{ "media_type": "text", "post_content": "Probably a dumb question but I’m looking to get my first car. What’s the best/right order to do this in: Do you get insurance first, a loan/financing rate from a bank first (as rates are probably better than car company financing rate), or buy/lease the car first?", "post_id": "5fe6ffa980fa17002a5852ba", "reply_count": 26, "vote_count": 4, "bowl_id": "5e6fe1c31f5e51001d267e46", "bowl_name": "The Work-Life Bowl", "feed_type": "bowl" }

Probably a dumb question but I’m looking to get my first car. What’s the best/right order to do this in: Do you get insurance first, a loan/financing rate from a bank first (as rates are probably better than car company financing rate), or buy/lease the car first?

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Pay cash. A car payment is dumb and you can't deduct the interest (unless you are using it for your business). If you don't have enough cash, you can't afford the car yet.

likefunny

Have fun paying cash for your clunkers. The other posters are correct given the current rate environment

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Great questions! -shop around for insurance based on the kinds of car(s) you’re buying to make sure you can afford the insurance payments and get great coverage at a good price. -find out your local banks rates (they’re sometimes better than dealerships) -call dealership and see what financing specials they’re offering & what the terms are. -If you have really good credit, you’ll have lots of options. Then make a choice as to where you want to finance. If you’re financing with your bank, then yes, you’ll want to be pre-approved for an auto loan before you go car shopping. -generally speaking, I’d strongly suggest you don’t finance a car if you’re paying more than about 3.5% (and if you do that, make extra principal payments each month so you are paying a load of interest over the life of the loan). -also: if you’re getting a brand new car, be sure you are fully insured to the value of the car with insurance (Gap insurance) and always get more liability coverage than you think you need. Okay! Happy driving! And congrats! New car is super fun.

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Warning - car dealers are annoying so you’ll get calls every day from them from each one you leave your contact info with

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Its your first car: Lease it. Economics aside (definitely don't pay full in cash if you're buying), it's worth trying before you buy. A road test isn't the same as actually driving a car for three years.

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The order is typically: 1) go car shopping/test drive; 2) once you decided on the car you want, then start negotiating with dealers; 3) once you agree on a deal and put a deposit down, then get insurance (insurance co will send you a temporary insurance card); 4) present the insurance card to dealer, and they will do the registration/get a plate and schedule a pickup time for your new vehicle. As for buy or lease, it really depends how you plan to use the car. I buy my cars bc I don’t need to park a new car at the train station every 3-4yrs, I tend to have low mileage on my cars so I keep them longer. I will pay cash or finance depending on the interest rates I can get, comes down to can I get a higher return on the cash by investing it?

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The above is dependent by state, in MO normally (but not always) you will handle registration yourself

Lots of regular (non luxury) brands offering 0%for the first 60 months. Get insurance before buying

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It’s worth noting that if you have renters or homeowners insurance too bundling can often save you a bit. You could switch everything, but if the rate is pretty good for your current insurer it may be the right move.

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Definitely recommend calling around for insurance quotes first and get an estimate on the monthly payment and which agency you want to go with for the car you are thinking of buying/leasing. Then shop around for the car. Once you find it and agree on price, you will have to secure insurance before you drive off the lot (at least in NJ), so this is where it was helpful to have the insurance quote lined up. Don’t bother going to a bank for a loan if buying, the dealerships will likely offer 0% financing for a couple of years (if you want to buy).

You get insurance as you buy. You need the VIN and purchase price to secure insurance. Ideally you can use an insurance app as you deal with dealer sales and financing teams.

You can typically work with the insurance agency to set up the policy for a similar make/model of the car you want to get, and use just any VIN for one of these available cars you see online in the inventory. Then when you are at the dealership, you can call them and provide the actual exact VIN and they will swap it out and finalize the policy. This approach gets you an estimate (+/- $5-10) of the monthly premium, so you know before you buy

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