For most people, next to getting a credit union home loan to buy a house, buying a new car is the biggest purchase that they will ever make in their lives. The average price of a brand new car in the United States is $30,000, so it is important to learn all you can about what’s involved in buying a new card and how to get a credit union auto loan from your New Bedford credit union to help you get the biggest return on your investment. Start by contacting your credit union in New Bedford to speak with a local agent. Our customer service staff at St Anne Credit Union can help you find the car loan options that are best for you.
Do Your Homework
Experts say that the best thing you can bring with you when you go out shopping for a new car is knowledge. Take time to do your homework, research car pricing, standard costs and fees, as well as benefits and potential negatives about the make and model of vehicle that you are wanting to buy. Your New Bedford credit union can get you set up with a pre-approved credit union auto loan so you will be able to go to the car lots with confidence in knowing that you are already approved for financing. Car lot financing fees and interest are typically much higher than anything you would pay at your local credit union in New Bedford.
Learn to Negotiate
Even if you already have a pre-approval for a local credit union auto loan, it doesn’t hurt to learn more about how to negotiate the base price for the vehicle that you want to buy. Many dealers will be open to bargain or negotiate in the range of 10-20 percent, depending on the MSRP or Manufacturer’s Suggested Retail Price of the vehicle. That price will need to be considered whether you are paying car, financing in-house or bringing along approval for a credit union auto loan, but how you pay for it is what will ultimately affect your monthly payments.
Understanding the Terms
Speak with a customer service representative at St Anne Credit Union in New Bedford about any questions that you might have with regard to the terms of your credit union auto loan. Similar to a credit union home loan, your automotive loan through your local New Bedford credit union will be based upon the price of the vehicle, any destination or delivery freight costs, as well as any other fees from the dealer. Make sure that everything is accurate and that you understand the terms of the deal. Your St Anne customer service agent will help you understand the terms of the credit union auto loan before you sign any agreements.
Another part of buying a new car that many people overlook is insurance. Before you can drive the car off the lot, you will need to show the dealer proof of insurance. If you currently have auto insurance, just call your agent and get it switched over to the new vehicle. If you do not have insurance because you do not have a vehicle, contact a provider and get a quote on the vehicle you are wanting to buy. Consider speaking with the dealer or the lender about adding GAP insurance. This insurance policy will pay off your loan in full if your vehicle is totaled in an accident. While this type of insurance is not required by law, it can be very beneficial to help you pay off your credit union auto loan in full if the car was destroyed.
Trading Your Old Vehicle
Don’t even bring up the idea of trading in your old vehicle to help reduce costs of your new car purchase until you have finished negotiating the best-possible deal on the purchase. Then you can ask for a quote on what the car dealer would give you on your current vehicle as a trade-in. You might be better off selling your old vehicle on your own and then using that money as a down payment toward the new credit union auto loan.
Loan Opportunities at St Anne Credit Union
Contact your local credit union in New Bedford to find out more about getting a credit union auto loan or credit union home loan. We also have a wide variety of savings and investment opportunities that you can take advantage of to help grow your money. Call St Anne Credit Union in New Bedford for more information.