Whether you are buying your first vehicle or you’ve been through the car buying process before, purchasing a vehicle is a large investment. Prior to purchasing your new vehicle, there are a few things you could consider.
Consider Your Needs and Wants
Early in your buying journey, make a list of the things in your vehicle that you need. These could be things like vehicle size, MPG, or even features like a backup camera and blind-spot assistance.
Next, add in the features of your vehicle that you want to have, but could technically do without if it came down to it. These may be more luxury items like a built-in GPS, seat heaters, or an upgraded sound system.
Once you consider your needs and wants in a vehicle, this along with your total budget could help guide you in terms of vehicles that are a variable option to purchase.
Consider Financing Options
Many car dealerships will offer financing through themselves, but you may be able to find a more favorable financing rate through a private lender such as a credit union.
Consider a Vehicle Based on Your Budget
Besides the purchase price of the vehicle and the monthly payment that you’ll make on the vehicle through your auto loan financing, there are other costs associated with owning a vehicle both on a monthly and annual basis.
For the specific vehicle that you’re considering purchasing, price out how much your monthly auto insurance will cost, how much your state will charge to register the vehicle at the DMV, how much maintenance like oil changes will cost, and even how much electricity or gas will cost based on how many miles per year approximately you drive.
Once you have a running total of the cost to own your vehicle each month and each year, ensure that this is an expense that you can take on.
Consider Vehicle Reviews
Online you can and can explore consumer reviews on the make and model of the vehicle or vehicles that you are considering purchasing.
Look for any glaring red flags, such as consumers reporting major technical issues with the vehicle that may cost you down the road.
Do you need help financing your car? Let us know!
Let Camino help you. We want our members to find the best option that works for their needs. We offer competitive auto loan rates. Please go online at caminofcu.org, give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us for more information.