How to buy a car and look like you know what you are doing
I get a lot of questions from first time exotic car buyers that are curious how to present themselves as serious and qualified and streamline the sales process with their dealer. Here is what I suggest.
Create a PDF of the information that they might need.
- A clear copy of your driver’s license
- A utility bill if you want the car registered at a different address than the one on your license.
- A valid, non-expired Insurance Card
If you would like to finance the car, you should include:
- The first 2 pages of your personal 1040 tax return for 2 years if possible
- W2 or 1099 forms for previous years if available
- A recent pay stub
- The amount that you are looking to put down and what you would like your payment to be. Bear in mind that your payment will be between $15 and 20 per thousand financed so make the estimate reasonable.
If those items to not prove the income that you are stating due to write offs, you will need to provide justification for that income. That may be in the form of bank statements, balances in cash or market accounts to demonstrate liquidity, etc. The more than you can provide, the better off you will be.
If you have a trade, include the following:
- One exterior and one interior picture
- Current registration
- Copies of the front and back of the title if available
- The VIN number and current miles
- The lien holder information if applicable with account number and balance owed.
- A copy of the original window sticker if available
- A realistic value of what you feel your trade is worth
As you can imagine, we rarely receive leads with that much information readily available. If you submit all of this along with a reasonable offer for the car, value for your trade, and expectation in financing then you will find yourself in a position to make a quick and easy deal. Having all of that information on hand will also make a dealer more willing to accept your offer.