Tips for Buying a New Car

Buying a new car can be an adventure! You have the opportunity to improve your current driving situation or perhaps buy the car of your dreams. Unfortunately, many people find that buying a new car can be a very time consuming and stressful experience. Let's take a look at some helpful tips to consider when purchasing your next car.

Tip #1: Try to Purchase a Vehicle Before You Need One
You want to avoid being compelled to buy a new vehicle. When you’re desperate, it adds stress no matter where you are shopping.

Tip #2: Get Pre-Approved Before You Do Anything
One of the most important things you can do is to find out just how much you can pay for a car. Get pre-approved online, over the phone, or at one of our branch locations.

Tip #3: Be Sure to Know What You’re Buying
Vehicles come with a list of features from which to choose – some are standard and some are optional. Take time to research what you believe is most important to you and your family. Know the options on the vehicle you desire just as well as the salesperson so you will not be pushed into something you really don’t need.

Tip #4: Watch for Incentives
Many automakers provide incentives to dealerships and consumers on different types of vehicles. Some incentives can be worth thousands of dollars off the price of the vehicle; use them to your advantage.

Tip #5: Be Prepared With Your Vehicle Trade-In
In many instances, you may want to trade in your old vehicle for a new one. If that is the case, know exactly how much your trade-in vehicle is worth prior to going into a dealership or talking to an auto broker. You can find information about the trade-in value of your vehicle using the Kelley Blue Book or the National Automobile Dealer Association (NADA) used car price books (focus on the "wholesale" price if you are trading into a dealership). If the dealer is not willing to take your trade-in at the value you know it is worth, consider stopping that particular deal, or research selling your vehicle privately instead of trading it in.

Tip #6: Don’t Be Too Anxious
Many times buying a vehicle is an emotional purchase. You see a car you like and you “have to have it.” Remain as calm and cool as you can while you’re negotiating the price for your vehicle. Be willing to walk out the door if you feel the price is not right.

Tip #7: Be Smart With Extended Warranties and Add-On Products
Take the time to compare extended warranty products prior to talking with a salesperson at the dealership. At Texans CU, we offer additional products to keep your vehicle protected:

  • Guaranteed Asset Protection (GAP): Covers the difference between what your insurance company pays and what you owe on the vehicle, should your car ever be stolen or totaled.
  • Major Mechanical Protection (MMP): Helps pay the cost of parts and labor for covered repairs to your vehicle, car rental and roadside assistance when an unexpected breakdown occurs. We offer a variety of coverage options.
  • Payment Protection Insurance (PPI): Keeps your loan current if you are unable to make your payment because of an illness, injury or death. PPI can prevent late fees and help protect your credit rating.

Evaluate which products offer the most value to you and your new car. Ask your loan processor for more details about these products, too. Steer clear of specialty extras, such as rust-proofing and road safety kits.

Lastly, buying a car should be an enjoyable experience, not a stressful one. Texans CU also offers members a Preferred Auto Dealer Program, which makes the experience simple with a single authorized dealer contact and gives you flexible closing options. Some dealers even offer preferred pricing for Texans CU members!

The more prepared you are, the better deal you will get. For more information about our auto loans and other related services, visit us online, call our Lending Center at 972-348-2290 or stop by any of our branch locations.

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