Choosing the right car can sometimes be an overwhelming task. Deciding on the size, model and year can take weeks of decision-making time. After deciding on the perfect car or truck, you’ll then need to consider how to pay for the vehicle. Many Valley citizens typically take out a loan with a financial institution in order to put a down payment or help with monthly costs. VFCU does the same. Our loans are aimed at making your purchases easier.
The Most Important Question
You’ve finally made the decision to buy a new vehicle, now the next question is, what’s your budget? Most of us funnel time into deciding what model we want when in reality we should be determining how much we can afford. Staying within your means is the best way to set yourself up for financial success in the future. For most people, talking about loans and financing options takes the fun out of buying a new car. Dealing with various payment options and interest rates can sometimes be discouraging, but it’s necessary.
Choosing Credit Union or Banks Brownsville Loans
Getting pre-approved will help with the negotiations after arriving at a dealership. Walking into a dealership as a qualified buyer also shifts the power to your side. The more steps you can do on your own, the more it shows the dealer that you aren’t completely reliant on them. However, where do you get your financing? At a bank, you may be offered the highest rates on an auto loan.
Say No to Excess Options
Driving out of the dealership with options you don’t need is common. Having options isn’t a bad thing, though, and they allow customers to personalize their vehicle to match their style. However, at some point down the road, you may have a higher car note that might break your budget. Below are some options to think twice about before signing that dotted line:
- Extended Warranties – Extended warranties can add over $5,000 to your loan. A good idea is simply having a vehicle emergency account that you can contribute to at a monthly pace.
- Heated Seats – How badly do you really need them? If it isn’t standard in the model you’re looking for, skip this bundle, especially if extremely cold temperatures are rare in your area.
- Limited or Special Editions – Here in Texas, we get our fair share of these. For the most part, these offer options such as leather seats or a “special” paint color you supposedly won’t find anywhere else. Skip this if you absolutely don’t need it.
A Better Deal
There’s a reason car dealerships offer financing: they make money on the sale and on the loan. In many cases, the higher the loan, the higher the commission will be. At one point, dealerships offered financing to sell quickly.
You can stroll the lot in peace knowing that the salesman will try to get you the best deal for your loan. According to Executive Vice President at VFCU Norma Jasso, representatives at VFCU have no hidden agendas when car buying.
“We’re here to offer the best value and make sure you don’t overpay for a loan. Whether it’s a new or used vehicle, we’ll offer the best interest rates. We’re here to help you drive out of the lot with the best deal.”
Saving You Time
The process of buying a new or used vehicle can take hours. The worst thing that can happen to a potential customer is not qualifying for a loan. Another scenario is having bad credit and only qualifying for a high-rate loan – which would be financially disastrous for your wallet. At VFCU, we offer loans for new and used vehicles. Jasso explained how VFCU members can walk into a dealership knowing the institution has ironed out the best terms available.
“We offer great payment options and a quick approval process,” Jasso says. “Many times, dealers offer high-interest rate loans for their benefit. Ours are only for helping our members”
The Actual Cost to Own
That 8-cylinder truck might look great, but the cost to fill up its gas tank is something that can leave you wincing. Make sure to do research before taking the plunge. Keep in mind that some manufacturers also offer “free” oil changes for the first year. Again, remember that a few newer models can go up to six months without an oil change. Don’t let some marketing hype fool you.
Find the Right Loan at VFCU
Get a deal you’ll be proud of at VFCU. Whether it’s a new or used car, we have the lowest rates to make the purchase of your dream car happen. Our rates are more competitive than a dealer’s financing. Visit us at any of our locations or call us at 956.546.3108 to schedule an appointment with one of our financing experts.