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Navigate Your Next Vehicle Purchase

If you’re thinking about upgrading your ride, researching the perfect car is probably your No. 1 priority. But that’s not all you should do before sitting down with a salesperson. To get the best deal while being mindful of budget, you’ll want to financially prepare, too.

Get Up to Speed

Consider these tips as you gear up to buy a car:

Check your credit

Knowing your credit score and history will clue you in to how lenders will view you. The better your credit history, the better an interest rate you’ll qualify for. If your credit history has room to improve, you can take some time to make adjustments before committing to a purchase. Get free copies of your three major reports at annualcreditreport.com.

Set your budget

Do you have money for a down payment? Will you be trading in a vehicle? Do you know how much you can afford for a monthly payment? Taking all of these things into consideration will help you make a smart budget. Use our loan calculator or run the numbers with one of our loan officers. When calculating your budget, don’t forget that your auto insurance rate may increase with a newer vehicle.

Get preapproved

Visit your financial institution to get preapproval for a loan. This will help you solidify your budget and give you more negotiating power with the dealer.

Negotiate

Name your (reasonable) price and don’t budge for anything. Leave your phone number and wait for a call back if necessary. If your price isn’t met, go to a different dealership.

Read the paperwork completely

Make sure you read through all the documentation before signing.

Review add-ons carefully

If you’re looking to add an extended warranty, service package, paint protection, or some other add-on, check all of the details so you understand what you’re getting and how much it will cost. You might want to consider paying separately for add-ons to avoid increasing your loan amount.

By choosing Central Minnesota Credit Union to finance your vehicle, you’ll get a competitive rate with no surprises and great service for the life of the loan. Our personal bankers are happy to help you with your auto loan application. Call 888.330.8482 or visit our auto loans page  to get started.