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Financing Your Vehicle: What to know when you're starting to shop


Car Shopping

Buying a new vehicle can be an exciting experience, but it can also come with some stress. You want to find a vehicle you like at a price that works in your budget, along with considering all the extras like insurance and gas mileage. Not to mention any add-on products and services from the dealership. It’s a lot to think about!

To help you navigate the buying experience, here are a few tips:

  1. Get pre-approved with us before you shop
    If you get pre-approved before you start shopping, you will already know what kind of vehicle is in your price range along with the rate you will be getting on your loan.
  2. You may get other offers for financing
    When you’re looking for a vehicle, it seems like there are a lot of offers to finance your ride. Sometimes these offers aren’t always for your benefit, but more for the gain of the company that’s offering the financing. It’s important to make sure you understand the lender’s terms, what the application fees are, any pre-payment penalties, etc. even before you apply.
  3. Take time to review any extra charges before saying “yes”
    When buying a vehicle, you will likely get presented with many different products and services towards the end of the deal. Always review what is offered closely and take time to compare other options. Extended warranties and guaranteed auto protection (GAP) programs can vary greatly in terms of cost and coverage.
  4. Already signed on the dotted line? You still have options
    Even if you’ve already signed for financing through another lender, you still have options to refinance. Check into what the terms of your loan are, and we can work with you to see if it makes sense to refinance with us. Even if you have a pre-payment penalty, it still may cost you less in the long run if you refinance at a lower rate.
  5. Finally, don’t feel like you must decide right away
    It doesn’t hurt to get an offer in writing and take some time to think about the purchase. This also gives you time to compare your options and find what is right for you. It’s important to not feel rushed or pushed into such a big purchase. You should feel like you know all the options and are confident in your decision.

When you drive away in your new ride, we want you to feel good about the vehicle you purchased and how you chose to pay for it. Unlike larger lending corporations, we take the time to get to know you and any steps that you’ve taken to make improvements to your financial situation. All our loan decisions are made locally, with our member’s best interest in mind.

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