Buying a car should not be complicated. With talks of inflation, and dealerships slowly putting out vehicles on the lot, and comparing the best way to purchase car are all steps you’ll need to take on this financial journey. It can be exciting but also overwhelming. This is why our local federal credit union recommends taking baby steps in purchasing a new or used vehicle. We want to share eight tips to remember as you shop.
Evaluate Your Needs
Take a moment and ponder the advantages of having a car. Review your lifestyle and what kind of driving conditions you’ll face, and they type of vehicle that is practical to buy. Not everyone needs a F-150 truck, while others need a small sporty car, and others need a happy-medium. Research the different features and options in vehicles and consider if it meets your needs.
Think About Your Budget
Take a moment to realize your finances. This includes not only the purchase price of your car but the finances to maintain your car as well. Budget in your vehicle’s:
● Maintenance
● Insurance
● Gas
● Repairs
● Parking
Find ways to budget your finances to prepare and make time to maintain your vehicle when the time comes.
Explore Your Options
Shopping for a car is easier when you prepare with input from people you trust. Parents and friends are good, but so is our credit union! Most times, online sellers will sell you vehicles from within your area, and most online sellers will ship your car to you. Researching your options and browsing for your ideal vehicle may help you make your final decision.
Know Your Credit Score
A credit score can help determine the interest you may pay on your car loan. If you have good credit, then it will benefit your finances. Some online services can give you free credit scores, and some may even help you with your credit if your score is at an undesirable range.
Get a Free Credit Score when you download our VFCU Mobile Banking App. By becoming a member with VFCU, you get access to plenty of financial services.
Apply for a Loan with Our Local Federal Credit Union
Shopping for your car can be intimidating, but it’s best to be financially prepared. Getting quotes and information on your finances can be the best thing for you. Furthermore, it’s best to ask your bank for a loan and know how much you’d need to borrow.
Financing a vehicle is possible with a dealership, but always check in with your local federal credit union in Brownsville for the latest auto loan rates. VFCU offers to finance for new and used vehicles:
- New vehicle for up to 72 months as low as 3.90%
- New vehicle for up to 84 months as low as 5.25%
- Used vehicle for up to 72 months as low as 5.25%
- Used vehicle for up to 84 months as low as 6.25%
Take a Test Drive
Once you pick a few cars you are interested in. It’s best to take a test drive to see how it feels. Work with one dealer and make appointments early so you can drive your vehicle before someone else purchases it.
Close the Deal
After doing your research, knowing more or less what you want, and having all the finances in check, it’s time to purchase your car. To negotiate the deal, you need to stand firm in your decision and be sure to read the signed contract carefully before making your final decision.
Once you finalize purchasing your car, ensure that you will pay your car payments on time, or sign up for Bill pay with VFCU to make sure you stay on track of your finances.
Visit Your Local Federal Credit Union
Contact us for more information and see if you can become a member of VFCU, and make this purchase easier.
*Rates are subject to change without notice
**Certain terms and conditions apply. For more information, visit our main office or our Harlingen branch.
