Buying a car is a major financial decision – In fact, it is one of the biggest you’ll ever make.
Just think about it: In the last 10 years, have you bought anything that costs more than a car? A house or your kid’s education, maybe. But unlike a house, a car is not going to appreciate in value. And, unlike an education, an SUV is not going to increase your kiddo’s earning potential.
A car isn’t an investment after all, because you’re not going to receive a return on it. It’s an expense, and the best you can do is to get the maximum use and pleasure from the money you spend. Getting the most out of your car is a matter of careful maintenance. Getting the most out of your money is a matter of getting a good price on the car and a good deal on the related financing.
Here are some tips, options and advice to consider when you are purchasing a vehicle:
- Before you go shopping, get preapproved for a loan through your bank or credit union. Preapproval will mean you have one less thing to worry about when you find the vehicle you want.
- If you’re buying from a dealer, buying your car at certain times can often get you a better deal. Negotiating on the final price during times when the dealer will be more motivated to sell is a good way to save.
- Shop around for rates before choosing your financing. Often, you can save on interest rates if you get quotes from a few lenders.
- Refinancing an existing loan on the car you currently drive could lower your rate and monthly payment, putting more money in your pocket – a good thing at any time.
Buying a car is a major financial commitment, but if you do your homework and shop around, you can usually find a deal that works for your wallet.
This article is for educational purposes only. Tulsa FCU makes no representations as to the accuracy, completeness, or specific suitability of any information presented. Information provided should not be relied on or interpreted as legal, tax or financial advice. Nor does the information directly relate to our products and/or services terms and conditions.