Every
parent plays a fundamental role in shaping the life of their children.
The countless sacrifices and love that is received from a parent is
second to none. Fathers are often the first ones who teach their
children how to drive a car. Purchasing your first car for college would
not have been possible without your father, guiding you through all the
fine details. Therefore, this Father’s Day, gifting your old man a
sweet ride would be a small gesture that he would cherish for all the
years ahead.
Factor In: Important Elements when Purchasing a Car for Your Dad
When it comes to fathers and their comfort, you should think about the following points before you make a decision.
1. Narrowing down the Right Car Model
You
know your dad the best. If his main need is comfort, then gift him a
car such as the 2019 Honda Fit that has easy to use technology, good
value for money and an efficient engine. Alternatively, if your father
is interested in adventures and road trips, then the right car for him
would be the legendary Toyota Land Cruiser that can sustain rocky
terrains. Therefore, narrowing down the right car for your father will
require you to research extensively on the type of cars that he likes
and needs. Make sure you purchase a car that encompasses all your
requirements and budget.
2. Financing the Car
The
way to finance a car for your father is to either to apply for the auto
loan in your name or to co-sign it with your father. As it is a gift,
ideally the auto loan should be in your own name. Consider the options
for auto financing in terms of the length of the auto loan, the debt to
income ratio, your credit score and your current credit standing. The
best strategy would be to choose the right car, compare different auto
loan quotes and find the best quote. If you are confused, starting with a
heavy down payment will help you reduce the burden of the auto loan.
3. Registration & Title Formalities
The
first thought to cross your mind would be to put the name of your
father for the title of the car. In some states, the name of your father
on the title may not be legally possible. You cannot purchase a car in
someone else’s name and if you wish to have a shared title, the other
person is required to sign the paperwork, which would ruin the surprise.
For instance, New York DMV requires a bill of sale from the buyer that
indicates that the purchase price is $0 as it is a gift. Thus, make sure
you figure out the laws of gifting a vehicle in your state with regards
to title transfer and registration.
A Gift of a Lifetime
A
car is a big investment and you should prepare yourself with all the
details before you make the purchase for your father. Once you sort out
the nitty gritty of purchasing the car for your old man, decorate it
yourself as a gesture on Father’s Day and it will be a gift that he will
never forget.
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you want to buy a car for your father? Do not let bad credit history
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