The Arrival Guide

Trying to decide between a new car and a car that’s new to you?

A vehicle represents a major investment. It will figure significantly into your monthly budget but it’s also a very basic need in many cases. While there is no perfect way to go about buying your vehicle, understanding your needs, priorities, and resources will go a long way in getting the best car at the best price and terms for you: Be sure to think of all the considerations.

• Identify your needs in a car-Examine your car needs and wants by thinking about your lifestyle, safety, finances and personal considerations.

• New or Used-with a new vehicle you may get the latest safety features, technology, new warranty and less maintenance but with a used vehicle you may be able to find a better buy, less depreciation and even save on insurance premiums.

• Buying Options- There are many options of where to buy. These can include: local dealerships, online resources, buying services, vehicle brokers, and private parties.

• Financing options- While usually, there is no penalty for paying off your loan earlier than planned, if you miss a payment there can be serious consequences and even repossession. If you don’t have the money to pay for your vehicle in full at the dealership, there are financing terms from 36 to 84 months. A longer term with a lower rate will result in lower monthly payments. A shorter term would mean you get done paying sooner. Talk with your Personal Financial Associate to see what is right for you.

• Shop for money before you shop for your car- if you’re going to buy a car with a loan be sure to check with your local credit union, like ITCU, to get the lowest rate possible.