Articles, Blog

Financial tips for the best car buying experience

Financial tips for the best car buying experience


WHEN YOU’RE READY TO START IMPORTANT TO TAKE TIME TO FIND A CAR THAT IS AFFORDABLE AND WELL SUITED FOR YOU. TODAY WE HAVE THE CREDIT UNION HERE TO TELL US ABOUT WHAT WE NEED TO KNOW BEFORE WE ACTUALLY HIT THE CAR LOT. THERE IS A LOT TO KNOW. THIS IS USUALLY FOR MOST PEOPLE THE SECOND-MOST SIGNIFICANT PURCHASE. YOU ARE RIGHT, AFTER A HOUSE. IT IS IMPORTANT THAT YOU DON’T JUST LOOK AT WHAT THE PAYMENT MIGHT BE BUT ALSO TAKE INTO ACCOUNT THAT YOU HAVE TO PUT GAS IN THE CAR, AND THERE WILL BE MAINTENANCE AT SOME POINT ON THE CAR. TAKE ALL OF THAT INTO ACCOUNT WHEN YOU’RE ARE SETTING YOUR BUDGET. WE RECOMMEND THAT THE BUDGET FOR ALL OF IT IS NO MORE THAN 20 TO 25% OF YOUR TAKE-HOME PAY. I HAVE TO BE HONEST WITH YOU, I DREADED THIS PROCESS. IT IS A LOT TO CONSIDER. YOU REALLY NEED TO GO IN THINKING ABOUT THESE THINGS AHEAD OF TIME. THINK ABOUT SOME OF THESE COSTS, WHICH INCLUDE INSURANCE, REPAIRS. WHAT ELSE SHOULD WE CONSIDER? IT IS IMPORTANT TO WHETHER YOU WANT TO LEASE A CAR OR BY A CAR. — OR BUY A CAR. IT REALLY DEPENDS ON WHAT THE PERSON IS LOOKING FOR, SO WITH A LEASE YOU TYPICALLY GET A NEWER CAR, SO THE TERM OF THE LEASE DETERMINES WHEN YOU GET THE CAR. WHEREAS WHEN YOU BUY A CAR, MAYBE YOU WILL KEEP IT FOR THE NEXT 10 OR 15 YEARS, SO IT DEPENDS ON WHAT YOU ARE LOOKING FOR. THERE ARE OTHER THINGS TO LOOK FOR. THEY LEASE, YOU HAVE TO STAY WITHIN A CERTAIN NUMBER OF NEIGHBORS AND BE CAREFUL OF EXCESSIVE WEAR AND TEAR. AND YOU DON’T OWN THE CAR AT THE END OF THE TERM. WHEN YOU BUY A CAR, YOU OWN IT OUTRIGHT AT THE END OF YOUR LOAN, BUT THEN YOU ALSO HAVE TO KEEP IN MIND, WHEN YOU BUY A NEW CAR, THAT CAR DEPRECIATES ONCE YOU DRIVE IT OFF THE LOT. THAT IS THE BENEFIT OF BUYING A USED CAR, IT HAS SEEN THE DEPRECIATION, SO YOU ARE NOT PAYING FOR THAT. YOU NEED TO CONSIDER IT YOUR NEEDS, HOW MUCH YOU DRIVE OR THERE’S A LOT. IN THE FINE PRINT, WHEN IT COMES TO LEASING. ABSOLUTELY. DO YOUR RESEARCH AHEAD OF TIME. PREAPPROVAL IS APPROACHING — IS IMPORTANT. PEOPLE DON’T ALWAYS THINK ABOUT THAT. YOU CAN SPEAK WITH YOUR FINANCIAL INSTITUTION BEFORE YOU GO TO THE CAR LOT AND GET PREAPPROVED SO YOU WILL KNOW WHAT YOUR AMOUNT IS. IT IS A GOOD IDEA, SOMETIMES YOU MIGHT BE LOOKING AT A CAR THAT IS $18,000, AND YOU MIGHT WANT TO BE PREAPPROVED FOR MORE, BECAUSE THEN YOU SEE THE LEATHER SEATS AND THESE OTHER FEATURES. YOU NEED TO KEEP YOUR OVERALL BUDGET IN MIND. THE PREAPPROVAL, YOU CAN MAKE IT VERY EASY. YES. WE OFFER A READY LOAN CHECK, A BLANK CHECK THAT YOU CAN TAKE WITH YOU WHEN YOU’RE SHOPPING FOR YOUR CAR. AND YOU JUST MAKE THAT CHECK OUT , AND YOU SIGN IT AND DRIVE AWAY. THERE IS NO WAITING. THERE IS A LITTLE BIT OF TIME UP FRONT, BUT NOT MUCH. AND YOU CAN DO IT ON THE PHONE OR ONLINE. ABSOLUTELY. THERE ARE MANY WAYS TO TAKE CARE OF THAT. LET’S TALK ABOUT THE OFFERS THAT YOU HAVE RIGHT NOW. TYPICALLY CREDIT UNIONS OFFER LOAN RATES BETWEEN TWO AND 3% BELOW NATIONAL AVERAGE. IT IS A GOOD IDEA TO CHECK OUT WHAT THE CREDIT UNIONS ARE OFFERING. WE HAVE RATES RIGHT NOW AS LOIS LEE .25% APR AND ALSO — AS LOW AS 3.25% APR. YOU CAN LOOK AT THAT AS YOUR FIRST FEW TANKS OF GAS FREE. YOU’RE RIGHT ABOUT THE RATES, THEY USUALLY ARE BETTER. THANK YOU SO MUCH. THIS IS THE SITE WHERE PEOPLE NEED TO GO. WE CAN PUT THAT ONLINE AS WELL SO IT IS EASY TO FIND. YOU DO HAVE A BRANCH ABOUT A HALF A BLOCK FROM WHERE WE ARE RIGHT NOW. YOU ARE CONTINUING TO GROW THROUGHOUT THE STATE. WE HAVE A PRESENCE ALL THROUGHOUT MID-MICHIGAN, AND OUR MEMBERS ARE ABLE TO USE OTHER CREDIT UNIONS ‘ LOCATIONS AS WELL. IT IS A GREAT TIME TO GET A CAR. IT IS. WE WILL BE RIGHT BACK. DON’T GO AWAY. ♪

Tagged , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *