Buying a first car together is a major milestone for newlyweds. Americans Well-informed on Automobile Retailing Economics (AWARE) suggests applying the classic wedding adage to this significant purchase: “Something old, something new, something borrowed, something blue.”
Eric Hoffman, an AWARE spokesperson, advises that this saying isn’t just for weddings; it’s relevant to financing a car or truck. Because this is often a couple’s first large joint purchase, understanding vehicle financing and open communication are crucial before making any decisions.
“Something old” represents the traditional family budget. AWARE stresses the importance of creating a joint budget that considers all associated costs, including gas, maintenance, repairs, and insurance, not just the initial purchase price.
“Something new” refers to updated credit reports. Because the purchase is jointly financed, both partners’ credit histories are vital in determining their creditworthiness.
“Something borrowed” signifies shopping around for loans and financial resources. Explore various reputable lenders to find the most favorable interest rates and loan terms.
“Something blue” acknowledges that perfect credit isn’t always a reality. Don’t be discouraged by less-than-ideal credit. Even if one partner has a stronger credit history than the other, securing financing for a new vehicle is still possible.