How To Buy A Car As A Couple
Are you thinking about how to buy a car as a couple ? Then make sure you finish reading this. It is highly normal to think about acquiring real and personal properties together with your partner when things are excellent and awesome. Buying a car as a couple can be a big step in your relationship. While buying a car does not require a lifetime commitment, it is still important to plan before making the purchase.
how to buy a car as a couple? Consider the following before making that purchase:
Communicate to find the right car:
Communication is very important when deciding to buy your first family car as a couple. If you want to avoid unnecessary arguments about your purchase then remember to communicate with your spouse, because chances are that you two might want different car specs. While men will usually go for the horsepower, fuel mileage etc., women will want to know about number of passengers that can fit in the car, space of the car and its colour. Of course, the space of the car is important if children are a possibility in the near future. If so, then it means that couples may want to go for a larger vehicle like SUVs or minivans.
Check your budget— be fiscally ready:
It is always important to check your finances if you want to purchase an expensive personal or real property. Couples should look at their budget to see if they are fiscally prepared and whether they can afford it. Couples should also note that there are many financing options including joint car loan, leasing, outright purchasing and third party financing available to them. And remember to factor in the cost of vehicle registration fees, parking cost and the cost of fuel.
Obtain auto insurance:
If you are looking to buy a car as a couple then you should consider purchasing auto insurance. Auto insurance can be pricey in some parts of the world. Premiums can be particularly high for new drivers and for teenagers getting their first car. A simple way for high risk drivers (mostly teenagers and new drivers) to slash the high cost of premiums is to add an experienced driver to form a joint car/auto insurance policy.
This is where purchasing a joint auto insurance policy can be handy. It allows both couples to save money in yearly premiums since couples opting to buy joint auto insurance policy turn to get discount.
Decide ownership agreement:
Since divorce is on the rise, it will be wise for couples to think about their car ownership agreement. I know that most couples hope to stay in their relationship forever but unfortunately, relationships don’t always work out the way it should.
Couples must sign documents outlining the terms of ownership so that just in case they break up, they can to figure out what to do with the vehicle.
Two type of ownership agreements:
Sole Ownership: If the couples decide that the vehicle will belong to only one person, but the other partner will advance part or all of the down payment in the form of a loan, the borrower should sign a written contract to repay. This contract is a called a promissory note. If you choose this option, you should register the vehicle in the borrower’s name only.
If you decide that only one partner will own the car then you can include the other partner as an “additional driver” on the car insurance
Joint Ownership: If couples intend to own the vehicle jointly, they’ll need a written agreement outlining the details. When you register the vehicle, put it in both names.