Auto Loan FAQ: The general guide to buying a car in the U.S.

If you're a new refugee or immigrant to the United States, you might feel overwhelmed when it comes to buying a car in a new country. However, owning a car can be very helpful for getting around and settling in your new home. Here's a step-by-step guide to help you purchase a car in the U.S.

First, figure out your budget. Think about how much you can afford to spend each month on a car payment, insurance, and maintenance. Next, research the different types of cars that fit within your budget. Consider the car's size, fuel efficiency, and reliability. Websites like Consumer Reports and Kelley Blue Book can provide helpful information and reviews.

When it comes to financing, CEO can be your financial partner to help you through the process.  Please check out "How to buy a car with CEO Auto Loans?" and find out more information about our "Auto Purchase Loan." After you receive your pre-approval offer, you are ready to go car shopping.

When you find a car you like, search for a reputable dealership in your area. You can also ask friends or family members for recommendations. Be careful of private sellers or ads on websites like Facebook Marketplace or Craigslist, as they may not be trustworthy. If you are interested in buying a car from a friend or family member, please check out "CEO Private Party Auto Sales - Friends & Family program"

 It is important to schedule a test drive for the car you're interested in. This will allow you to see how the car feels on the road and whether it meets your needs. After the test drive, negotiate the price with the dealer if you're interested in the car. You should already have your research and know the value of the car you're interested in. Don't be afraid to ask for a lower price. Before you can drive your new car off the lot, you'll need to purchase insurance. Shop around for insurance quotes and choose a policy that fits within your budget.

Finally, regular maintenance is important to keep your car running smoothly. Be sure to read the owner's manual for maintenance recommendations and follow them closely.

Remember, buying a car is a big purchase, and it's important to take your time and do your research. If you need support, consider reaching out to a financial coach to help you with this important decision. By following these steps, you'll be well on your way to owning a car in the U.S. Good luck!