Buying Your First Car on Your Own

After graduating college last spring, I began my first real job, in Chicago. Initially, to save money, I moved in with my sister and borrowed my brother’s old car. However, winter’s consistent sub-zero temperatures were more than an old VW could handle.

Reality had hit, and it hit hard. I was now car-less and living on a futon, with my only income source a 45-minute drive away. This was a low point, but it marked a new beginning. By making sound financial decisions, I was able to invest in my future and make a successful transition to life in Chicago.

Relying on the kindness of my sister and co-workers, I was able to get rides to and from work while I searched for a used car.

After determining a budget within my means, I researched my financing options. Being a long-time member of my credit union, I was preapproved for a loan at a fantastic interest rate.

Finances were in order and it was time to decide what characteristics were most important to me in a new car. Car aesthetics can cloud judgment. To avoid being lured into a nice looking lemon, I listed my preferences in order of importance: gas mileage, safety rating, reliability, compact size, good stereo system, and color.

I found several potential vehicles after doing online research to match my preferences. Spending several days visiting potential vehicles, I found a trade-in Volvo at a used car dealership that met all of my needs. After an hour of negotiation, I was able to lower the price to fit within my budget and to purchase my first car.

Life in Chicago has improved drastically since buying a new set of wheels. Budgeting properly, doing background research, and not being afraid to ask for help allowed me to make a sound financial decision for my future.

If you need help getting off to a good financial start, talk to the professionals at SIU Credit Union. Stop by or call (800) 449-7301 today.