Buy a car with the best financing. Here are top auto financing mistakes to watch out for.
Going to a bank
Forget about banks. If you need lower interest rates and fewer fees, then a credit union is a much better option to go for. Credit unions have no stockholders, so they have fewer expenses to worry about. They’re also in a better position to transfer those cost-savings to their customers.
Insufficient research
Lack of research makes it impossible for you to make an informed decision. If you’re thinking about switching to a credit union, do your homework. Know what you need to do to become a member. With organizations like HAPO that make it easy for clients to open an account and take out a loan, you should be much closer to getting the financing you need.
Not knowing your credit rating
Know your credit score. You may be thinking that you’ve got a poor one, only to find out that you’ve got a good score. Good scores give you more negotiating power, which could help you get lower rates when applying for auto loans at your Pasco-based credit union.
Know how much
Count the cost. What are the rules and conditions of the loan? Can you afford the monthly payments along with the rest of your bills? How much of your disposable income will go towards paying off the interest rate on your loan? Do the math and find out. That’s going to help you decide whether you’ve found the right credit union in Pasco for your auto loans.
Shopping for a car first
When you set out to buy a car, sort out the financing first, All Business says. That way, you’ll know how much you can afford. That’s going to help you filter through your options with an eye towards make and models that fit your budget and needs.
