Buying a Used Car
Copy and paste the list onto an email, then fill out
Putting work into finding the right car before you buy saves you a lot of time and money later.
Before you start--always find at least 2 vehicles you would like to buy before making an offer. That way you don't need the car, you just want it.
Step 1: Establish Your Budget
Strongly encourage to save up until you have enough money. The only exception to that is if you need the vehicle and you need it now in order to make money. If that is the case, get a vehicle that bare-bones fits your needs. Once you get enough income and enough saved up, you can sell that vehicle and upgrade. But when borrowing money, go only for what you need, not what you want, for two reasons:
Step 2:
If you still think you might want to buy, Step 3:
Before you start--always find at least 2 vehicles you would like to buy before making an offer. That way you don't need the car, you just want it.
Step 1: Establish Your Budget
Strongly encourage to save up until you have enough money. The only exception to that is if you need the vehicle and you need it now in order to make money. If that is the case, get a vehicle that bare-bones fits your needs. Once you get enough income and enough saved up, you can sell that vehicle and upgrade. But when borrowing money, go only for what you need, not what you want, for two reasons:
- If you default on paying off the loan, it doesn't matter if you made 39 payments. The bank gets the vehicle and you get nothing.
- Owing money increases stress in your life. There is a real cost to borrowing funds that has nothing to do with money.
- Interest is front heavy, meaning every payment at the beginning is mostly interest--something that stays in the bank's pocket not yours. It's not until near the end that you are paying mostly principle. If you trade in or sell the vehicle, the loan itself still has to be paid. You only get the leftover money, which is not a good deal.
- Year, Make, Model
- Mileage
- Number of owners?
- VIN
- A picture of the title if they have it, or the Bank name who has the loan--confirm with the bank that this is the actual owner
- Has the vehicle been in any accidents?
- how many?
- what damage did the vehicle receive?
- was the frame ever compromised?
- What repairs have been made on the vehicle?
- What repairs are still needed?
- A/C?
- Heating?
- Perks or upgrades?
Step 2:
- Look up Kelley Blue Book using the specific VIN number--it will take into account any accidents.
- Look up the title from the state it was issued, make sure the owner on the title matches what they say
- Talk to a trusted car mechanic. Would this be a good deal? Is there any upcoming work this make/model vehicle will likely need?
- Look up other vehicles of same make/model/year that are for sale. Double check the value you are getting.
If you still think you might want to buy, Step 3:
- Take the vehicle for a drive. Take it to the trusted mechanic and pay them to evaluate the car.
- Add up the total cost of the vehicle, including currently needed as well as upcoming repairs.
- When ready to offer, have in mind at least two vehicles you are willing to buy and approach both at the same time. Especially important if buying from a dealership--make sure they know you are looking at more than just their car. It will help them be honest about the value of the vehicle and help you get the best value for your money.
Leasing a Room or Apartment
again, copy list and paste onto an email, then fill it out for each rental you are considering
Before you begin:
Make sure to find at least two places that work before committing to one.
When given the paperwork, have someone you trust look over the agreement/contract, pointing out anything that could be used against you.
Be sure to do a walk through before you sign. Record a video of the tour, and take upclose pics of preexisting damage. Email the pics and vid to yourself before moving in. The email will note the day and time, and will stand as evidence in a court of law, should there be an issue later on, like them refusing to return your deposit.
- Renting is throwaway money. You will never see it again. At the same time, this will be your home. A home can be super nice but expensive enough to stress you out. A home could also be a great deal, but depressing and run down. Balance the two.
- Figure out how much you make monthly, and then 25% of your take home/net income (income minus taxes, child support, etc). Do not let your lease rate go above that 25% net. If needed, downgrade, get a roommate, etc. Still can't afford? Time to get more hours, a second job, or higher pay.
- Is location important? Why?
- Which amenities do you need? underline them: full or half kitchen, laundry, furnishings, gym, pool, yard, etc
- Which amenities could you do without? Underline them: full or half kitchen, laundry, furnishings, gym, pool, yard
- Check local listings (like craigslist) for current rates of rentals that have what you need
- Check local listings that include what you want
- Address of rental:
- Name of the owner:
- Name the check is written to:
- Amount of Rent:
- Amount for Deposit:
- How much of the deposit is refundable?
- Referrals name and phone number:
- What utilities are included with rent?
- What additional utilities are needed?
- List of furniture that comes with the rent:
- current condition
- List of appliances that come with rent:
- Their current condition
- How Chores are Divided for common areas if more than one renter?
- Current system to resolve conflict of interests?
Make sure to find at least two places that work before committing to one.
When given the paperwork, have someone you trust look over the agreement/contract, pointing out anything that could be used against you.
Be sure to do a walk through before you sign. Record a video of the tour, and take upclose pics of preexisting damage. Email the pics and vid to yourself before moving in. The email will note the day and time, and will stand as evidence in a court of law, should there be an issue later on, like them refusing to return your deposit.