Do Your Homework Before Buying a Car

7/25/2018 |

Category: Lending Products

Do Your Homework Before Buying a Car

Buying a car is a big decision, so you have to do your homework and research before you even set foot on the dealership's lot. You have to know what kind of car you want, how much you can afford, how much your auto loan is for, and reading car reports and reviews. Here's your assignment to prepare you for buying a car!

Know what kind of vehicle you want

Are you looking for a heavy duty pickup truck? Or a minivan for the family? Or an affordable and reliable car to get you to and from work and around town? There are so many options for you to choose from, so you should narrow it down based on your needs and lifestyle.

Make a budget

This one is probably the most important one—besides deciding if you want a sunroof or leather interior. That being said, sometimes you can live without those extras if you can't afford them. Look at your current finances and determine how much you can put toward a new or used vehicle.

Vehicle payments are normally 36 months to 60 months, and you can use auto loan calculators to figure out what monthly payments work for you. You'll also want to take your gas mileage into consideration, because if you drive long distances on a daily basis, you may want to look at more fuel-efficient cars. You can use the U.S. Department of Energy's gas and fuel resources for more information.

Decide how you'll finance your car

You can choose to finance your new or used car through the dealership or you can take out an auto loan from a financial institution. Premier Source offers low rate auto loans for new and used vehicles—and you don't have to be a member to apply for one. (But we'd love to have you join our credit union if you live or work in Hampden or Hampshire county!)

Read car reports and reviews

Since there are so many vehicles on the market, you should do your research on the few you've narrowed your choices down to. You can look for reliability ratings from sources like CarFax, Kelley Blue Book, and NADA official used car guide. You can compare different cars, SUVs, and trucks, and see how they rank among similar vehicles.

Want to learn more about Premier Source Credit Union’s auto and vehicle loans? Give us a call at 800-551-3556 or stop by our East Longmeadow or Springfield branches to speak with our lending specialists. If you take out a qualifying vehicle loan during July 2018, you'll receive a $50 gas card! Click here to learn more about this offer.

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