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?
Car Values at http://www.nada.com/
|Vehicle Loans2effective 1/1/2014
||APR as low as1
|New Auto3||2007-2014||36 months||2.00%|
|Used Auto||2003-2006||up to 54 months||6.75%|
|2002 & older||up to 48 months||9.50%||1% rate discount with $7,500 in account relationships and an active share draft account|
|New RVs/Boats||2012-2014||60 months||4.75%|
|Used RVs/Boats||2006-2011||84 months||6.25%|
|2005/Older||48 months max||8.50%|
|New Motorcycles/Snowmobiles||2013-2014||48 months||6.00%|
|Used Motorcycles/Snowmobiles||2010-2012||48 months||7.50%|
|2005-2009||term varies w/amount||8.75%|
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.