Buying a Car
Buying a car can be a really fun experience as long as you take the proper steps and precautions to prepare! Do your research to help ensure that you don’t spend more than anticipated or end up with options that you really didn’t need. Determine which makes and models interest you then further research reliability, gas mileage, safety, resale value and warranties. Be sure to take into consideration all costs of owning a car, not just the purchase price:
- Registration
- Sales tax
- Insurance
- Financing costs
- Gas
- Repairs and Maintenance
- GAP Insurance protects you against the out-of-pocket expense that arises when the insurance settlement is less than the loan payoff if your vehicle were to be totaled out due to an accident or unfortunate circumstance. You may want to consider purchasing GAP insurance if you are putting a minimum amount down on your vehicle purchase.
- Credit Life will pay off the insured balance of your loan if you were to pass away before the loan term ended up to the policy maximum.
- Credit Disability will cover your loans should you become totally and continuously disabled by a covered sickness or accident which persists beyond the policy waiting period.
Additional Options to Consider:
3 Steps to Get You into a New Car:
- Apply for a pre-approved auto loan! When shopping for a car, you have a much better position to negotiate if you have a pre-approved loan amount. You will know ahead of time your interest rate and payment amount to ensure you are staying within your chosen budget. With your pre-approval, you will be less likely to be talked into taking extras you don’t want or need and you will be able to take advantage of dealer rebates which will save you even more money! Check out our current auto loan rates then head over to our auto loan calculator to calculate your estimated monthly payments.
- Research! Before you hit the showroom, do a little research so you have a better idea of what you want and what is available. Car and Driver Magazine® and Consumer Reports® are two publications with good information on quality, cost and safety. You can also visit NADA® or Kelly Blue Book® to help better determine what you should be paying for your vehicle.
- Shop! Now you are ready for the dealership. With your financing and research in hand, you are prepared to shop ’til you drop to get the best deal possible.
Sharefax Credit Union can assist you in your purchase of a vehicle. To speak with a Loan Officer about financing, call (513) 753-2440 or apply online .