Everything You Need To Know Before Buying A New Vehicle
Beware of Unidentified Calls or Voicemails About Your Credit or Debit Card
If you receive an unidentified call or voicemail about your credit or debit card, and you believe it to be fraudulent, please hang up immediately and contact us at 800-475-1150. We are available to assist you.
Important Tips: Never provide your credit or debit card information to someone who calls you unsolicited. Be suspicious of any caller who asks for your personal information, such as your Social Security number or bank account number. If you are unsure about the legitimacy of a call, hang up and call us directly at 800-475-1150. We will never contact you to ask for your personal information. A message from Collins Community Credit Union will always include identification.
CHECK YOUR PERSONAL FINANCES
Whether your current car has been to the repair shop one too many times this year or you just want a fancier set of wheels to coast around town in, it is important to know the down payment you could make and the monthly payment you can afford. Buying a car that costs more than what you can afford can cause financial strain and could even lead to repossession, so be sure your monthly payment is exactly what you can afford and not a penny more.
Check to see if you qualify for an auto loan with rates and terms that fit your budget, then peek at your credit score so you can negotiate the best possible interest rate for any auto loans you apply for. The higher your credit score, the better your negotiating power.
To ensure you can afford the vehicle, you may want to consider making a larger down payment or extending the term on an auto loan to lower your monthly payment rate. Keep in mind, though, that increasing the length of the loan term will mean you will pay more in interest over time.
MAKE PRICE COMPARISONS
Thinking about a new car? Though new cars depreciate as soon as you pull away from the lot, you will experience lower maintenance bills and repair costs than you would with a used car. Plus, unlike a used car, you will be eligible for an extended warranty that may cover any issues the vehicle may incur. Conversely, a used car rarely comes with a warranty, unless you purchase one, but used car drivers will experience a lower purchase price and the potential for lower insurance premiums, license and registration fees.
Whether you are purchasing a new or used vehicle, be sure to check pricing on similar makes and models at different dealerships, as you may be able to save hundreds or even thousands just from comparison shopping.
COMPLETE COMPREHENSIVE RESEARCH FOR THE CAR YOU WANT
Before finalizing the sale, you will want to do a little investigating to make sure your purchase is sound. If you are buying a new car, be sure to browse consumer reviews and check for issues like frequent recalls on various parts. If you are planning to purchase a used car, complete a CARFAX report, which provides information about the history of the car, and check the title through the DMV, which can be completed online. Additionally, request a vehicle inspection, which typically costs around $100 to $150, to prevent the discovery of mechanical issues down the road.
After you have done your research, ask to take the car you’ve selected for a test drive. Observe the car in detail: ensure you have plenty of room and that the seats are comfortable or adjustable, check the visibility from every mirror, and be sure you have an in-depth understanding of the gauges and controls. You should also listen for any rattles or squeaks that may indicate an issue with the vehicle.
Once you’ve reviewed your finances, received loan approval, and checked your selected vehicle for safety, comfort, and its maintenance history, it’s time to make your purchase! Be sure you’ve set aside enough dollars for items like a new tag, title, and a potential increase with your insurance company. Then, it’s time to cruise off into the sunset with the music up and the windows down, fueled by the fact that you know you did the work to make the best decision.