The ideal way to go about purchasing a new or pre-owned vehicle is by paying
cash up front. Unfortunately, many individuals do not have the financial
means to take this route.
can help you leave with your vehicle and pay it back over time. Keep reading
if you would like to learn how to make a wise auto loan decision.
Perks of Preapproval
Although many car dealerships offer in-house financing, other car dealerships
are not responsible for arranging for your loan. This is one of the reasons
why it helps to be preapproved for a loan from your credit union in O’Fallon.
If you have already qualified for financing, it is one less detail that
you and your car salesperson will have to deal with when purchasing a
new vehicle. In the eyes of the car company, you are essentially a cash buyer.
Budget in Advance
Cars are not cheap, especially if you want a decent ride that you can
expect to get you through each season without too much trouble. Take a
look at your monthly expenses and income and get an idea of what kind
of price range you are working with. Then look at cars that fall within
that price range and find a few that you like. This early preparation
can help you stay within your budget and still end up with a reliable vehicle.
Break It Down
Your auto loan may be comprised of several different components, which
can sometimes make things confusing for the buyer. Have your dealer discuss
the trade-in value of your car and the price of the car you are looking
at separately. Also ask your auto loan provider to explain repayment options
GCS Credit Union is happy to serve the O’Fallon area with auto loans. If you would
like to become a member of GCS Credit Union and apply for an auto loan,
please feel free to visit our website or give us a call at (618) 797-7993.