Start Saving Now
In most circumstances we know when the time is coming. Maybe you have an older car that is in constant need of repair, or your auto loan is paid off and you want to upgrade to the latest model. Whatever your situation is, start saving early. Putting a little bit down can save you money in the long run, especially if you aren’t trading a car in.
Determine Your Budget
Sit down and look at your budget. How much can you afford each month? Always remember to leave yourself some wiggle room. You don’t want to be strapped and not have enough for your car’s added expenses, like insurance, gas and oil changes.
While it is convenient to make the car dealership a one stop shop, you may not be getting the best deal on your car loan. Take out the middleman and go directly to the source. Before you step foot in a dealership get pre-approved. Getting pre-approved ensures there are no mark ups and you are getting the best rate available. It will also be easier to negotiate knowing exactly how much you can afford. Sikorsky Credit Union is currently offering rates as low as 1.99% APR.* Learn more.
Don’t settle on the first car you find. Shop around. So many dealerships are offering good prices on new and used vehicles. If you want a new car, don’t shrug off a used vehicle. You may be able to save thousands just by purchasing a used vehicle with low miles (and you probably can’t tell much of a difference).
Negotiate, Negotiate, Negotiate
The dealer knows you are there to negotiate. Did you receive a better price at another dealership, let them know! There is always a chance they can go lower. If they can’t go lower, there is a chance they can negotiate on other things, like your trade in value. Don’t be shy. If it’s not your thing, that’s okay, bring a friend or family member with you who enjoys negotiating.
Shop Around for Insurance
Just like your new vehicle, shop around for insurance. Just because you had a company before doesn’t mean you need to keep them now. Where can you get the best deal? Don’t settle.
The best way to save on your next vehicle purchase is just by planning. Plan ahead, shop around and negotiate. Most importantly, get pre-approved. Sikorsky Credit Union can help! Learn more.
*APR = Annual Percentage Rate. A payment example for a $15,000 used car loan for a person with a 760+ credit score who has a loan term of 60 months and is enrolled in autopay for the entire period of the loan at an APR of 1.99% is approximately $262.85 per month. Rate reflects a .25% discount for automatic payments from a Sikorsky Credit Union account. Up to 115% financing including tax, warranties and license. Rate is determined by your credit history and term and may range from 1.99% to 10.99%. May not be combined with other promotional rates or offers. Existing Sikorsky Credit Union auto loans are not eligible for refinance. Terms and conditions apply. Rate is subject to change without notice. Used auto rates apply to model years 2017 or newer. Older used vehicle terms and rates also available. Other terms and rates are available for model years 2012-2016.
Standard vehicle financing guidelines apply. Vehicle loans are available for the purpose of purchasing a new or used vehicle (automobile, truck, or motorcycle) or refinancing an existing vehicle loan. Commercial vehicles, vehicles over 10,000 pounds Gross Vehicle Weight (GVW), and vehicles with rebranded titles (total loss, flood, rebuilt, etc.) are not eligible for financing.
In the market for a new vehicle? Looking to get into a new ride without breaking the bank? We can help, save more with these tips: