January 25, 2024
Buying a car is a big decision that requires some serious planning and thinking. From figuring out your budget to getting the right financing, it can feel overwhelming. But don't worry! We've got you covered with this guide on how to successfully buy a car.
Step 1: Do Your Research and Set a Budget
Before you dive into the car-buying process, take some time to research the type of car you want and set a realistic budget. Ask yourself questions like: How much do I make each month? What are my current expenses? And can I afford future costs like insurance and maintenance? Our handy auto calculator can help you explore different monthly payment scenarios based on your budget.
Step 2: Check Your Credit Score
Your credit score plays a BIG role in getting loan terms and interest rates that will benefit you in the long run. You can easily check your credit score using our Credit Score tool, located in our Online Banking platform, without any impact on your actual score. If your credit needs a boost, make an appointment at one of our branch locations so that one of our financial advisors can help you identify ways you can improve your score.
Step 3: Get Pre-Approved for an Auto Loan
One of the best things about banking with HRCU is that we offer competitive auto loan options. With competitive rates, no application fees, and special member discounts on interest rates, you’ll save money from the start. Plus, with up to 90 days of no payment, you’ll have some breathing room before your first installment is due. Getting pre-approved not only makes the buying process smoother but also gives you a clear idea of your loan terms and interest rates, saving you time and unneeded stress when you're at the dealership.
Step 4: Research Dealerships and Car Models
Now that you have your budget sorted out and financing options lined up, start researching local dealerships and different car models. Consider things like reliability, fuel efficiency, and resale value. Take those test drives and gather all the info you need to make an informed decision.
Step 5: Negotiate Like a Pro
Armed with pre-approval and a budget, negotiate that purchase price with the dealership. Don't be afraid to walk away if the terms aren't in your favor. Having HRCU’s pre-approval gives you the confidence to negotiate effectively and snag a fair deal.
Step 6: Seal the Deal and Hit the Road
After you’ve hammered out the details, take a good look at the paperwork and tie up any loose ends with the dealership. It’s crucial to grasp all the ins and outs of the loan before putting pen to paper. Once everything is squared away, you’re ready to hit the road in your shiny new ride, feeling assured that you’ve made a smart and financially savvy choice.
Buying a car is a step-by-step process that requires careful planning and consideration. By following these six steps and taking advantage of HRCU's auto loan tools, you can navigate the car-buying journey with confidence and ensure that you drive off the lot with a car you love and a steady financial future you can be confident in.
Membership
Contact
Rates
Appointments
Locations