Buying your first new car is exciting, but the process can feel tricky since you haven't done it before. We want you to feel comfortable about your purchase at Luck Chevrolet. A little preparation will make your first dealership visit much easier. Here's a step-by-step guide on what to expect and what to bring with you when you're shopping for a new or used car.
Your 7-Step Guide
Step 1: Set Your Budget Before Shopping
Figure out how big a payment you can comfortably afford. Your budget should account for more than just the monthly car payment. You'll also have to pay for insurance and routine maintenance. If you have a long commute to work, you'll need to factor in fuel costs.
If you're financing the purchase, think about how much you can afford to put down. A larger down payment will reduce the amount you'll need to borrow. Remember that a lower monthly payment isn't always the better deal. Longer loan terms can reduce the payments, but will increase the total interest you'll pay. Setting a realistic budget helps you narrow the choices before you start shopping.
Step 2: Explore Financing Options
Most people need a car loan to purchase a vehicle. They borrow the money through a lender and repay it through monthly installments. Getting pre-approval before visiting the dealership will help you understand how much you may qualify to borrow. It also lets you compare auto finance offers.
Luck Chevrolet's team is here to help explain the different financing options to you. You can even start the application process through our website. Keep in mind that pre-approval isn't a guarantee of final loan approval. Your financing terms might change after the lender reviews your application and the vehicle you've selected.
Start Your Finance Application
Step 3: Decide Between a New or Used Car
A new car offers the latest features and comes with the manufacturer's new-vehicle warranty. You'll also know the vehicle's entire ownership history from the beginning.
A used car will cost less than a comparable new model. Buying pre-owned may allow you to choose a higher trim level while staying within your budget. Used vehicles can vary in condition, though. We can help you compare available vehicles and decide which one suits your needs.
Shop New Shop Pre-Owned
Step 4: Gather the Documents You'll Need
Bringing the right paperwork will help the process go more quickly. Gather the following items before coming to Luck Chevrolet:
- Driver's License: You'll need a valid license to take a test drive and verify your identity.
- Proof of Income: Lenders may request recent pay stubs or other documentation showing your earnings.
- Proof of Residence: A utility bill or similar document may be required to verify your address.
- Insurance Information: Bring your current policy details if you already have coverage. Otherwise, be prepared to arrange insurance before taking delivery of the vehicle.
- Down Payment: Have your payment method ready if you plan to make a down payment.
- Trade-in Documents: If you're trading a vehicle, bring its title or loan payoff information, along with the registration and keys.
Not every buyer will need every document listed here. It depends on your financing arrangements and individual circumstances. If you're not sure what to bring, call us ahead of time to verify.
Value My Trade
Step 5: Visit Luck Chevrolet and Take a Test Drive
Stop by the dealership to compare available models and ask questions about their features. Take your time examining the vehicles that interest you. A test drive is especially important. Pay attention to seat comfort and visibility. Make sure it feels easy to maneuver and you're comfortable with its handling. Don't hesitate to ask about any features you're unfamiliar with. Buying your first vehicle is a learning experience, and you should feel informed before making a decision.
Schedule a Test Drive
Step 6: Review the Paperwork Before Signing
Once you've chosen a vehicle, you'll review the purchase agreement and any financing documents. If you are financing, pay close attention to the annual percentage rate (APR), loan term, and monthly payment. The contract will also disclose how much you'll pay over the life of the loan.
Review the vehicle's purchase price and any applicable taxes or registration fees. Make sure you understand any optional products or services in the agreement. You should never feel obligated to sign paperwork you don't understand. Ask questions about anything that's unclear before finishing the transaction.
Step 7: Arrange Insurance and Take Delivery
Virginia requires drivers to maintain liability insurance. Lenders usually require additional coverage for financed vehicles. Keep your purchase agreement and warranty documents in a safe place. You'll want them available if questions come up later.
Once the process is complete, you're ready to drive your new or used car home from Luck Chevrolet in Ashland!
Shop Your First Car at Luck Chevrolet
Visit Luck Chevrolet at 516 S Washington Hwy, Ashland, VA 23005 — Monday–Saturday 9 AM–8 PM; Sunday 11 AM–5 PM.
Frequently Asked Questions
What documents should I bring to buy my first car?
You'll need a valid license to take a test drive and verify your identity. Lenders may request recent pay stubs or other documentation showing your earnings. A utility bill or similar document may be required to verify your address.
What should my car budget include?
Your budget should account for more than just the monthly car payment. You'll also have to pay for insurance and routine maintenance. If you have a long commute to work, you'll need to factor in fuel costs.
Is a lower monthly payment always the better deal?
Remember that a lower monthly payment isn't always the better deal. Longer loan terms can reduce the payments, but will increase the total interest you'll pay.
Should I get pre-approved for a car loan?
Getting pre-approval before visiting the dealership will help you understand how much you may qualify to borrow. It also lets you compare auto finance offers.
Does pre-approval guarantee my car loan?
Keep in mind that pre-approval isn't a guarantee of final loan approval. Your financing terms might change after the lender reviews your application and the vehicle you've selected.
Should my first car be new or used?
A new car offers the latest features and comes with the manufacturer's new-vehicle warranty. A used car will cost less than a comparable new model. Buying pre-owned may allow you to choose a higher trim level while staying within your budget.
What should I check before signing car loan paperwork?
If you are financing, pay close attention to the annual percentage rate (APR), loan term, and monthly payment. The contract will also disclose how much you'll pay over the life of the loan.
Do I need car insurance in Virginia?
Virginia requires drivers to maintain liability insurance. Lenders usually require additional coverage for financed vehicles.