SeaComm Federal Credit Union OFFICIAL BLOG

3 Questions to Ask Before You Buy a Car

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Spring is just around the corner – and so is car shopping season! Buying a new vehicle is a big financial commitment, and one that cannot be 100% successful without carefully considering these three things…

How much do I have to spend on a car?

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There are so many ways to finance a car that you may fool yourself into thinking that you can afford the monthly payment (when you actually can’t.) Financing a vehicle for a shorter term (i.e. 3 years) means less payments at a higher rate. If you can’t afford these higher payments, you’ll want to spread out your loan throughout a longer period of time. When you meet with a SeaComm Financial Service Representative, we will find the best options for you, to fit your budget.

Should I Buy New or Used?

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It’s always difficult to choose between a new and used car. While it’s hard to beat the “peace of mind” in knowing that you are the first owner of your vehicle, it’s also important to note that when you buy a brand new car – you immediately lose approximately 10 percent of the value of the vehicle.

While you should consider the pros and cons of both new and used vehicles, you should always decide on the vehicle you are 100% certain of. After all, you’ll likely have this next car for years to come!

What type of car do I need?

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Do you have a big family? Then you might want a mini-van. Are you a daily commuter, and would therefore prefer great gas mileage? Then you might go with a hatchback. Choosing a vehicle in regards to your lifestyle is the most important factor in this decision process. SeaComm’s new online auto buying platform, GarageGizmo, allows you to search through a large variety of new and pre-owned vehicles, all housed at local dealerships! You’re able to specify your preferred make, model, color, frame – and you can even apply for a new or used auto loan from the convenience of your computer or mobile device! To begin the quest to find your dream car with GarageGizmo, click here!

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