So you wanna buy a car?
It can be very tempting, even hard to resist. That urge to rush out to get a fancy new car can be powerful when you see so many commercials on television showing all the new models, or the once in a lifetime sales, or the year end closeout bonanzas! But wait, let’s not get too hasty here. Buying a new car is not the time to rush into a decision. Otherwise, you may end up regretting that choice down the road. For many of us, buying a new car is one of the biggest purchases of our lives, many times second only to the purchase of a new home. When you’re making that kind of financial commitment, you want to make sure you have all of your ducks in a row. Here at the IAA Credit Union we want to make sure you have the tools necessary to make a sound financial decision when it comes to that new car you have been eyeing. Our lending department has put together a list of items you should consider before running out to buy that new vehicle.
- Get Pre-Approved with the IAA Credit Union. Pre-approval not only gives you the peace of mind that your financing is set up before going into the dealerships, it can also give you access to our loan officers’ knowledge to help you along the way.
- Make a Budget, or adjust the budget you have to make sure that the monthly payment is something that you can realistically afford each month along with all of life’s other expenses. Know what you can afford. Saving for a down payment is also a very good idea to help you get the monthly payments you need while also getting a more expensive vehicle that you may want and also to create equity in your new vehicle.
- Make a list of your wants and needs. While the premium sound system sounds great, is it going to be worth the added expense to add it?
- Do your Research. Keep in mind not only the upfront and monthly costs, but how much it will cost for maintenance and general up keep. Even something as basic as the cost of an oil change can change quite a bit when you get into some of the more expensive cars out there.
- Talk to your insurance representative. Make sure what the costs will be on the premiums for the new vehicle versus the one you currently have.
- Be sure. You don’t want to end up making payments down the road on a vehicle that is taking up too much of your paycheck or that you started to not like after just a few months driving.
Feel free to check out our website to estimate your loan payment, view trade-in values and get more information on fuel economy.
Tags: auto loans, car loan, credit score, credit union, iaa credit union, iaacu, save money