Do not skip this step.
5. New vs. Used: Do the Math
You know me—I always say, numbers don’t lie. Sit down and run the numbers to compare long-term costs of a new vs. used vehicle.
6. Don’t Get Fooled by Vehicle History Reports
Make sure you’re using a trusted provider when reviewing vehicle history reports. Look for red flags like multiple accidents or inconsistent mileage.
7. My Real Talk on Hybrids & EVs
I haven’t jumped into the EV world yet—I’m still the girl who proudly owns a 1965 Pontiac GTO—so I skipped this one! But always consider fuel and maintenance costs when comparing options.
8. Credit Score = Loan Tier
Your credit score will determine your loan tier and interest rate. Check your credit early, ideally 60 days ahead, to boost your score if needed.
9. Leasing vs. Buying
This is about the math and lifestyle. I’ve done both! If you’re unsure about a car, leasing might let you test it out. Just compare the total cost of leasing and then buying vs. purchasing outright.
10. My #1 Tip? Do the Homework
Check your credit. Research the car and dealership. Know your budget. Always balance needs vs. wants—and never rush.
Big thanks to @Experian for hosting another impactful #CreditChat. These conversations are such an important way to help people feel confident and prepared. Whether you’re buying your first car or your fifth, knowledge (and credit power) is key.
Let’s keep learning, keep growing, and keep driving forward!
