Is a new car in store for the New Year?

As the year winds down, so do auto sales. At the same time, dealers are looking to boost their numbers and clear out last year’s models, which can make it a buyer’s market. ‘Tis the season to get a great deal on a new or used car, but there are a few factors to consider before you buy:

1. First of all, do you need to get a new car? Would repairs or a new paint job get you what you need for less money?

2. Think about your whole financial picture:

    a) How will this purchase affect your credit rating?

    b) Are you considering buying a house? If yes, consider waiting on the car. Increasing your total debt now might lower your home buying power.

3. Before picking out your car, pick out your payment. How much can you comfortably afford without putting a squeeze on your budget for the next 4-6 years? Try our financial calculators to find out how much you can expect to pay.

If you decide that the time is right to buy and you’ve settled on how much you can afford, consider:

1. Car sales usually drop off around the holiday season, which can put you in the driver’s seat when it comes to negotiating price. Start with a low but fair offer and know in advance when you’re willing to walk away.

2. Do some research before heading out to the lots. Before you leave home you’ll already know: whether you will consider new or used, how much you are willing to pay (Try www.nada.com, www.kbb.com, or www.edmunds.com for fair market values) and safety info (http://www.nhtsa.gov) for the models that catch your eye.

3. Planning to trade in your current vehicle? Check the same websites to find out a fair price for your trade.

AND

4. Get pre-qualified for an auto loan with Guadalupe Credit Union

                    AUTO LOAN SPECIAL as low as 3.99% APR*

When you are pre-qualified, you can negotiate better, knowing exactly how much you’ve qualified for. Talk to one of our loan officers. They can guide you on the maximum amount you can afford and your monthly payments.

5. Don’t forget insurance! Changing your ride may change your premium—check with your insurance company for a quote. Also consider insurance that can protect your family, just in case. Ask the credit union about options that can keep you covered in the event of a totaled new car, unexpected repair costs, death or disability.

6. Consider a credit union repo. You can find the car or truck you need at a GREAT PRICE! View them online, then give us a call to set up a test drive!

*Annual Percentage Rate, subject to credit approval.

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