When you buy a car, the initial purchase comes with ongoing expenses. The two major ongoing expenses for most drivers are car payments and insurance premiums. Here’s what you should know about each if you’re going to buy a car:
Car Payments’ Influences, Options & Solutions
Assuming you finance or lease when you buy a car, you’ll have an ongoing monthly car payment for the duration of the agreement. While there are always some less-common agreements, most financing is done over 24, 36, 48. 60, 72 and 84 months. Leases commonly run 24 or 36 months, but there also are shorter and longer options available.
How much your car payment is during this time depends on a few different factors:
- What interest rates are for car loans at the time of your purchase
- What your personal credit score is
- How much the car you decide to purchase costs
- How much you pay up-front at the time of purchase
- How long the finance or lease agreement lasts
Of course, finding a payment arrangement that works for you is part of the car-buying process. When you talk with the finance department at Valley Automall, our team can help you adjust the variables you can change to find a solution that meets your budget and financial goals. The multiple options give our finance department a lot of flexibility to set up different solutions for drivers, and we can almost certainly find one that you’ll be pleased with.
Insurance Premiums Influences, Options & Solutions
Insurance premiums are an expense every driver must pay, and they’re also affected by multiple factors. In fact, there are many influences that can impact your insurance premiums — some of these you may have control over but others you don’t. A few of the items that can affect your car insurance premiums include:
- How much your vehicle is worth
- How many miles you drive each year
- How many recent accidents and tickets you have
- What safety equipment is on your vehicle
- What your age, gender and marital status are
- What coverages, deductibles and limits you choose
When selecting coverages, deductibles and limits, there are certain ones you’ll be required to carry. For instance, all drivers in Nevada must maintain the state’s minimum-required auto insurance coverages. You’ll also likely have to carry comprehensive, collision and gap coverage if you finance or lease a vehicle.
In addition to these, many drivers choose to get additional coverages and higher limits that offer them even more protection.
Buy a Car at Valley Automall
If you’re ready to buy a car, come to Valley Automall for your next vehicle. Along with a wide array of makes and models, we also have an experienced finance department that will work hard to find you a purchase solution that’s right for you. Contact us at 702-570-2257.