If you are considering buying a car for the first time, you might not know where to begin. Making such a major purchase is most likely the first step in your financial life, so it is very important to take it seriously.

That’s the word from the experts at a national consumer education campaign called AWARE (Americans Well-informed on Automobile Retailing Economics).

To help first-time auto buyers navigate the financing system, it has put together this pop quiz:

• Do you have a budget? If you don’t already have one, create one. It will help you determine how much car you can afford. Don’t forget vehicle-related costs outside of a new car payment, particularly insurance costs. Premiums for many young drivers can be as much as the monthly car payment. Don’t forget to include maintenance, gas and taxes.

• Have you pulled your credit report? Your credit history may affect your finance rate, so it’s a good idea to get a copy of your free credit report before heading to the dealer. Go to www.annualcredit report.com for yours.

• Have you shopped around? Do some homework before you decide which car to buy and where to buy it. Call your bank or credit union. Talk to dealerships. Print out all quotes and keep them in a folder that you bring with you when you shop for the car. Whether you finance through your dealer or elsewhere, there are typically no penalties to refinance if you’re not satisfied.

• Do you know how finance rates are determined? Vehicle financers use a number of factors to determine the finance rate they will offer you, including your credit score, the price of the vehicle you would like to purchase, manufacturer incentives, the amount of your down payment, your debt repayment options and the length of the finance contract. The rate offered to you may be negotiable.

• Is there someone you could ask to be a co-signer if needed? If you are under the age of 18, are currently not employed, do not have a credit history or your credit history is not good, you may need a responsible person to co-sign the finance contract for you.

• Do you know the difference between leasing and financing? Know what an APR is? Credit insurance? Guaranteed Auto Protection? You need to educate yourself on these terms and understand the value and price of aftermarket products. If you don’t want something, don’t sign for it.

According to Eric Hoffman of AWARE, if you answered “no” to one or more questions, go back and hit the books before you buy a car or truck. Said Hoffman, “Consumers, especially those at the beginning of their financial lives, need to be vigilant about understanding the vehicle-financing process. If you make mistakes along the way, they can follow you for years.”

Car owners and drivers, as well, certainly have felt the effects of the upward movement of gas prices. In fact, many people have opted to use public transportation rather than use their cars and vehicles because of the high amount you have to pay in exchange for a liter or so of gas.

Now, it seems like everybody else is affected. Even the National Association for Stock Car Auto Racing, or much commonly known as NASCAR, have given approval for its arm, the NASCAR Performance Automotive Licensing Program, to join forces with the CCC, or the Car Care Council. Together, the two organizations has done brainstorming sessions and just recently launched a consumer education campaign which they dubbed as the Be An Angel, Maintain Your Car And Save Some Gas.

NASCAR and the CCC both maintain that this new campaign of theirs would also work as a call to action for all consumers. The campaign, in fact, even encourages car owners to maintain their vehicles regularly. This is because NASCAR and CCC believe that it is one of the best ways to achieve a better fuel mileage and in the process decreases expenses on gas.

A public service announcement that lasted for thirty seconds was produced by NASCAR. The organization is positing to run the mentioned announcement come the NASCAR programming which will actually launch and run throughout the whole month of July. Aside from this, all the local television stations scattered around the United States would also be receiving a copy of this public service announcement which they would have to run during their air time.

On the end of the Car Care Council, Rich White, its executive director, informs the public, Higher gas prices are here to stay. But fortunately consumers can take greater control of how much gas their vehicles use by performing simple and inexpensive maintenance.

NASCARs automotive licensing managing director, Odis Lloyd, explains, The opportunity to help consumers with their car care needs has never been more significant. By using NASCARs extensive media assets and partnering with our manufacturing and installer partners, we can help consumers combat rising fuel costs by getting them the necessary vehicle repair information they need to get better fuel economy.