Tips to Help You Save on Financing
Are you in the market for a new car? Whether you're buying your first car or trading in your old one for a new model, purchasing a car can be time-consuming. Make your next experience an easy one by following these tips.
1 Six months before purchasing your car, review your credit report from all three major credit reporting agencies (Equifax, Experian and TransUnion) and be sure any incorrect information is corrected. You can order a free credit report from each agency once a year at www.annualcreditreport.com.*
2 Contact American First Credit Union about getting preapproved for an auto loan. This allows you to bargain with a dealer once you have secured financing.
3 Shop online before going to a dealership. After narrowing your choices, contact each dealership to set up a test drive. Also consider buying used, rather than new. It could save you a lot of money.
4 Research the car you've chosen. Read online reviews, ask friends who had the same model and check out Kelley Blue Book at www.kbb.com* to find out what the car is worth.
5 Contact an insurance company for quotes on the car you choose. Most lenders will require comprehensive and collision insurance on your new car.
6 Have your loan officer go over the contract to ensure you understand the terms.
When you're ready to purchase your vehicle, call American First Credit Union to get pre-approved before you buy. Call 800/ 290-1112 or log on to www.amerfirst.org.
| * | Website provided for information only. No endorsement is implied. |
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