Gas up: 6 steps to purchasing your dream car

Dream Car

1. Review your credit report and find out your FICO score before applying for a loan. Make sure there are no late payments to creditors. If your credit score is above 680, you’re in good shape. If this doesn’t apply to you, wait six months to re-establish your credit to good standing.

2. Assess how much you can afford monthly for an auto loan and insurance. Keep in mind that this figure is only a portion of the overall cost of vehicle ownership.

3. Be prepared to put down at least 15 to 20 percent so your payments won’t be upside down, which means the outstanding balance on your car is more than the automobile’s Kelley Blue Book value.

4. Make sure your credit card balances are less than 50 percent of your purchasing limit.

5. Provide a proof of residency that show that you’ve been in your home for at least six months.

6. Be prepared to provide documentation of $1,600 in monthly income.

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