Missoula Federal Credit Union

Buying a Car


Acquiring a car can be necessary or optional. It can be a joy or a chore. It can be your first or your twenty-first, but for you it's not likely the latter because this information would not apply to you and you would not be reading this.

The issues in car buying largely relate to track-record. If you are young and inexperienced you are probably disadvantaged due to insufficient personal credit history, not much cash on hand, nothing to trade-in, you more than likely have a low paying job, if you are on your own you haven't lived where you are very long, and there are various other reasons why lenders would be less than enthusiastic to work with you. Don't be disillusioned. Be realistic instead. It may simply be that you want a more expensive car than you need. Or you may be in better financial shape than many other young people are when they start out.

After you have overcome the difficulties of identifying the truly right car for you and then buy it outright or finance it or lease it you still have insurance, fuel, and maintenance costs to think about.

Tips and Information:
Auto Financing Tips

How much should I pay for a car?

Should I lease or buy a new car?

What about dealer financing?

What is credit?

Why is credit important?

Resources

Car Values at http://www.nada.com/

Vehicle Loans2effective 1/1/2014
Loan Type Years Term APR as low as1 Info
New Auto32007-201436 months2.00%
2007-201448 months3.00%
2007-201460 months4.00%
2012-201472 months5.00%
Used Auto2003-2006up to 54 months6.75%
2002 & olderup to 48 months9.50%1% rate discount with $7,500 in account relationships and an active share draft account
New RVs/Boats2012-201460 months4.75%
61-120 months5.75%
121-144 months9.50%
Used RVs/Boats2006-201184 months6.25%
2005/Older48 months max8.50%
New Motorcycles/Snowmobiles2013-201448 months6.00%
60 months6.50%
Used Motorcycles/Snowmobiles2010-201248 months7.50%
2005-2009term varies w/amount8.75%
1APR = Annual Percentage Rate
2All loans subject to approval. Rates, terms & conditions are subject to change and may vary based on creditworthiness, qualifications & collateral conditions.
3New Vehicles:Maximum loan amount is $50,000


Links to more information:

NADA Guides: Gives values for new and used vehicles. MFCU uses this guide when determining maximum loan amounts.

Carfax: For a small fee, this site will give you a complete vehicle history report based on the vehicle VIN.

Auto Insurance: Get a free auto insurance quote from TruStage Auto Insurance.

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