Tips on Buying Cars: Welfare, budget, salesman


Question
i am interested in purchasing a new vehicle but my only form of income is welfare. I recieve 900 a month so i would be able to afford a vehicle and have good credit. are there any restrictions on this?

Answer
First, I would make myself a written budget to see exactly where your $900 is being spent each month. Include, food, rent, mortgage, phone, cell phone, television, electric, insurance, credit card payments, etc. What remains after these expenses can be divided into how much you need to save each month. Also remember the costs of auto ownership can be quite expensive. Insurance, the new or used car payment, cost of gasoline and repairs, and the down payment required for the car may quickly eat away your $900. Do your homework before you see the car salesman so you know exactly what funds remain for a car payment.