Before You Purchase Your Next Auto Contact the Credit Union
12 Tips Before You Purchase a Vehicle
â–Ş Get your loan approved before you try and purchase a vehicle.
â–Ş If you find the auto you want, Never Drive Off the Lot until you have secured credit union financing
â–Ş Obtain a signed and agreed upon purchase order
â–Ş Check with the credit union before taking GAP or any auto warranty from the dealer. These products are less expensive at the credit union
â–Ş Beware of dealer financing. The credit union can offer you a better interest rate
â–Ş Know the NADA or the Kelly Blue book value of your vehicle before using it as a trade-in. The dealer will always give you much less than what your vehicle is worth. Knowing the value of your vehicle will give you more negotiating power
▪ Think twice before purchasing extras. Ask yourself, “Do I really need…” Extras tend to increase the cost of the vehicle. Always negotiate these items
▪ Know the dealer’s interest rate. This rate will determine the cost for borrowing money to finance your vehicle
â–Ş Beware of dealer teaser rates. Zero interest rates are primarily reserved for those individuals with excellent credit scores
▪ Call the credit union to discuss the dealer’s offer
â–Ş Have the credit union representative review the purchase order to ensure that you are not overpaying for the vehicle. If you agree to pay over the value of the vehicle, the credit union will not be able to finance negative equity
â–Ş Avoid dealer pressure. Remember, there are more than one dealership selling autos
Search bank and credit union repossessions for sale in your state with the list below:
