A MONEY expert has highlighted several of the most important factors to consider when buying your first car.
The TikTok user showed off her knowledge in a video that viewers called helpful and practical.
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Lex (@lextheceo) begins the clip by warning her audience to avoid auto dealership financing.
Instead, this finance whizz suggests visiting your local credit union to receive a car purchase check.
Lex said: “The only type of financing you should be doing at a dealership is if you’re going to lease the vehicle.”
Leasing companies buy cars from dealerships on your behalf for you to pay them monthly payments.
Lex’s following advice for first-time vehicle shoppers is to prioritize getting a model’s CarFax report.
A CarFax report details a car’s accident and maintenance history.
Vehicles with past accidents and inconsistent maintenance work are serious red flags.
Lex also noted that cars generally depreciate — so it’s best to put at least 10 percent [of the vehicle’s value] down at the start of your financing.
The more you put down, the less interest you’ll face over the long term.
This money expert and TikTok creator’s final tip is to avoid trusting car salespeople.
Lex said: “They [dealer sales staff] will say any and everything to get you to buy that vehicle, so make sure you know the facts.”
One TikTok user commented on Lex’s video: “This is what teachers in school need to teach instead of this BS we won’t remember in three years.”
Another view wrote: “She’s giving out straight game; I’ve been using these methods for years.”
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