Shopping for a new car can be an overwhelming and intimidating task. With the price of a new car averaging $48,000, choosing a new vehicle is certainly a significant financial decision. You might find yourself feeling unprepared walking into a dealership, 不了解融资选择, and possibly unhappy if you experience buyer’s remorse. 不幸的是, cars do not live as long as people do, so it’s likely that you’ll go through this process more than once. At 元素, we are here to alleviate the stress and confusion around car buying.  

There is so much to learn about the auto buying experience and knowing your finance options ahead of time will build your confidence. Keep in mind that, unlike most purchases, a vehicle is not something you can return with a receipt. Because vehicles are large ticket items, we want to provide the best resources to help you make the most informed buying decision. 

Before you buy, it’s critical to assess your needs, do your research, and determine your budget. In determining your needs, ask yourself: 

Many financial advisors suggest that your total auto expenses should not exceed 15% of your net pay. This includes all auto-related expenses such as loan payments, 保险, 气体, 车牌, 保养（轮胎）, 换油, 等.). Make sure you have accounted for all these things before you commit. Lastly, know your credit score ahead of time. The better your score, the better your interest rate. If you need to work on increasing your score, wait to purchase until you have your score higher to qualify for a better rate. 

Before you buy the car, you should consider your financing. Understanding the lending process will ensure you’re getting the best rate and payment options. It is also critical to understand how your credit score impacts the price of the car. 如前所述, 如果你的分数很低, it may benefit you to work with 元素 to improve your score. Waiting 6-12 months while you work on improving your credit will have huge payoffs in the end!  

Once you’ve found your vehicle and negotiated a price, give the dealer an 元素 business card of the person you’ve been working with, 剩下的我们来处理! 在你被批准之后, we will give you the payment options so you can select the payment and term that’s most comfortable for you. 

Our goal is to make the financing process as easy and affordable as possible. Loan closings can be done online, so there is no need to drive downtown or go to a branch – an e-signature is all that’s needed. 

If your car is already financed, rates might have dropped since then and/or your credit score might have increased. Refinancing may be a good option for you. 你可以 在线申请 and close on the same day, which might save you some money in the process.  

Lastly, be sure to check out our 汽车贷款计算器 to get rough estimates of what your payment might be based on a purchase price, 首付, 你有资格获得的利率, and the length of the term you want.  

Have questions or need trusted advice? Our credit union experts are always here for you.  联系要素 for support in all aspects of your financial life.