Any major purchase requires some thought and planning, especially when you’re a student. For many of us, buying our first car is a huge milestone, mainly because of how much time and effort we have to put in to get it. Before you jump to it, consider these next few things:
Adding it all up
Sure, there’s the actual price of your car…but what about insurance, fuel, maintenance, or unexpected repairs. Having a car is an ongoing expense, be sure that you can keep up with all the payments along the way. This will definitely involve adjusting your current budget!
Buy new or new to you
There are definitely pros and cons to buying a brand new vehicle, it’s so important to weigh them out and see which option works best for you. Consider the price of insurance on a new car, or the concerns of how previous owners may have treated a resale. Make a list and check it twice!
How you’ll cough up the $$$
Will you be able to pay in cash? Or take a loan? You definitely have options if you put a plan in place! Visit a BMO branch and speak to an advisor, they can help you work out all the little details for your specific situation. Not banking with BMO? Sign up for your every day student banking account now and get started!!