Whether you’re finally ready to say goodbye your first car and upgrade to a new model, or looking for an affordable, used car to get you around town, you want to make sure you’re getting the most for your money. That means finding a car, and auto loan, that fits into your budget and your financial freedom goals.
You need a car loan with great rates, the right terms and manageable loan payments. Here’s how your credit union can help make that happen and what you need to know before financing your next vehicle.
Set and stick to your budget
Before you head to the auto dealer and start test-driving a new ride, you have to determine how much car you can afford. Budgeting money to spend on your next vehicle for yourself is the first and most important step in financing a new car without going into unmanageable debt.
Want to know how much you’ll be paying for your new vehicle each month? Use our auto payment calculator to get a glimpse at your monthly dues, but keep in mind the price you see on the car window at the dealership is not necessarily the final purchase price. After dealer fees, sales tax, down payments and more, you might be looking at a significantly higher end-cost.
Get pre-approved for an auto loan
At FAIRWINDS, our number one goal is to put you on the road to financial freedom. When it comes to car-buying, we aim to do that by providing you the best loan terms possible, including the lowest interest rates.
Before you get into the driver’s seat, a crucial step in the car buying process is to get pre-approved for your auto loan. This will let you know exactly how much you can spend at the dealership, so you can walk in feeling confident and ready to choose your next set of wheels.
Maximize your trade-in value
Knowing the value of your vehicle can help set you up to maximize the amount of money you are able to get for it. Once you know how much your car is worth, you can determine which path is right for you when it comes to selling or trading your vehicle in.
Selling your car to a private party will usually get you the highest possible price for it, but it requires time, energy and effort on your part. If you want a simpler, hands-off process, you might consider trading your vehicle in at the dealership if the trade-in offer seems fair.
Keeping these insider insights in mind, you’ll be set on the road to your next vehicle. If you’re ready to give your new car search the green light, get started on your auto loan pre-approval today by talking to a FAIRWINDS auto loan expert.