The basics of buying and owning an automobile should be pretty easy, but there are some tricks to doing it the right way. There are several considerations when owning a car – financing your vehicle, auto insurance, auto repairs, and standard car maintenance.

Research before you buy!

1. Know your credit score.

You are allowed to get a free credit report every year from the three main credit agencies and should be taken advantage of to ensure that no fraud is taking place. But those reports do not include your credit scores. You can order those through many places and it will cost you a small fee, but well worth it when you are negotiating a deal to know where you stand in the eyes of the financer. Get All 3 FICO Scores and Credit Reports with our partner MyFICO.com.

2. Research types of cars you're interested in.

This way you'll know what you like, what specs will fit your needs, and what price range you can afford with your current financial situation. To further research the type of car you're interested in, try using Edmunds.comcar research engine. Not sure which car you want, click on the link at the bottom to browse the different car options.

3. Find out what financing options you qualify for before you go to the dealership.

Contact a few lenders and get pre-approved before you buy the car. By doing this, you will know the total price you can afford and will have an idea of the rates in which you will be offered. The dealer may be able to match those rates, but at least you'll have a bargaining tool and another option if they can't meet or beat what you're eligible for through another bank or credit union.

There are many places you can look to for prequalification and a local credit union is probably best. But for a quick and easy quote, check out our friends at Car.com.

4. Review the industry lingo.

This is important so you understand what the dealer is talking about and what they are actually selling you. There are several known tricks out there, and it is important to understand how not to fall into these traps.

5. Figure the trade-in value of your current car.

If you have another car you need to sell, find out how much it's worth for dealer trade-in and retail purchase. If the dealer will accept your trade-in, you'll save on sales tax and it is less of a hassle. However, you may get more money for the car by selling it on your own.  Click here for Free Price Quotes at Edmunds.com to research the value of your current vehicle.

6. Inquire about insurance costs.

You should inquire about insurance rates for the car(s) you're interested in, and figure that price into the overall monthly cost to realistically know what you can afford. See what options are available through FinanceGenius' insurance partner, Esurance. Click here to Stop paying too much for auto insurance! Compare quotes online today.

7. Finally, don't be afraid to walk away.

If the deal is not right for your situation, walk away. The last thing you need is to get in over your head. There are always other options out there.

Auto Insurance

Auto insurance protects drivers and passengers in your car and other cars you may unfortunately interact with, as well as any damage to the vehicles as a result of an accident. Insurance coverage also protects the people in the car at the time of the incident. Your auto insurance will pay for medical expenses for you and others, provides legal assistance in case of a lawsuit, covers expenses associated with uninsured or underinsured drivers, and protects you in situations of vandalism, theft, and weather related disasters. Not only is auto insurance coverage important to protect you and your vehicle as you're driving down the road, but in most states it's the law.

There are various types of coverage options based on what best fits your needs. Each option, however, will have different limits of coverage. Be sure to carefully research which coverage option is best for you.

Auto Warranties

Auto warranties cover the expense of mechanical repairs. Generally a new car will come with a manufacturer's warranty, either a bumper to bumper warranty or a power train warranty. A bumper-to-bumper warranty is the most comprehensive type of coverage usually lasting about 3 years or 36,000 miles, and commonly covers key parts to your car such as the engine and transmission.

An auto extended warranty expands the original manufacturer's car warranty beyond the standard warranty period. The best rates are achieved the earlier you buy your extended warranty to time the car was initially purchased. The price of extended warranties increases the longer you wait to buy one, as the vehicle becomes a higher risk to warranty companies. It is important to carefully research the warranty coverage and the warranty company itself to ensure you are buying a quality warranty product.

FinanceGenius has partnered with Paragon Motor Club to offer you great pricing on extended warranties.  Paragon Motor Club is the premier on-line marketer of affordable extended warranties for your car, truck or SUV, saving you hundreds of dollars off dealership plans through purchasing direct. Get a FREE Warranty Quote through Paragon Motor Club.

Consider Refinancing your Old Car

If you've already purchased a car and realized you've paid too much, you may still be in luck. Automotive refinancing is becoming more common. Usually when you refinance, you are moving your loan to a new lender that offers a lower rate and/or lower monthly payment. See if auto refinancing is a viable option for you.