Something old. Something new. Something borrowed. Something blue.
This is a saying that has been around for years and for millions and millions of weddings around the globe. However, did you know that this saying is also something that newlyweds should use and follow when purchasing their very first vehicle as a married couple?
Americans Well-informed on Automobile Retailing Economics, which is commonly known and referred to as AWARE, is an organization that is built on the foundation of members that wanted to create a much greater understanding of consumers regarding the whole process of auto financing. In fact, the group has been aiming at providing the market and consumers education on the previously mentioned topic
And now, the group has a national consumer education campaign which they created as part of the summer wedding season. AWARE reminds all newlyweds to still follow the old wedding saying when deciding on purchasing their very first vehicle.
Eric Hoffman is one of AWARE’s spokespersons and he tells the public, Something old, something new, something borrowed, something blue is not just for weddings. It applies to financing a new car or truck, too. And since buying a car or truck is often a couple’s first major joint purchase, it is important they learn about vehicle financing and talk to each other before deciding what to buy or lease.
Something old should refer to the old-fashioned family budget, according to AWARE. The group affirms that it is important to create together a budget. And they should also include other factors and other costs aside from the purchase of one vehicle. This could include gas, maintenance, repair, and insurance.
Something new refers to the couple’s updated credit reports. AWARE says that since they are jointly financing the purchase of the vehicle, everything on their credit reports would be important to see their worthiness when it comes to credit.
Something borrowed is AWARE’s term for shopping around for loans and other means of getting resources on the financial end. There should be hundreds and hundreds of trusted sources. It is important for the couple to go through the best organization that offers loans with the best interest rates.
Something blue is what AWARE uses to refer to not having perfect credit. The couple should not be immediately blue. Even if one does not have good credit while the other does, the chances of being able to show that you can finance a new vehicle would be much greater.